Gold coins and silver vault: Understanding how to store precious metals

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Even though gold and silver are not commonly used for everyday purchases, many people still invest in them, with there being a trend of increased investment when the economy is uncertain. But how should you store these precious metals? As they have monetary value, it’s important to keep them safe, like in safe deposit boxes, for example.

Since the adoption of paper and digital currency, precious metals like gold and silver have been seen as reliable in value despite periods of inflation and economic uncertainty. Even luxury jewelry containing the metals has continued to serve as a means of investment. Gold tends to have value in and of itself, while silver holds industrial value for electronics. As of writing, the price per ounce of gold and silver are $2,658.82 and $31.16, respectively.

While gold and silver are not typically used as legal tender, certain states and nations still accept the metal, though it is up to an individual business to accept payment. While you couldn’t use gold to buy anything in many states, there are places where precious metals may be used for larger transactions, like real estate purchases in certain areas. 

When it comes to storing gold and silver, there are several options to consider, each with its own advantages and considerations. Choosing the right method will depend on how sure you are that the metals are safe from theft, damage, and other potential risks.

Home storage

Some investors choose to store their precious metals at home, typically in a safe. While this offers immediate access, it may come with risks such as theft, fire, or damage. If opting for home storage, it’s important to invest in a high-quality, fireproof safe that is hidden and secure.

Private vaults

Private vaults enjoy a reputation for the utmost security with their tailored safe deposit box services and tight confidentiality conditions. Generally, private safe deposit box services fit into one of two categories:

Manual Safe Deposit Box Service

Manual safe deposit boxes are associated with security companies and gold trading companies. A client who uses a manual service is typically escorted to their box by a member of staff or a security officer. These boxes are often fitted with dual-key access, ensuring that the box can only be opened by a staff key and a client-specific key.

Automated Safe Deposit Box Service

Automated safes are stored in a secure, unmanned vault where human access is prohibited outside of maintenance duties. When storing precious metals in an automated safe, a user is presented with a safe through a secure opening in a private viewing room, offering a high degree of privacy and security. As it is an unmanned vault, the location can generally be accessed at any time.

If you invest

When deciding where and how to keep your valuable metals, think about the following: how safe it is, how easy it is to get to, how much it costs, and how often you need to use them. For instance, if you invest in gold coins or silver bullion, you need to think about these things carefully to make sure your investment is protected.

Whether you store your precious metals at home, in a safe deposit box at the bank, or a private vault, the key is to select a secure, reliable option that offers peace of mind and protection for your investment.