How to Store Your Gold and Silver Safely

When you invest in precious metals, it’s important to ensure that you keep them well protected. As you’ll be looking to make a return on any investment you make or choose for it to be a safe way to store your wealth, the way it is stored and cared for matters. This is very much the case when it comes to your metals, such as gold and silver. Whether you’re someone who wishes to protect them from theft, damage or loss, how you store them matters.

In this blog post, we’re going to uncover everything you need to know about how to store gold and silver so that you can keep your metal protected. Two of the main ways you might consider doing this include at home or utilising external storage, both of which we’ll explore in more detail.

Storing at Home

Initially, you may consider the idea of storing your gold and silver at home. This will often be the first thing you go for and for a very good reason. One of the biggest allures of storing your precious metals at home is the access you have to them. If you have your metals in the form of jewellery, this may be even more of an importance to you. Ultimately, having them stored safely at home can give you full control.

However, there are also risks to consider here, such as theft as well as environmental damage. To ensure that you are storing correctly, best practices for how to store hold at home here would be to:

• Invest in a safe that is both fire and waterproof
• Protect them from tarnish with desiccants
• Ensure that they’re insured
• Keep your holdings private

Bank Safe Deposit Boxes

If you’re considering options for storing your metals outside of the home, one option you have here is a safety deposit box at the bank. Here, you will find that there are many benefits, such as the high levels of security involved, as well as the environmental protection that will be in place. However, there are also drawbacks.

Again, you are limited with restricted access here and you won’t have your items to hand – even if they are silver or gold bars. You may also experience potential insurance gaps too. However, this could work as an option for long-term storage of larger quantities.

Professional Storage Services

Another external storage option for you to consider is professional storage services. Here, you’ll find that there are two main types to consider; allocated storage where your metals are stored individually, and unallocated storage, where they are pooled. Here, you’ll gain the benefit of advanced security, as well as full insurance options and jurisdictional advantages.

However, in terms of the potential downsides to consider, you may find that there can be access delays here too, along with higher fees for the storage. If you are going to opt for professional metal storage solutions, it’s important for you to do your research. Be sure to look for a reputable provide that will offer you clear insurance terms. That way, you’ll know you’re protected.

Diversified Storage Strategy

There is another alternative that you could also look to consider in order to really maximise your benefits. This would be to diversify your storage. If you really want to know how to store silver in the best way, it may be that using a mixture of both options would be best for you. Here, if you were to divide your gold and silver between your home, bank deposit boxes, and professional vault, you’re spreading your investments and protecting yourself in a range of ways. This can help you to minimise the risk of theft, government intervention, or even natural disasters.

Special Considerations

Now, when it comes to choosing where to store gold, there are also key considerations that you need to bear in mind. It is vitally important that you secure your metals during transportation and handle them carefully to avoid tarnish. To add to this, you will also want to make sure that you are thorough with keeping and organising your documentation in relation to holding, including your receipts and photographs, for both insurance and resale purposes.

Common Mistakes to Avoid

If you’d like to learn how to store silver and gold safely, it’s important to ensure you’re avoiding key mistakes. Here, using poor-quality safes and neglecting environmental protection could put your metals at risk of tarnish. Likewise, oversharing information about your storage and not securing the proper insurance can also put you at risk. When it comes to discovering how to store gold bars in the safest ways possible, these common mistakes are those that could prevent you from doing so.