You've done your research, learned about investing in precious metals, and made a few purchases. Now, you're faced with the decision about how to store and protect your new investment. Finding and determining the best way to protect your precious metals is an important task, but it isn't always an easy choice to make.
When it comes to storing your precious metals, there are many different options available to you. It's important that you take into account the benefits and drawbacks of each one before choosing a method for storing your precious metals. Some of the factors you'll need to consider include how much you want to spend, how much security you need, and how accessible you need your metals to be. To address these issues, we've listed the three most popular methods for storing your precious metals along with their advantages and disadvantages.
If you're looking to store precious metals in your home, safes are the most secure option available to you since they require a combination or code to open. Safes are a great way to ensure that your precious metals are protected in the event of a fire, flood, or other natural disasters. Additionally, you may be able to insure your precious metals, but this is often costly and difficult to obtain. Although safes are a great way to secure your precious metals in your home, they won't necessarily deter burglars, especially if they're not bolted down or attached to your home's architecture. Therefore, the most secure home safe is one that is concealed.
If you're not comfortable with storing your precious metals in your home, banks are the next logical option. By turning to a third-party provider, you're relieving yourself from the responsibility of having to constantly guard and protect your valuables.
There are two ways to store your valuables at a bank: in safety deposit boxes or a bank vault. Safety deposit boxes are for private use by a single customer, meaning you won't share your safety deposit box with someone else. If you don't mind sharing space with someone else, you can store your metals in a bank vault. Bank vaults are ideal for larger investments and provide high levels of security.
Unfortunately, there are some drawbacks to storing your precious metals at a bank. One of the biggest downsides to banks is the limited accessibility. For you to access your precious metals, you'll need to visit the bank during its set hours, which typically coincides with normal work hours. Additionally, you may find it difficult to access your investment on a federal holiday. These restrictions, although they may seem small, can cause large problems in the event of a financial crisis.
In terms of protecting and storing your precious metals and valuable assets, precious metals depositories offer the most advantages. Depositories are large enough to house larger collections, and they're climate and moisture controlled to ensure that your investment is safe from any detrimental conditions. Perhaps the most appealing aspect of depositories is their high level of security. Depositories are highly guarded and are under constant surveillance. If security is your biggest concern, you can rest assured knowing that your valuables are safe in a depository.
Additionally, precious metals depositories offer further protection through their use of insurance policies. Should anything be missing from your collection, you can remain confident knowing that your investment is protected by the depository's insurance policy. Many depositories also offer auditing services in which staff members perform sporadic inventory verifications. This helps the depository know how much metal they possess and allows them to spot any missing items.
There are several different storage options available in a depository, including segregated and communal storage. Segregated storage allows for the use of an individual storage compartment where your metals are away from other metals in the depository. Communal storage allows you to keep your metals in a shared storage compartment.
Given all of the advantages, depositories are the safest, most secure method for storing your precious metals. At Gulfcoast Coin & Jewelry, we offer in-store and insured depositories that have been built to provide optimal protection and security for your precious metals. If you're interested in learning more about how to store your precious metals in one of our depositories, contact us today.
Want to learn more about how to invest in precious metals? Download our free eBook, The Beginner's Guide to Investing in Precious Metals.