If you have started to acquire physical gold bullion, storage is an important issue that must be considered. When thinking about how or where to store your gold bars or coins. you essentially have three options.
Store Your Gold at Home
If you have a small amount of gold bullion to store, you may be able to store it at home. A good safe, especially in a hidden location, can make a relatively secure storage spot for gold coins or smaller bullion bars. There are some issues to consider, however. To store gold at home, you have to get the gold safely to your house. Anytime you are out and about transporting gold, there are security risks as well as risk of loss. These risks remain even when your gold is stored in your home. The primary benefit of home storage, however, is that your gold is accessible to you at any time.
Use a Safe Deposit Box
If you are looking to store relatively small amounts of gold bars or coins, a bank safe deposit box may be suitable. These safe deposit boxes are more secure than home storage and can be accessed during bank hours. Once again, however, you may have to get your gold into the box safely, and transporting your gold comes with some risks. You will also have to pay fees for a safe deposit box. These fees vary by box size and can range from less than $100 to several hundred dollars per year. The other potential downside to this storage method is accessibility. While you would likely never need your gold “right now,” you are at the mercy of bank hours to access your box contents.
Use a Gold Depository
A gold depository, such as the Delaware Depository, is an extremely secure location that stores gold, silver and other precious metals. These depositories feature state of the art security features and are under constant surveillance. Some depositories may even have insurance coverage against theft or loss. Your holdings should be kept off the balance sheet as well, meaning your gold cannot be used or confiscated to satisfy any debts of the depository. In addition, you can choose to have your gold should be fully allocated, meaning your gold is not mixed with the gold of others or gold belonging to the depository. Fees vary based on the amount of gold being stored and account type. You will not find a more secure location to store your gold and you can transfer or take delivery of your bullion at any time.
How you choose to store your gold is a matter of preference. While having a little gold at home within reach may provide pace of mind, it also might be wise to store larger holdings in a more secure location such as a bank safe deposit box or gold depository.
