Modern day bullion investors in a sense serve as their own central bank. And like a central bank that has tons of gold stored in its vault, the private sector is tasked with safely storing their metals. You have ultimate control over the asset and you must have a plan for storing your metals safely.
Here are a few general rules for storing your precious metals
- Rule #1 – Be careful who you mention your precious metals to. This speaks for itself to ensure your safety and the safety of the metals. You must keep it low key – loose lips sink ships!
- It is better to have an agreement directly with a commercial vault vs storage through a private metals company. You may pay more but it’s well worth having a relationship where the metals are actually being stored when possible.
- Safety Deposit Box`s are a good option for some not all. If you live in a high crime area SDB`s are a great option. Something to ponder: a weak dollar and banking system is the reason you have the metals in the first place, now you want to let them hold your metals for safe keeping?
- There is nothing better than a personal safe or vault in your home. You have immediate access and control of the metals at all times. Home security systems are better than ever and offer peace of mind 24/7. The question is if your precious metals are stolen do you have a homeowners policy that will cover dollar for dollar at fair market price?
- International Storage: These days more bullion investors than ever like the idea of having a position in precious metals outside of the United States. This is the ultimate way to diversify and covers all the bases. Zurich, Canada, Singapore are some of the more popular places. Easy to convert back into currency but requires a good agent.
In a nutshell, owning precious metals is highly advisable, but only after you have determined a suitable way to store the metals.