Where Should I Store My Gold? Top Gold Storage Options

When building up your gold savings, one of the first questions that comes to mind is where to acquire physical gold. This decision is relatively straightforward, as trusted Gold IRA companies like Goldco and American Hartford Gold are readily available.

However, another important question arises: how and where should you store your precious metals? In reality, there are only three options for storing your gold. You can keep it at home, use a bank's safe deposit box, or store it in a secure vault.

Each option has its own advantages and disadvantages that must be considered. In this article, we will examine each option to assist you in determining which one works best for your needs. 

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Home Storage

Many smaller investors in gold coins opt to store their gold at home, as it allows them quick and easy access to their precious metal. Several methods are available for storing gold at home, providing individuals with various options to keep their investments within reach.

• Hidden Around the Home: People keep gold in unconventional places, such as the sock drawer or in cupboards. Sometimes, they even scatter it around and forget where they put it! Unlike silver, gold isn’t easily corroded by moisture and other environmental factors, so there's less concern about damage.

• Buried in the Garden: While it may resemble a passage from a novel like Treasure Island, we have a select few clients who have opted for this unconventional approach. Undoubtedly, it eliminates the threat of theft; however, we cannot endorse this choice. 

Forgetting the exact burial location could lead to permanent loss. The whereabouts of the gold must be disclosed to trusted individuals in case any unforeseen circumstances occur to the original purchaser.

• Home Vault: If you prioritize security, consider installing a vault in your house. While it may require more space than keeping your valuables hidden in a cupboard, it offers peace of mind regarding their protection when you're not at home and vulnerable to potential thieves.

Advantages of Storing Your Gold at Home

Although we suggest secure vault storage for gold for most customers who possess physical gold, many benefits can be derived from storing it at home.

• Ease of access: By keeping your gold at home, you ensure it’s readily available whenever needed. This can be especially beneficial in times of emergencies when quick liquidation may be necessary, or if you simply enjoy showcasing your collection to others.

• Ability to have private wealth: If you desire to keep your gold store completely separate from the financial system, one option is to store it at home with no official records. This method may be less expensive than professional storage for gold, but consider additional expenses such as insurance and the purchase of a safe.

Disadvantages of Storing Your Gold at Home

Although keeping your gold at home is undoubtedly convenient, there are several disadvantages to consider.

• Requires specialist insurance: Chances are, you chose to invest in gold because of its long-term value. It's important to ensure that you have insurance coverage for that value in case something happens to your home or gold. Standard home content insurance typically won't cover this type of value, so it's a separate consideration and expense you'll need to consider.

• Space: As your investment expands, particularly if you purchase gold bars, the space needed will also increase.

• Being responsible for security: The risk of theft and harm is genuine, even among acquaintances and relatives. Gold kept in your residence will always be within reach of visitors, posing ongoing security concerns. Although sharing news of your remarkable new gold coins with everyone may be tempting, exercise caution in choosing whom to disclose this information to.
• Selling it isn’t as easy because you must transport it back to a dealer for convenience.

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Storing Your Gold in a Safety Deposit Box

There are two categories of safety deposit boxes available. One category comprises the ones provided by high street banks, while the other includes private facilities near city centers.

Keeping your gold at a bank may seem like the most secure option with its many security advantages. However, there are several factors that you should consider if you decide to go this route:

• Being able to access your gold: Access to your gold can only be obtained during the establishment's operating hours, and even then, it’s contingent upon someone being present to unlock your box. Selecting a location that offers maximum flexibility in terms of access times is crucial.

• A good track record on security: Safety deposit boxes aren’t invincible, particularly if the location is frequently targeted. Many individuals rent a box directly from their bank because of its added security advantages.

Advantages of Storing Your Gold in a Safety Deposit Box

• Security: Opting for a safety deposit box offers significant advantages compared to storing valuables at home, primarily due to its enhanced security. Rest assured that your gold will be protected against theft and damage.

• Insurance: Typically, banks in the United Kingdom provide insurance for the gold stored within their facilities. This offers a notable benefit compared to storing gold at home, as you would need to arrange insurance on your own and potentially pay higher premiums.

• Privacy: Safety deposit boxes are typically characterized by their high level of privacy and confidentiality, ensuring that only the box owner knows its contents. Individuals can be granted access to the box, such as a spouse. 

Still, without explicit consent from the owner, nobody else will be informed about its existence or what it holds. If the size permits, these boxes can store other valuable possessions or important documents.

Disadvantages of Storing Your Gold in a Safety Deposit Box

• Access: If you require frequent or urgent access to your gold, it's essential to consider the limited opening hours of your bank or third-party facility. Unfortunately, these hours often don’t include weekends and evenings. The closest private safety deposit companies may be far from your home.
• Availability: Over the last ten years, there has been a noticeable increase in the demand for bank deposit boxes due to people's increasing need for privacy and desire to own gold. Consequently, it has become tough to acquire a box at a bank if you don’t already have one.
• Vulnerability: While the idea of a bank collapsing may seem unlikely, the events of 2008 demonstrated that banks are indeed capable of failing. If you have assets stored at a bank that closes or fails, there could be complications in retrieving your gold. Private safe deposit facilities' security measures are typically less stringent than those found in professional precious metals vaults.
• Cost: Although a safety deposit box at a bank is affordable, it has its drawbacks. It's important to consider the storage costs associated with keeping your gold in the box over time to determine the most cost-effective storage option for you. Private facilities are more expensive.
• Limited Size: Safety deposit boxes, by their very essence, are compact. Their purpose is to accommodate many customers within a limited space. While they may be suitable for storing small amounts of gold, they’re not ideal for larger gold holdings or any significant amount of silver due to the additional space required for their value.

