So you didn’t even make your first purchase yet, and you are wondering why I’m writing about storing the gold you don’t even own yet… right? Well, think about this… Gold and silver is valuable, so you don’t want to just let is sit there on your dresser. You are beginning to build a portfolio of precious metals, and you won’t know where the heck to put it once you have it. We recommend figuring this out before you buy your first piece. This is not difficult, it is actually very easy to do – but it still should be done.
Each method of storing your gold and silver has pros and cons.
Here are the things to consider:
- Ease of access
- Speed of access
- Safety while accessing
- Security of storage
- Third party requirements (such as the need for a bank to be open if you store in a safe deposit box)
- Costs & fees
The above considerations are important, and the considerations are different for each of us, depending on the reasons we are buying in the first place.
Here are your options for storage:
Personal storage means to take your gold and silver and simply store it somewhere, most probably in and around your home or property. This method may or may not include the use of a safe.
Storage at Banks
Safety deposit boxes would be the most common form of storage at a bank.
Storage at Depositories
Storage depositories, also known as precious metal depositories, are independent storage locations specifically indented for the storage of precious metals (amongst other valuable items).
If you have any questions, please reach out to us. Nyrik and I are your real deal team. We are here to help.