Module 7 of 8: How and Where to Store Gold?
“The Gold Survival Guide eCourse: Why Gold is your must have insurance and 9 ways to profit from it”
Module 7 of 8: How and Where to Store it?
If you choose to purchase physical bullion, then the next question you’ll have is what to do with it once you’ve purchased – Where do I store it?
You really only have 4 options and they each have drawbacks you need to consider…
1. Safety Deposit Box
2. Bury it somewhere
3. Hide it in your home
4. Store it in a home safe
Safety Deposit Box
A safety deposit box offers a high level of security but to a degree a loss of privacy. The bank will have your details on record even if the powers that be don’t know what’s in your box, the fact you own one says you may have something to hide. However secure a vault may be it still doesn’t offer any insurance protection against loss or theft.
Note: Our preferred NZ vaulting company is the exception as they do
have an insurance option available. They are a private company not a bank vault too. Visit the page below to learn more about them and the special offer if you tell them Gold Survival Guide sent you:
You should also consider the hours of access when choosing the
vault. Does it have 24 hour, 7 day a week access? You want to be
able to get it when you need to. For this reason ideally it should be
located close by, no sense in it being stored in a town or city miles
away.
You may wish to consider using a specialist vault company rather than a bank vault. After all the reason you own gold is a form of insurance against bank failure, so do you want your bullion also stored with a bank? While the financial failure of the company owning the vault won’t result in the loss of your bullion it could mean a significant delay in access were this to occur.
Bury it Somewhere
This may sound a bit crazy but this does have some advantages! As long as you ensure no one witnesses you bury it, it is very unlikely to be stolen and won’t be damaged in a house fire. Unlike a safety deposit box or safe it also doesn’t cost anything.
Be sure the container you use is watertight and corrosion resistant. Wrap the coins or bars in a plastic bag to stop them being scratched. Choose a location on property you own and in a place you won’t forget but won’t be obvious to anyone else. Ideally at a depth greater than 4 feet as this is the depth metal detectors will reach.
Hide it in Your Home
While this option is also free it does have the risk of house fire and depending on how good your hiding place is – theft. It is a good option for coins due to their size. Don’t choose anywhere too obvious like your underwear drawer or jewellery box!
Store it in a Home Safe
A safe costs anywhere from a couple hundred dollars to the many thousands. If you were building a house the ideal would be to have one built in to the foundation so it couldn’t be carted off the premises.
Also bear in mind that with enough time and resources no safe is impenetrable and in fact many can be accessed by an expert in mere minutes. So the best bet is hidden and if not built into your house at least attached to it.
See this article to learn more about safes:
Buying a Home Safe for Gold or Silver Storage
Who to Tell?
The final consideration regardless of which option you choose is who else should know about your gold? Ideally just one person you would literally trust with your life, as if it ends or you fall seriously ill, you will rely upon them. If you use a safety deposit box they should have access to this.
Avoid telling anyone else including other family members. The less people know the less chance of someone who shouldn’t finding out about your golden insurance policy. Also ensure it is accounted for in your will (especially if you buried it!)
Each option has it pitfalls. Just as you may choose multiple methods of purchase, your best bet may also be a number of storage options to even further spread any risk.
Go here to see our preferred storage options for both New Zealand residents and non residents.
In Module 8, the final instalment, you’ll get to consider just how much gold is right for you and your portfolio.
Remember knowledge is the key to protection and profits!
David Deutsch and Glenn Thomas
Founders
Gold Survival Guide
P.S. Are there any gaps that need filling in for you? Email us at info@goldsurvivalguide.co.nz if you would like to hear more about any areas.
Disclaimer: We are not certified investment advisers and you should not construe what we write as personal investment advice but rather information of a general nature and as a basis for you to conduct further research.