As your precious metal bullion collection grows, it becomes more and more important to find a storage solution that gives you peace of mind. After all, you want to know that your metals are safe. Stuffing coins into a cookie jar won’t cut it for very long if you regularly invest in bullion. Let’s take a look at some of the considerations that go into choosing the right method of storage for your metals.
Size Constraints
The first step in finding the right storage method is thinking over your investment preferences. This is an important step because silver requires more storage space than gold. Gold is more dense than silver, meaning that an ounce of gold is more compact in size than an ounce of silver. Add that to the price difference between the metals and the figures show that silver takes up as much as 128 times more space than gold for the same dollar value. Need another comparison? At current prices, $50,000 worth of gold weighs approximately 2.6 pounds, while the same value of silver weighs nearly 200 pounds. So it’s clear to see that if your bullion collection is primarily comprised of silver, you’ll need to consider space when deciding the best way to store your metals.
Easy Access
For many, collecting bullion is a means of surviving a potential emergency situation. If an emergency—whether personal or on a larger, nationwide scale—does occur, it’s important to be able to easily access at least a portion of your bullion. This is why many people choose to keep some metals nearby so they can quickly be liquidated if the need arises. Many people choose to keep part of their bullion cache at home since metal is one of the few financial assets that can be kept privately outside of standard financial systems. However, storing metals at home does come with security issues that you’ll need to consider for your own protection.
Home Storage
When deciding if storing your metals at home is right for you, there are a few factors you should consider. It all boils down to your comfort level. Various things can affect your comfort level, such as the risk of theft and natural disaster. For instance, you may not wish to store your metals at home if you live in an area with a high crime rate or if multiple people know that you have a stash of bullion, which includes anything you may have posted to social media on the topic. You’ll also need to consider a storage method such as a safe for any sizeable collection. Your safe should be heavy enough to deter theft (at least 300 pounds is generally recommended), or secured to the floor. It’s also wise to invest in a safe that’s fireproof and waterproof to protect your stash in the event of disaster. Opting to store your metals at home makes it a wise decision to ensure that your home security system provides ample protection, including video recording.
Hiding Places
Whether you keep a small stash of metals in a shoebox or a large bullion collection in a safe, you’ll need to consider how to hide your metals safely at home. The idea is to find a place that’s difficult for thieves or workmen to find, but not too complicated for you and your family to find. A good rule of thumb is to hide metals three layers deep to prevent easy grab-and-go thefts. This might mean, for example, putting your stash in a small safe underneath the floorboards, covered by rug, with a piece of furniture over it. If you wish to bury your metals, ensure that you protect them in an airtight, waterproof container and choose a location that’s easy for you find without attracting unwanted attention.
Safe Deposit Boxes
Bank safe deposit boxes provide an easy and inexpensive way to store metals and other valuables. With most reputable banks, you’re given certain protections for what you store inside a safe deposit box. However, there are drawbacks. For instance, your access is restricted to regular banking hours and your bullion collection might not fit inside a safe deposit box. Additionally, many people turn to bullion in order to protect themselves from the banking system, which might mean that a safe deposit box goes against your initial intentions.
Professional Storage
Another option is to make use of a professional, third party storage service such as a depository or private vaulting company. This storage method often works well for those who own large stashes of metal that would be impractical to store at home. Many of these services offer fully insured, climate controlled storage that is outside of the banking system. Facilities that are experienced in storing metals have taken precautions against various risks, providing a safe place for your investment.
To investors and collectors alike, we hope you find a safe storage solution that works for you!
