Gold is something that everyone should own. A precious material that retains value no matter what happens to the government is a great way to diversify your investments and protect your wealth in the event of a cyber-attack. Gold also has a negative correlation with all other investments, meaning that when the price of the dollar drops, gold goes up. Owning gold does not come without its risks, however, which is why it is vital to know how to safely and securely store your gold so that you can protect your investment for the future.
The first rule that comes with storing gold is to tell as few people as possible about it. The less people that know you own gold, the less likely you are to be a target for theft. What you should do is tell one person who you trust where your gold is, in the unlikely event of your demise. Beyond that one person, you should keep your lips sealed. As soon as somebody lets the cat out of the bag, there’s no telling who is going to hear that you possess gold.
Then comes the matter of where to store your gold. There are many different options available and all come with their pros and cons. If you are storing a large amount of gold, you should try your best to keep it in as many different places as possible. Diversifying your storage locations protects your investments and allows you to reap the benefits associated with different sites, while minimizing the downsides. If the bank is robbed, you still have your safe at home. What kind of options are available to store gold?
One of the first options many people turn to are safe-deposit boxes at banks. For a very small fee, you can claim a box to store your valuables in a secure location. Banks are not infallible, however, and there have been many instances where safe-deposit boxes have been robbed or even drilled by the bank for no apparent reason. Banks are also difficult to access due to their restrictive hours of operation. If the gold market fluctuates dramatically on a Friday night, you are out of luck.
The main alternative to storing with a bank is to keep your gold at home. The first line of defense is a safe, but that can only go so far as a crowbar and enough time can break into almost any safe. You don’t want the safe to be of a size that can easily be carried out either. Aim for 500 pounds when deciding upon a safe and remember that your gold can add to the weight as well. Finally, the best defense is that of secrecy. Hiding your gold, whether it’s underneath the floorboards or in the backyard is the best way to protect your assets when storing at home. Burying your gold makes it very difficult to access, so only do this if you intend to not touch your gold for a very long time.
If you intend on liquidating your gold in a timely manner, neither of the above options are enticing. This is where private vaults come into play. Private vaults allow access to your safe 24/7 and they allow you to insure the contents of your vault, a service that a bank cannot provide. Private vaults also keep the contents of your box a secret, which is one of the best ways to protect your bullion. With state of the art security, and twenty four hour surveillance, there are few places to store your gold as this.