Where should I store my coins and bars?
This is one of the first things prospective buyers of gold and silver bullion ask. There is no right or wrong way to answer this question; it all depends on your personal preferences.
You can store your gold and silver coins and bars at home.
A common way to store your valuables and gold and silver is with a home safe. The best safe is one that is anchored to the floor. There are numerous inventive safe storage alternatives, including wall or floor safes and even hidden safes, so where you place the safe in your home is a crucial issue.
You can always get creative with how you keep your gold and silver. You can easily make use of a few cunning hiding places, including the attic, behind floorboards, behind refrigerators, inside cabinets or pantries, inside unusual containers, etc. An obvious hiding spot that a burglar is more likely to overlook can be quite effective... in plain sight!
It is advisable to fully insure your gold and silver because the biggest drawback of home storage is the possibility of fire and water damage, not to mention burglary. If this happens, your homeowners insurance may need to be increased. Not all homeowners insurance policies will cover gold and silver.
Another choice is to bury your coins or bars deep in the earth in an airtight, waterproof container as a long-term storage option. Online waterproof coin tubes are available, or you may go to Home Depot and get a PVC tube with end caps. Pick a location on land that you own that is easy for you to remember but not evident to others. Your gold and silver bullion will be better protected from fire and theft with this technique. Just remember where you put it and don't lose it!
When compared to keeping gold at home, a safe deposit box at your neighborhood bank may offer a more secure form of storage. There are caveats to safe deposit boxes including you can access you bullion only during business hours. The bank does not accept responsibility for losses or insure contents, and there is limited space.
Alternatively, you can keep your gold and silver in a private, secure safe or vaut where it is fully segregated, fully insured, never commingled, and never misused as collateral. Your metal is held in true bailment and remains your sole property at all times.Source You are not required to disclose these private vaults while filing your taxes because they do not meet the definition of financial institutions.
Even sending them abroad is an option. Have you heard Das Safe in Vienna and Safes Fidelity in Geneva? These are the two most secure and private vault companies in the world. They will accept your gold by postal delivery. Simply make sure you send mail that is insured and registered. You could also transport it yourself.
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I am not a financial adviser. This article is not meant to be financial advice. My articles on cryptos, precious metals, and money share my personal opinion, experiences, and general information on cryptos, precious metals, and money.
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