When you’ve made the decision to invest in gold, it is extremely important to ensure you’ve stored it safely and properly. There is no replacement policy for gold coins and gold bars—if you lose them, they’re gone, and you’re not going to be able to get any claim to redeem yourself for the loss.
Therefore, before you actually begin investing, make sure you have a plan for how you’re going to store your gold bullion if you decide to do so in your home. While it can be nerve-racking to some to have their precious metals stored in the home, it also makes sense in some circumstances. Proper storage will help you prevent theft and keep you from losing track of where your precious metals are located.
Here are a few tips for storing your gold bullion at home:
- Only have one confidant: You should have just one person who you trust implicitly who you tell about your gold bullion, where it’s stored and how to access it (including any passcodes or combinations they might need to get to it). Telling no one means that if something happens to you, nobody else will be able to get at the gold. However, you want to keep your bullion as hidden and secret as possible to ensure word does not get out that you have gold bars and coins lying around your house, which would make you a target for robberies. In addition, if you only tell one other person, that means you will know how the word got out if somehow other people do find out about your bullion.
- Watch what you say: This goes along the same lines as only having a single confidant, but you should do everything you can to avoid making yourself a target for thieves. This means not talking enthusiastically about gold or sharing gold-related investing information and articles on social media. This means not telling your children, especially if they are young or immature. It means not flaunting wealth and telling other people about your investing plans.
- Physical storage tips: So where exactly should you hide your bullion in your home? It should be somewhere that isn’t obvious (something you’d see in a stereotypical movie or TV show). Try to put it several layers deep, such as in a floor safe that’s covered by floorboards, carpeting and a piece of furniture; the safe should never be in plain view. You might even consider using some decoy valuables, placing inexpensive jewelry or cheap gold coins in more obvious places in your home that would fool thieves into thinking they got everything you had.
- Burial: Some people choose to bury their precious metals. If you do decide to go this route, make sure you use an airtight, waterproof, insect-proof, erosion-proof container. Find a place on your property that only you will remember. Keep in mind that metal detectors can find metal objects up to four feet down.
For more tips about storing your gold bullion, contact Gold Wealth Financial today.
Categorised in: Gold Bullion