What to Know About Gold Storage
Invest in precious metals, or thinking about it? It is important to know all the different storage options. Depending on your investing habits, budget, lifestyle, needs, and much more, what could be right for you might be completely different for the next person. Either way, you need to make sure you are crossing all your T’s and dotting all of your i’s when it comes to gold storage. Keep reading for our guide on the do’s and don’t’s of gold storage, including how to store gold safely and how to get started.
Gold Storage: What to Do
When it comes to gold storage, it isn’t just anything goes. There are some rules you need to follow, which include:
- Following rules for IRAs. If you have a precious metals IRA, your gold storage deposits have to be under controlled access for tracking purposes and taxing distributions. Companies like Priority Gold work with precious metals brokers and IRA custodians to make the storage of your investments secure and accounted for.
- Insure your gold. Storing your gold at home or in a safe deposit box? Your homeowner’s insurance won’t cover it, nor will your bank. Make sure your gold is insured in case anything happens to your home or bank.
- Consult an expert. There are many ways to store gold, depending on how you have invested in it. If you are unsure of how you want to store your gold, talk to an expert. Priority Gold can help you find the best way to store your gold for your lifestyle and needs.
Gold Storage: What NOT To Do
When it comes to gold storage, there are definitely some things you want to avoid. Those things include:
- Forget where you’ve stored it. Ever hidden something so good that you totally forget where it is? Make sure you know exactly where you have stored or hidden your physical gold, should you choose to store it at home or in a bank. Don’t bury it in the backyard or hide it within a wall—you want to make sure you can remember where you’ve put it!
- Tell everyone. Investing in physical gold is exciting and can be tough not to tell people about. This is especially true if you have come across a particularly beautiful or rare piece of gold. However, it is essential not to tell everyone about it. The fewer people who know—including your own family—the better. It can be important to let someone know where you have stored your gold in the event that anything were to happen to you. Keep your gold storage location on a need-to-know basis only.
- Give it to just anybody. If you have decided that off-site storage is the best solution for you, don’t just give it to anybody. Whether you have decided to store your gold at a bank or with a gold storage company, make sure you do your due diligence to make sure they are a good company to work with. Banks can charge high fees and have a lot of rules, and companies that aren’t reputable can cause damage.
How to Store Gold Safely
- Home gold storage. If you choose to store your gold at home, make sure you have taken measures to ensure safety and confidentiality, such as using a safe and installing it yourself.
- Bank gold storage. If you decide you’d like to store your gold in a safe deposit box at a bank, there are some things you should know. Your gold is only accessible during bank hours, which can be tricky if you need it quickly. The bank does not insure contents or accept liability for loss, and there is limited space in the bank for your storage.
- Bullion bank vaults. While this option has great security and allows for a larger storage capacity than bank storage, they are mostly only located in major cities and require a minimum of 1,000 oz of gold to open a storage account.
Gold Storage and Investing in Gold with Priority Gold
If you are ready to invest in gold to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.
We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. And gold shows up on schedule. Priority Gold guarantees the highest standards of customer service, which comes with honesty, professional conduct, and Ethical Code of Business.
For more information, visit us at prioritygold.com