Storage of precious metals has often been thought of as a deterrent when buying precious metals, when compared to buying stocks or other digital assets that do not demand storage(although personal storage has become popular in these areas as well). Although storage does add an extra step, it should not deter you away from buying these commodities. There are many different places to store precious metals. Each site has its advantages and drawbacks. This article will go over some popular choices of where investors tend to store their assets.
Home Safe
A typical storage place for precious metals is a home safe. If your house has space to install a home safe, this could be an intriguing option. It offers quick access in emergencies and controllability. It is important to know there is always the possibility of theft or damage from natural disasters, so high-quality safes that are fire-proof and water-proof might be worth the extra costs.
Hiding Spots
Another in-home option is to hide the precious metals throughout the property. This option can also be at risk of theft or natural disaster, especially if you tell others where you are hiding the assets. Hiding spots can include in drawers, in the walls, in the attic, buried in the ground, etc. The more creative the hiding spot, the better. This is the cheapest option available.
Bank Safety Deposit Boxes
Safety deposit boxes are another option for precious metal investors. This is less common because the boxes tend to be too small to fit a large amount of metals and access to the box is limited to the bank’s hours. Safety deposit boxes are also not FDIC insured but are still under the control of the banking system. If the banking system was to crash, you would not be insured for your investments being held by the bank.
Third-Party Depository
Many storage facilities around the world will store your precious metals for a fee. These facilities are usually high-tech and insured, meaning you can rest easy knowing your assets are safe. Depositories offer segregated or non-segregated storage, meaning you can keep your metals separated from other metals, or in a more communal storage area. Depositories are also necessary if you are looking to add precious metals to a self-directed IRA. If you are looking for a trustworthy storage facility, AMGL is GoldClub Direct’s preferred depository.
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