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Storing Your Gold in a Vault

If you desire the added reassurance that a bank provides and the knowledge that your precious metals are fully insured and handled with care, then vaulted storage is a great option for you. 

Its peace of mind is invaluable, particularly when dealing with significant investments. Many gold dealers offer storage choices as part of their services. Vaulted storage offers several benefits to account holders, so let's examine them.

Advantages of Storing Your Gold in a Vault

• Security: One of the primary advantages of this storage option is its ability to provide a high level of security. Reputable providers use state-of-the-art facilities specifically created to ensure the safety and protection of valuable items. If you desire storage solutions that you can rely on and that will mitigate potential risks, this should be your top choice. 

• Optimal Conditions For Gold Storage: Storing bullion at home or in a bank carries a considerable risk because maintaining ideal conditions may not always be possible. Keeping your gold in a vault eliminates concerns about the materials used for storage or which gloves to use when handling it.

• Fully Allocated & Segregated Storage: When safeguarding your valuable gold investments, one of the key considerations is "Where to store gold" securely. Suppose you’re concerned about your gold being mixed with other customers' bullion when stored in a vault. In that case, a reputable gold dealer will guarantee that your precious metal is allocated exclusively to your section. 

This ensures that your investments are protected physically and legally. The segregation of assets is a crucial factor to consider when considering storage options for your accounts.

• You Have Full Ownership: For individuals considering storing their gold at home, it’s crucial to understand that ownership of the precious metals isn’t relinquished when stored in a vault. This point holds significant importance.

• You Will Have Full Insurance: If you entrust a reputable gold dealer with your storage needs, they can ensure your investment is fully insured. By securing your metals with them, they will take responsibility for insuring them, eliminating the need for you to obtain an extra insurance policy. Unlike banks, these dealers offer this added level of protection for peace of mind.

• You Can Request Your Gold at Any Time: You might want to swiftly retrieve your bullion, especially if you intend to sell a portion. The market is known for its rapid fluctuations, and stock prices have been susceptible to turbulence in the past. If you plan to access or sell your stored gold, contact your trusted bullion dealer for assistance with storage for gold.

Disadvantages of Storing in a Secure Vault

• No Direct Physical Access: Choosing secure vault storage for gold, rather than home storage, offers unparalleled protection. Vaults, with their strict security measures, restrict direct access. This safeguard is essential for the safety of your precious metals. The advantage of vault storage for gold is the option to request convenient product delivery when necessary.

• Shared Gold: Certain sellers of gold may also offer "shared" or "mutualized" gold, wherein instead of possessing an entire gold bar individually, you will be required to share a larger bar with other clients. 

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Where Should I Store My Gold? – Buyer’s Guide

Advantages of Investing in Gold

Investing in gold presents numerous benefits that make it an appealing investment portfolio. Gold is often regarded as a secure haven asset, historically maintaining its value and liquidity during economic downturns. 

This attribute makes it a valuable safeguard against market volatility. Gold can function as a shield against inflation and the weakness of the U.S. dollar, safeguarding investors from increasing expenses and currency devaluation.

By introducing gold into a portfolio, diversification is improved since it doesn’t move in sync with the stock market. As a result, it provides stability when confronted with market shocks. Due to its high liquidity, gold is an invaluable asset during recessions as it can be easily converted into cash when necessary. This feature offers financial security during times of economic hardship.

Investing in gold contributes advantages that enhance one's investment strategy by protecting against market volatility and inflation while offering stability and financial security during challenging economic conditions.

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Top 3 Gold IRA Companies to Invest In

Goldco – Best Gold IRA Company Overall

Goldco is a company based in California that specializes in the precious metals sector, particularly gold IRA and asset protection. They have operated privately owned businesses for over ten years. 

Goldco provides services for individuals looking to start or transfer their gold IRAs and assistance with tax-advantaged retirement plans. Goldco itself doesn’t charge any fees, yet there are associated costs such as custodian fees, setup, and annual maintenance fees, and storage fees which range from $150 to $200 per year.

To open a gold IRA with Goldco, customers must make an initial investment of at least $25,000. The account opening process requires assistance from a representative. 

Goldco has received many positive customer reviews, which indicate high satisfaction levels with their communication skills, efficiency in handling transactions, specialist knowledge about the industry, and overall customer service experience. These reviews have given them an impressive 4.8 out of 5 stars.

Some customers have raised concerns regarding high markups on prices offered by Goldco, sometimes misleading information provided by the company, and delayed payouts on certain occasions. In response to these complaints, Goldo has taken steps to address these issues.

