It is important to have reliable storage for your precious metals. Here are some tips that could help you if you are considering investing in gold.

Ensure that there is a secure place where you can store your gold investments.

This should ideally be an insured vault, which offers wall-to-wall safe storage space for gold, silver and other precious metals.

You can also diversify your assets by investing in gold ETFs or gold futures. If needed, this will provide you with the ease of a quick liquidation process.

You must ensure that you are purchasing gold or silver coins with no collectible value attached to them.

The very rarest coins are worth more than their gold content due to their collectibility, so it’s important not to purchase these types of coins unless you intend on holding onto them forever.

Coins that have only bullion value are typically going to be a better choice for gold and silver storage.

If you are going to purchase gold or silver coins, ensure that you do your research first before buying from any online gold dealer.

Different gold dealers have varying premiums on their bullion coins which can cost you more in the long run. In addition, make sure that the gold dealer is reputable.

Learn more about the most highly regarded Gold Companies in the industry, read all their verified 5-star reviews.

 

Doing Your Research

Unfortunately, there are plenty of scams out there with unscrupulous gold dealers who will try to steal your money.

Do your research and take into account how you want to store your coins.

Take into consideration any storage fees.

A reputable gold company will often offer free educational material to ensure that you are fully informed on what your investment will involve.

A reputable gold company will offer full transparency and all the information you need up front.

Research the company’s gold storage agreement, so that you understand what fees are being charged and when they will occur.

Gold bars typically do not have numismatic value attached to them, while some gold coins will have more collectible value than their actual gold content.

Also consider that the largest gold bars can be used as an alternative if you want liquidity without having to sell off your investments.

 

 

Choosing a Reputable Gold IRA Company

Gold IRA’s are a great way to diversify your gold investment portfolio without having to take physical possession of your gold bullion coins or bars.

This is because the gold is purchased in your name and held by a custodian who acts as an intermediary between yourself and any gold company you decide to work with.

Be sure to select a reputable gold IRA company. Also ensure that you do your research, read all the customer reviews. When trying to calculate how much gold or silver is needed for ‘X’ amount of dollars, always round up instead of down as this will help cover any potential taxes or storage fees associated with owning precious metals.

Be sure to read the fine print from your gold inventory company so that you understand what fees are charged and when they kick in.

As mentioned previously, gold IRAs are a great way to avoid gold dealer fees and other potential gold scams.

If you’re unsure about which kind of precious metals services provider you should choose for storing gold and silver, go with a company who specializes in both precious metals and secure storage.

This way, you will only need one contract with the company.

 

The most common ways people store their precious metals

 

Vault Storage

Vaults are generally described as secure storage that protects precious metals from theft and damage, like gold safe deposit boxes do, but there are some huge differences between them.

Vaults often cost less than gold safe deposit boxes.

They come with security features such as high-tech alarm systems and on-site security guards.

Vaults also allow gold investors easy access to their investments anytime they want.

 

 

 

 

Safe Deposit Boxes

Gold safe deposit boxes don’t always have this luxury, because banks own them, or rent them out to people who use them for storage reasons.

When it comes to the most common ways people store their precious metals, vaults are usually the most popular choice.

What people often fail to realize is that there are different levels of security which protect your metals.

Take for example gold and silver bars.

Most banks will only be able to provide a level I or a level II vault, while any other vaults that claim to offer a higher degree of security likely have the same type of locks protecting their vaults as the banks.

Therefore, your gold and silver bars are not really any more secure in a level II vault than if they were at home in the safe of your own home.

 

 

Storing your precious metals at home

I don’t recommend this option for a number of reasons.

For starters, if you store your metals at home, you will be responsible for insuring them against theft and damage.

Unfortunately, most homeowners’ insurance policies don’t cover this type of loss.

If they do, it is usually with a high deductible that eats into the value of the items being insured. Another reason I don’t recommend storing precious metals at home is because there are likely other assets in your home that you would like to keep safe as well.

If your home was burglarized or broken into, the precious metals could easily be taken with all of your other valuables.

The third reason is because it can be very difficult to secure them against theft or damage if you aren’t home.

It is important to know that there are 3 degrees of security for vaults:

Level I – Considered under US law to be nothing more than a safe deposit box.

Level II – As defined under US law, this means that the customer retains ownership of property. The customer still has the right to immediate possession upon demand and release by the vault operator.

Level III – This is a true safe-deposit box, where customers have “constructive possession” of the contents. This means they do not own or have title to the vault contents, but rather that they are considered by US law as having “constructive possession” (but not actual possession) of its contents. Your metals will be legally yours.

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The Bottom Line

Some people store their metals in the vault at the bank instead of keeping them at home. However, many people make the mistake of thinking that their insurance company would replace their metals if they were stolen or lost.

Unfortunately, in most cases this is not the case. People should consider gold vaults as a way to store their precious metals.

This is because they offer security like gold safe deposit boxes, but they aren’t necessarily owned by the bank and they allow people to access them anytime they want.