Bullion is a sound investment, but finding a safe place to store it can be difficult. Generally, collectors choose one of three storage options: keeping their bullion at home, in a safe deposit box at a bank, or with a third-party storage firm. Here are some of the pros and cons of each option.
Bullion Storage at Home
Many investors prefer to have easy access to their silver, platinum, or gold bullion. At-home storage is an effective option for people whose collections are small enough to fit in a safe, but portable safes are difficult to crack and easy to hide. It’s also a good idea to tell a family member or close friend the location and passcode for the safe so that they can find it in case of an emergency.
Bullion Storage at Banks
Another option for people with less sizable collections, safe deposit boxes offer a higher level of security than keeping bullion at home. The downside to bank storage is that access to the collection is limited by the bank’s business hours. Also, banks do not insure the contents of safe deposit boxes, and acquiring insurance from a third party can be expensive. Additionally, there may be delays in gaining access to your valuables in the event the bank defaults or is acquired by another bank.
Third-Party Bullion Storage
For collectors who don’t want to store their bullion at home or at a bank, private firms called depositories have become increasingly popular. A good option for people with large amounts of precious metals, many depositories allow customers to store their bullion in multiple locations across the globe. Many of these facilities can liquidate parts of the collection and wire the owner the proceeds. They also offer full compensation if any bullion goes missing. The only downsides are that depositories are the most expensive of the three options and may be more difficult to access, especially if located out of state or the country.
At Atlanta Gold & Coin Buyers, we prioritize the safety of our customers and their coin and bullion collections. By operating in secure locations that allow for privacy and anonymity, our helpful team is here to make buying and selling coins and bullion as easy as possible. If you’re interested in learning more about our services, call us at 404-236-9744 or contact us online.