If you need support or assistance from Goldco's customer service team, you can reach them via phone or through their website's chatbot, available Monday through Friday between 7 a.m. to 4 p.m. PST.

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American Hartford Gold - Best Gold IRA Company for Small Investments

American Hartford Gold is a reputable dealer in precious metals that can assist you in safeguarding your financial future through investments in silver and gold. Individuals can diversify their investment portfolios by purchasing gold and silver coins for personal safekeeping or including precious metals in their Individual Retirement Accounts (IRAs). A potential investment in gold or silver may serve as a means to protect one's wealth and ensure a secure retirement.

American Hartford Gold specializes in the sale and delivery of physical precious metals and aiding clients with the establishment of silver and gold IRAs. The company's Executive Chairman, Scott Gerlis, boasts over ten years of experience within the retail gold and silver industry. CEO Sanford Mann brings over a decade of expertise from the precious metal industry.

Besides providing valuable products, American Hartford Gold prioritizes educating seasoned investors and newcomers on investing in silver and gold. The company offers competitive prices while consistently showing its commitment to customer satisfaction. Former clients have praised the team for offering friendly service from experts, maintaining reliable communication channels, and presenting an array of investment options catering to preferences.

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Augusta Precious Metals - Best Gold IRA Company for Customer Support

Augusta Precious Metals, established in 2012 under the leadership of CEO Isaac Nuriani, provides IRA investors with a selection of silver and gold coins and bars. Their commitment lies in ensuring that their metals, excluding the American Gold Eagle coin, boast a purity level of 99%. 

The pricing structure is conveniently accessible online and is calculated by adding a margin to the base price. This margin may fluctuate depending on supply, demand, and prevailing economic conditions. Augusta actively encourages investors to compare their prices with those other dealers offer. They offer new investors a generous seven-day window within which they can reverse transactions if necessary.

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How Should I Clean My Gold?

It’s not advisable to clean gold. Cleaning gold coins can hurt their value, so it's best to avoid it altogether. Despite this, there are still collectors who believe regular cleaning is necessary. However, this isn’t true at all. It's better for the value of your gold coins if they have lost some shine but are in perfect condition otherwise.

That being said, if you absolutely must clean your gold coins or bars, there are some guidelines to follow. First and foremost, never use any cleaning solution or fluid, including hydrochloric acid. These substances can be corrosive and will cause damage to your gold, even if they claim to be designed for metal cleaning.

Cleaning preferences can vary from person to person regarding gold items like coins and bars. However, understanding the potential risks of improper cleaning is crucial for preserving their value.

To maintain the pristine condition of your gold, use lukewarm water combined with a small amount of soap. Subsequently, delicately dry it using a gentle cloth. It’s imperative to avoid actions that may result in surface scratches, as these can have more significant consequences than anticipated. 

Removing layers from your gold is an effortless mistake, leading to a reduction in weight when it’s next weighed by someone else.

How Should I Handle My Gold?

Now that we have discussed cleaning your gold, it’s time to address how to handle it properly. While some collectors and investors prefer to store their physical gold in a secure location with no handling, many enthusiasts enjoy taking out and admiring their special collectible gold coins from time to time. You must handle them with great care if you choose to do so.

Using plastic or latex gloves commonly seen in hospitals isn’t recommended. Although they may appear sterile, these gloves contain chemicals that can harm the gold. Avoiding plastic tweezers is advised as they could scratch the surface of the precious metal while handling it. 

Instead, opt for soft gloves made of gentle materials, as they provide the best protection. If you prefer handling your gold coins with bare hands, ensure thorough hand washing prior and make sure your hands are completely dry before touching them.

Avoid speaking or exhaling directly onto your gold coins, as saliva can corrode the metals and cause them to tarnish. It’s best to place them on a soft surface and handle them by the edges to minimize any potential damage. Take extra caution not to drop them on the floor accidentally. If possible, avoid handling your gold altogether due to the inherent risk involved.

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Where Should I Store My Gold? - FAQs

Where Is the Safest Place to Store Your Gold?

For the utmost security, opt for professional storage for gold in a bank's safety deposit box or a reputable specialist facility. Prioritize thorough research when selecting your storage provider.

How Much Gold Should You Store at Home?

Investment professionals advise against storing physical gold at home due to safety concerns and the potential for theft. It’s recommended only to keep a minimal amount of jewelry that you frequently use while securely storing the rest in a bank locker.

Where Should I Store My Gold - Bottom Line

When it comes to storing precious metals, the best option depends on your specific needs. If you prefer easy access and are skeptical of banks and other intermediaries, storing them at home might be a suitable choice. However, this will require additional expenses for insurance and protective measures, and you may encounter challenges when trying to sell your metals.

Alternatively, you could consider third-party storage options such as safe deposit boxes or secured vaults. Safe deposit boxes offer good security and are relatively inexpensive, while secured vaults provide the advantages of fully insured storage, convenient access, and complete ownership. Ultimately, the decision is yours to make, so make a good one.

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