Purchasing gold is the exciting first step. Storing it is often taken for granted, but it can be an intimidating and difficult decision when the time comes. Here are four options for keeping your investments safe when it comes to gold investing.
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Fireproof Home Safe
Securing gold in a fireproof safe on personal property is the most used option for gold storage. Using this method to keep gold investments safe allows the owner to have constant access to their gold, which makes for easy withdrawal and transfer.
Although one of the most popular ways to store gold, a fireproof home safe is best for less bulky gold items that have more limited value, such as gold coins. A home safe is best able to protect your gold from burglars when it is secured to the ground.
A safe can be a great method to store gold on your property because of its resistance to natural elements such as flooding and fire.
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In Plain Sight
A home safe’s ability to call attention to itself in the event of a burglary is one of the most feared potential problems with using one. If executed properly, securing your investments in plain sight can combat these potential negatives while still providing easy withdrawal.
If you choose to go this route, you can use every day items like coffee canisters, fake soda cans, bags of frozen vegetables, and hollowed-out books to hide your gold in. You can also hide gold inside furniture, air vents, and inside pipes.
Make sure that you are not letting these objects stick out. For example, a coffee canister of gold hidden in your closet can make it stand out to potential home invaders.
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Inaccessible Parts of Your Home
Although hiding gold in the more inaccessible parts of your home makes withdrawals very difficult, it provides a new level of security while still keeping the gold storage on your property. These inaccessible areas include the inside of your home’s walls and buried in your yard.
If you are able to come up with an original and strategic place to secure your investments, you will save yourself a lot of money on gold storage.
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Bank Safety Deposit Box
Cash is not the only thing you can safely store at a bank. Banks also offer safety deposit boxes: containers locked away in vaults to protect irreplaceable items such as vital documents, bonds, and of course, gold. While bank safety deposit boxes are not as readily accessible and the care is no longer in your hands, they offer other advantages over gold storage on your own private property.
For one thing, the concrete or steel vaults banks offer are equipped with security systems such as alarms and heat detectors. While a high-quality home safe is a great option for gold storage, it does not measure up to bank safety deposit boxes.
Safety deposit boxes are also more likely to withstand natural disasters such as wild fires, hurricanes, and earthquakes.
In the event that you pass away, your gold will be safely secured for your executor to distribute according to your will.