Keeping gold as a store of value is not just a fad. The yellow metal has stood the test of time and has been one of the most trusted methods for safeguarding your wealth for millennia. There are many good reasons to own gold, and its popularity is growing once again. In recent years there have been many news stories about how a “once in a lifetime” financial storm is coming. This has caused more people than ever before to buy and store gold as a safe place for their money. The truth is there are risks involved in storing gold, no matter where you keep it. However, there are some locations that present lower risk than others. After buying gold, a sense of dread fills our minds, keeping most of us preoccupied with thoughts of how to store it safely. This article reviews the pros and cons of some common storage locations so that you can make an informed choice when deciding where to store your gold bullion or other types of investment gold.

Safest Place to Store Gold: At Home

There are many reasons why keeping your gold at home is the safest place to store gold.

•   First, you own it, to manage your precious metals, you don’t have to rely on any outside parties, including banks or private businesses.
•   Second, your gold is always physically accessible.
•   Third, the setting in which the gold is kept is up to you.

Cons are:

•   The majority of homeowner or renter insurance policies do not include coverage for loss of precious metals.
•   Keeping a lot of gold in your home could make you more vulnerable to theft and other harm.
•   You should also protect your gold by keeping it in a fire-proof safe to reduce the risk of being burned.

You should always keep your gold divided into smaller portions and stored in multiple locations (a secure place hidden in your home).

Safest Place to Store Gold: Away from Home

First step in locating the best off-site storage for your gold: Start by looking for local banks and safe houses. Simply give them a call after that to inquire about their precious metal storage options. Make sure to enquire about the fees associated with storing your gold with them.

Offsite gold storage can:

1. Safe Deposit Box
2. Secure vault

Safety Deposit Box:

You can make the bank a safer place to store gold by using a safe deposit box. This is a great option for people who need to store larger amounts of gold for longer periods of time.

Pros:

•   Convenience (in most cases)
•   It’s in a bank for security.
•   The key is unique to you.

Cons:

•   Only available during bank operating hours.
•   The bank does not accept responsibility for losses or insure contents.
•   little room.

Secure vault

In contrast to a safe deposit box, keeping your gold in a secure vault frequently gives you access to it, direct ownership of it, as well as high security and insurance.

Advantages:

•   Highest level of security attainable. All they do is guard precious metals.
•   Insured and independently audited on all assets.
•   Capable of holding any quantity of precious metals.

Disadvantages:

•   Storage costs may be more expensive than other choices.
•   For physical access, it might be necessary to travel to the storage location.
•   Delays and fees associated with withdrawals.

Travelling With Gold

If you travel frequently with a large amount of gold, it might be a good idea to keep it in your hotel room safe. You should never keep large amounts of gold at home if you travel a lot. Hotels are perfect places to store your gold because they have strong security systems that are monitored around the clock. Hotel safes are typically large enough to store your gold bars and other valuables. This type of safe is much more convenient than trying to keep your gold in the small bathroom safe.

Storage Decision for Gold

Bottom line is onsite and offsite gold storage both offer their advantages and disadvantages. Storing gold is not a piece of cake. You need to make sure that you keep it safe and protected from theft, natural disasters, or any other calamities. Make sure that you choose the safest place to store your gold so that you can keep your precious metals protected from any threats. Don’t forget to purchase gold insurance!