When storing gold coins and gold bars there are important things to keep in mind. Here are the most important tips.
Storing Gold Coins and Bars Nearby
As a gold and silver investor, you can only take full advantage of your physical possession of precious metals if you have access to your gold coins and gold bars at all times. This is the only way you can sell or exchange your gold and silver at any time, if necessary. And only then can you move your precious metal assets to another location quickly if necessary. The domestic storage should be the preferred solution. Either you buy a reasonable safe or you bury the precious metal on your property.
However, there are many things to consider with both alternatives. Here are some basic tips:
– Diversify. For security reasons, don’t put all your gold and silver in a “nest”. So distribute your precious metal (gold coins, gold bars, silver) among different “depots”. In the worst case, you will never suffer a total loss.
– Fine gold is best kept in coin capsules. Gold is a very soft metal. The edges of such gold coins are quickly knocked against. Good dealers will give you a suitable capsule free of charge when you buy. If not, ask for it.
– With alloyed gold (everything except fine gold = 999.9/1,000) and with silver you should be careful when storing. Sinking Krugerrand gold coins or silver ounces into the pond, for example, is not a good idea. The containing foreign metals can rust, silver will generally apply a patina. Store precious metal as dry as possible!
– If you use a safe in your own house, it should have at least VdS security level III and be securely anchored in the floor and/or wall if it weighs less than 600 kilograms. Everything else can be carried away by thieves.
– In addition to the precious metal, always keep the receipts safe and make a copy of each, which you store separately from the metal. This is the only way you can prove the (legally acquired) ownership of the metal in the event of an insured event (theft) or during the transfer (customs). By the way, this could also be important for your heirs!