Storing Gold at Home: Advantages and Disadvantages

When it comes to storing gold, there are three main options: keeping it at home, using a bank's safe, or paying a third-party storage company. Each option has its own advantages and disadvantages that are important to consider. Yes, you can store gold or silver in many hidden places in and around your home. You can bury it in the backyard, tuck it under the mattress, put it in a garbage box in the basement, or even hide it in the freezer.

However, if your purchases are for a self-directed IRA, IRS rules prohibit keeping gold and other precious metals at home. In this case, you must use a third-party storage company that works with precious metals brokers and IRA custodians to make shipping and storing your investments safe and simple. Many of these companies have insurance available or included in their storage plans. Gold should be stored in an area protected from high humidity and temperature fluctuations.

A lockable jewelry box or a safe are great investments for storing and protecting jewelry and other small gold valuables. Safety deposit boxes are also a popular option for storing metals such as gold. Be sure to keep jewelry and other small gold items separate from each other to avoid dents or scratches. You can use archival quality tissue paper or soft cloth bags for this purpose. Secret storage is the simplest and most economical method for storing gold or silver.

This storage method is ideal for customers who own collections of precious metals from small to medium size. Simply find a safe hiding place in your home or on your property and store your valuables. This prevents others from knowing your whereabouts, while providing your owners with easy access. Common practices for hiding precious metals include hiding them in a hollow book or burying them in the yard. Gold storage, like storage for other purchases of precious metals, is necessary because of the high value of gold bars and bars.

Many of the country's largest gold traders work with some of the safest gold storage facilities in the world. The gold investor can have full confidence that a simple transaction will take place and that the gold they are storing will be safe in their external house. Often, your precious metals broker or IRA custodian will provide you with a list of the gold storage companies they frequently work with. If you come to the conclusion that more than one confidant may know that you own gold or think you may be a natural target, you may want to have less gold in the house or, at least, reconsider your home storage plan.

Alan Crippen
Alan Crippen

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