Of course, each option has certain advantages and disadvantages that are important to know. In reality, there are only three ways to store your gold: keeping it at home, using a bank's safe, or paying an outside storage company. Yes, you can store gold or silver in many hidden places in and around your home. You can even convert your IRA to gold and bury it in the backyard. Or put it under the mattress.
Or put it in a trash box in the basement. Or even hide it in the freezer. People tend to buy gold when they fear a sustained loss of stocks, bonds, real estate or other traditionally profitable investments, says Adrian Ash, research director at BullionVault in west London. In the end, how you protect your gold and silver will depend on the type of precious metals you own, how you live, and your level of comfort.
Gold stored at home is not protected against fire, floods, tornadoes, earthquakes and other natural calamities. This means that the gold and silver you have at home may be more susceptible to theft (unless your home is closed like Fort Knox). Home storage may require you to purchase additional insurance coverage in case something happens to your gold and silver. A survey conducted by Magnify Money of 1000 people revealed that one in six people have invested in gold or other precious metals since May, and approximately half of Americans are seriously thinking about buying gold.
Numerous YouTube videos and bloggers explain how to bury gold ingots in anything from minced meat to the backyard. We do not recommend storing gold and silver, especially certified coins, anywhere other than their protective shell, as changes in the status of certified coins could affect their price. Some people believe that the safest place for gold and silver is a third-party storage or warehouse facility. And because salt water doesn't damage the yellow metal, sunken treasures containing gold are well preserved.
Before moving your gold home, you should contact the insurer that issues your homeowner's policy, as most don't cover large amounts of gold stored in your home. Unfortunately, most people don't think much about how to keep gold coins safe, so they simply put them in a sock drawer or cookie jar. Unlike a bank, IBV London allows customers to buy gold and store it, and IBV will buy gold again, said Sean Hoey, managing director of IBV London. However, instead of storing them in water, it is recommended to store gold and silver in dry places, such as a reservoir, safe, or safe at home.
In addition, unlike a bank, many gold owners believe that vaults are somewhat resistant to an economic crisis.