Gold Storage Options

Gold Storage Options

Gold storage involves keeping your gold in a safe place to be retrieved quickly in times of need. Where to store gold is probably one of the primary concerns after purchasing it. An ideal gold storage method will keep your gold in a safe place and help you have peace of mind.

How you store your gold determines its future color, value, and much more. This article will discuss important information on:

– Where to store-gold

– What is offshore storage?

– What is the cost to store precious metals?

Besides the above, the article will also compile a list of precious metals custodians.

Where to Store Gold

Investing in gold comes with a need to store it safely. Below are some of the gold storage options you may use to store your gold.

gold safe storage

Gold storage vaults are a common place to store precious metals.

Home Gold Storage Options

Storing gold at home is much straightforward. It involves placing the gold in a hard to notice the area around your residence. Storing your gold at home ensures that you can retrieve it at any time. However, even if you keep the storage location information to yourself. It is likely some concerns regarding the security of the gold.

Pros

– You can access your gold 24/7

– You get to choose the place where to store gold

– The method is relatively cheaper since there are no ongoing fees

Cons

– Storing large amounts of gold at home is likely to develop a risk of burglaries

– Natural disasters like flood and fire may damage the gold

– Most insurance policies do not cover precious metals losses

Offsite Gold Storage

This involves researching banks and vault facilities around your location and asking them about the storage of their precious metals options. Offsite gold storage offers more security to your gold than when storing it at home. However, you are restricted from accessing your gold anytime despite paying ongoing storage fees.

Offsite storage exists in three major types. They include:

– Safe-deposit box

– Bullion banks

– Bullion depositories

These types of offsite gold storage are discussed below.

Safe-deposit Box

Safe deposit boxes are available in most local banks, and they are much secure compared to storing your gold at home. Besides storing bullion, it can also be used to store expensive jewelry and collectible coins. Below are its pros and cons.

safe deposit box

The trusty old safe deposit box at a bank works for gold storage.

Pros

– Security for your gold is guaranteed

– You are the only person who can access the gold

– It is relatively convenient

Cons

– You can access your gold during bank hours only

– There is limited space for storing the gold

– Banks are not liable in case of a loss

Bullion Bank Vaults

These are large banks that are involved in purchasing, selling, leasing, and lending bullion. Bullion banks buy and sell gold in large quantities, and they only allow large bar gold deposits.

Pros

– Much secure than consumer banks

– Unallocated bullion accounts are likely to be settled in cash

– They can store bullion in large amounts

Cons

– Mostly situated in major cities

– Focus on institutional transactions only

– Most of them demand a deposit of a minimum of 1,000 oz of gold to open an account

Bullion Depositories

These are private security companies that are mainly focused on storing and transferring bullion. Most bullion depositories have vaults in other countries so that you can store the bullion abroad. Self-directed IRA custodians store gold for their clients using bullion depositories.

gold bullion bars

Pictured: Gold Bullion.

Pros

– They offer the highest security level

– They can store any amount of gold

– All stored items are audited and insured independently

Cons

– They charge relatively higher for their services than other options

– There are delays when withdrawing the assets. A withdrawal fee is also charged

– Requires you to travel physically to the storage location

Offshore Gold Storage

Storing your gold overseas may sound like a great way of adding a protective layer to your gold. It ensures that you are not at the mercy of any state when accessing your gold. You might be wondering what is offshore storage and its benefits when storing gold. Well, offshore storage is storing your assets in an overseas storage facility.

Benefits of Offshore Storage

– Security is guaranteed

– Protects the gold from social and government unrest

– It is a tax-free investment

– It helps in your financial planning

– It offers protection from frivolous lawsuits

– It guarantees privacy for your accounts and details

What to Consider Before Choosing an Offshore Gold Storage

Privacy

Ensure that the offshore gold storage facility will store your gold anonymously without other parties accessing your details and accounts. Have some knowledge about the laws concerning ownership and secrecy and whether foreign governments can access your details and gold.

Strong Security

A country that has low crime levels is the best to store your gold. Also, consider choosing an offshore storage facility that has no history of being robbed to guarantee your gold’s security.

Jurisdiction Stability

It would help if you stored your gold in an economically and politically stable country with no history of gold confiscation.

Precious Metals’ Storage Costs

After purchasing gold and determining the ideal storage option for you, you should ask yourself what is the cost to store precious metals as charged by your storage option. Different storage options have different storage costs. Some costs depend on the amount of gold you are storing, while others do not. Below are the storage costs details.

Vault Storage Costs

Vaults have different charges for storing gold depending on location and the amount of gold. Vault storage options offer complete protection to your gold both physically and financially.

Banks Locker Storage Costs

A bank locker is ideal when storing fewer amounts of gold. The lockers come in various sizes depending on the amount of gold you want to store. Bank lockers are usually much cheaper compared to other options. Check with your bank to see the rates at which it offers deposit boxes. However, you are obliged to insure your gold since the bank is not liable for any damage.

Home Storage Costs

Even though burying your gold in the ground seems a very cheap gold storage option, storing it in a safe is the best way to keep your gold at home. The cost of safes varies with size and the security level the safe has. A safe is a great storage option considering you can access your treasure anytime you want to.

Best Gold Custodians

Below is a list of precious metals custodians.  You can also learn more about gold custodians on TechBullion, a website that discusses finance and investments of all types.

Regal Assets

Founded in 2009, it is one of the most significant precious metals and storage companies worldwide. Regal Assets has also partnered with Brinks to provide its clients with a phenomenal storage facility.

Gold Switzerland

The company has earned a good reputation in storing precious metals since 1999. It has secure segregated storage in private vaults in Switzerland, Singapore, and Hong Kong. It offers exceptional services to its clients, e.g., you can withdraw any amount of your gold even in non-business hours.

SWP Cayman

This precious metal dealer and storage provider is located in the Cayman Islands. It was started in 2015 to become a re-known precious metal storage provider for corporations, individuals, and trusts.

cayman islands

The Cayman Islands has been a well known financial district for many years.

Conclusion

A good gold storage facility is necessary when you invest in physical gold. Choosing the best gold storage option lies entirely on your preferences, circumstances, and your investment strategy, either short-term or long-term. Additionally, getting your gold insured is a great idea to compensate for it in case of damage.

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