What Are the Top 3 Considerations for Storing Precious Metals?

storing gold, precious metals storage, how store goldQ: What 3 things do I first need to consider when storing my gold and silver?

A: If you’re going to invest in physical metals, you will be faced with the question of how best to store them. Most people store them at home in a safe, but you might also consider storing them in a safety deposit box or in a vault. Here’s what to consider.

1. Space/Size
The average investor doesn’t need much space. $100,000 in gold bullion or $20,000 in silver bullion will fit in a normal-sized coffee cup. A medium-sized gun safe would hold all of the silver and gold most people would ever have in their life. Or if you don’t want to hold it at home, you can put it in a safety deposit box at a bank – although we discourage it, because safety deposit boxes are not FDIC insured.

2. Private Vaults
Another option is a third-party, privately insured vault. Some vaults are large institutions that hold your metals for a monthly fee based on value. Others like My Gold Advisor are specialized boutiques with unique services like an instant cash and wire option, which gives the client the ability to call and sell any portion of their metals with the proceeds wired to them the same day. They can also have any part of their portfolio shipped by FEDEX to any location in the world simply by placing a phone call.

One warning: if you ever store precious metals in a vault, we highly encourage you to choose allocated storage, so you can have access to it at any time.

3. Insurance
We encourage you to keep knowledge of your metals limited to as few people as possible. Keep it private. It’s also a good idea to get your gold and silver insured. If you need access to a third-party insurance company specializing in high-value items like this, feel free to contact My Gold Advisor for some of our contacts. Most homeowners and renters policies do not offer coverage above $5,000.