- January 29, 2015 -
You’ve just left our offices with a huge sack of gold and silver and suddenly it hits you… “Where do I put all of this valuable metal?” Maybe you should think about properly storing and protecting your metal prior to buying it.
It is often said that gold and silver have no counter party risk and in a monetary sense that’s true. However, even though there’s no counter party risk there is the risk of loss or theft to contend with.
In my opinion, a mistake made by many bullion buyers is to store their precious metals in a bank safe deposit box. Why? First, safe deposit boxes are not FDIC insured. Second, safe deposit boxes are susceptible to ‘bank holidays’ and seizure. In actuality, safe deposit boxes expose what should be a very private investment to the laws and regulations of the banking and financial system.
Thankfully, most of our clients choose to keep their bullion purchases on their property. When it comes to storing or hiding your metal, try to think outside the box and go against conventional thinking. Everyone usually thinks of the most common options such as purchasing a safe or installing an alarm system, both good ideas. However, try to be creative in thinking of different ways to hide or store your metal. Potential options include burying it underground, hiding it in a secret compartment or a stairwell, or within your walls. I had a client who elevated a washing machine off his basement floor with several one hundred ounce silver bars spray painted black! Also consider ways to store your metal multiple layers deep. For example, store it in a strong box, under the floor boards, under a throw rug, under the china cabinet. These multiple layers effectively deter your typical ‘grab and run’ burglar.
It should be noted that it is very important to confide in a trusted friend, family member or loved one the location of any well hidden metal. You really have to tell someone or risk losing these assets to a future owner of your property – quite possibly a complete stranger. Once you are comfortable with the idea of having your bullion in your personal possession, and once you have taken reasonable safety measures, you’ll feel more at ease having physical possession of your gold and silver bullion nearby.
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