How to Store Gold Bullion Safely?
Now that you’re interested in buying gold as an investment, you might be wondering what to do with it all once you get it. As a precious metal that you’re investing money into, you want to make sure it is protected, safe, and secure. Keep reading for more about gold bullion and our favorite ways to store gold bullion safely.
What is Gold Bullion?
There are many ways to invest in gold, and one of them is through purchasing gold bullion. Bullion can be gold or silver and is officially recognized as being at least 99.5% and 99.9% pure. Its purity is stamped right on top in the form of a bar, ingot, coins, or rounds. Any piece of gold within the purity standards that has been formed, refined, and stamped can be considered gold bullion.
Gold is a great way to protect your savings, retirement, and other investments because it acts the opposite of the economy. When stocks are down, and there is a recession, gold prices rise. This means that if you have gold investments and investments in the stock market or real estate, no matter what, you will always have a savings account.
Your Favorite Hiding Spot
This simplest, easiest, and most cost-effective way to store your gold is through your favorite hiding spot. The great thing about gold is that nobody needs to know you own it. You do not have to report any gold purchases; all you need to worry about is reporting income once you sell it. This means that gold investments can be as secretive as you’d like them to be, including where you keep it all. Not everyone has a massive vault in their home to swim through their gold bullion in a’la Scrooge McDuck, but there are relatively secure ways to store it in your home or on your property.
For example, many people store their gold bullion in safes which are kept in secret areas of their home. You can also keep your gold under your mattress, buried in your yard, or even in a hole in your wall. Wherever you decide, all you need to do is remember precisely where you put it. While this method allows for gold owners to have easy accessibility to their gold, it does put them at risk for thieves or simply forgetting where it was hidden.
If you are not comfortable with the thought of keeping your gold bullion in your home due to the risk of burglary, you can also store gold bullion safely at the bank. Depending on how much gold you wish to store at the bank, this can be achieved through a safety deposit box or the bank’s vault. The vault is usually reserved for larger quantities; a safety deposit box is a usual route for the typical investor.
Banks offer the security and protection you desire for your investment. However, there are some drawbacks to storing your gold bullion at the bank. You will only be able to access your gold during the bank’s business hours, which can prove difficult if you work during those times or are in a financial emergency during off-hours. In addition, there are annual fees for storing your gold at the bank, which would need to be factored into your budget.
Precious Metals Depositories
The third way you can store gold bullion safely is at a precious metals depository. This is a third-party storage facility where you can keep your bullion, especially if you have large quantities that may be too much for your home or a bank. This option is more costly than a bank. However, it provides a very high level of security and protection. They also keep a regular inventory of your gold to ensure everything is accounted for, eliminating the risk of anything happening internally at the depository, whether it be misplacement or internal theft.
Storing gold bullion at a precious metals depository requires the highest maintenance and storage fees than other options. However, you will have the highest level of security and protection over your important investments. Similar to storage at the bank, access to your gold bullion is limited to the precious metals depository’s working business hours.
About Priority Gold
No matter how you decide to store your gold bullion, the important thing is that you are investing in it. Gold is one of the most important investments you can make. If you are still unsure about investing in gold or where you should store it, we can help you. 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 offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. Your gold shows up on schedule. Priority Gold guarantees the highest customer service standards, which come with honesty, professional conduct, and an Ethical Code of Business. Simply put—we can help you with all of your gold investment needs, from initial questions to the storage of your investment.
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.
For more information, visit us at prioritygold.com