Gold and other precious metals are investment options that have stood the test of time. They are tangible assets that retain their value for generations and have always been a safe haven in uncertain economic times. These valuable assets offer the diversification, liquidity, and protection from inflation. However, storing precious metals can be challenging. If you are new to the concept of investing in precious metals such as gold or silver, then here are some ways to help you store precious metals.
Burglaries on the Rise
Burglary is a crime that is committed by a person who trespasses another person’s property with the intent to commit theft, damage the property, or carry out an assault. Due to the pandemic, the economic situation has been volatile around the world including in the US because of which burglaries are on the rise in the country. On average, more than a million burglaries take place in the US every year.
Safes
Safes are secure, and they’re designed to protect against fire, flood, theft, and just about every other threat you can think of. Safes can be bolted down with a concrete floor anchor or bolted to the wall. Nonetheless, if you have a safe to store your valuables, you need to take some precautions such as keeping its location a secret. Maintaining a home security system is one way of preventing home invasions. Try to install good cameras and a guard dog if you can.
Things to Consider When Storing at Home
You need to store your precious metals away from corrosives and dampness that can damage them. The location of the safe needs to be secret and don’t trust anyone even your family or friends. Also try to get an insurance policy to help protect your investment at home.
Banks
If the crime rate in your area is high and you fear that it’s easy to break into or burglarize then a bank might be a good place to store your valuables. Choose a bank that has been around for many years so that you can avoid any fraud. It’s also important to know how much insurance your bank offers on your metal holdings and what security measures they have in place.
Precious Metals Depositories
Several companies offer services to help store precious metals. Choosing a good company can be tough task because there are a lot of fraud out there who are looking to exploit people.
When you invest in precious metals, you should be using a reputable and trusted partner to store them for you. You must work with a depository that has physical storage, clear processes, and transparent rules. You’ll also want to make sure that the company is insured by a third-party company, and that it reviews its holdings regularly to ensure that your bullion is stored safely and professionally.
Things to Consider When Storing With Third-Parties
- How secure is their vault?
- How fast can you access them and take delivery?
- Will they be stored in on an individual basis in serialized tubes?
- Is the location guarded 24/7, 365 days?
- Will the precious metals be insured?
Things to Avoid
- Don’t use plastic gloves or latex when handling precious metals as these gloves have a layer of lubricants that can cause damage. Wear lint-free cotton gloves instead.
- Similarly, don’t use plastic tweezers when handling coins as they can create scratches to the coins.
- Before handling your bullion don’t forget to wash your hands and the best way is through hand sanitizers. Also, don’t talk a lot near the precious metals as the saliva or breathing can cause spots to occur.
- Most people think that the best way to get the dirt off of their fine jewelry is to give it a good scrub, but in reality, this won’t only scratch the pieces of jewelry but also cause damage to the metal.
- A little-known fact about precious metals is that they react to chemicals. A common thing that people do is mix up a solution with water and bleach to clean their precious metals. While this might seem like a safe and effective way to clean your jewelry, it actually damages your precious metals.
By understanding how precious metals storage works you can choose the right one for you to keep your investment safe from theft and burglary. The best precious metals storage solution is the one that suits your needs and allows you to keep your metals close to you.
About the Writer
Austin Jacobs is a rare coin collector who previously worked as a consultant. He now works on a part-time basis at Orion Metal Exchange, which is a leading precious metals investment dealer that helps American investors achieve financial freedom by investing in precious metals such as silver, gold, palladium bars, platinum bullion bars, as well as gold and silver IRAs.
