Before investing in precious metals it is essential that you take some time to consider where it will be stored. This is a more complex subject than might be assumed, with many factors needing to be weighed up. These include size of collection, costs, insurance, accessibility, security and the maintaining of the items themselves. There are many options to choose from, but they essentially fall into three categories, home storage, bank safes and professional vaults.
Home storage has some inherent pros and cons that will largely depend on specific and individual circumstances. One of the most common reasons people choose to store their gold at home is the ability to access it as easily as possible. This can be helpful if there is a sudden change in the market and a quick sale would be advantageous. For collectors, having access to the precious metals is also a part of the joy of collecting, particularly if the pieces are of aesthetic value.
It is generally thought to be unwise to store large collections at home, however, so the more that the products themselves are worth, the more it is advised that professional storage should be sought.
If you do decide to store your gold at home, it should be known to as few a people as possible to ensure that the temptation for the would-be burglar is negated. This should include buying a quality safe that is placed in a secret location in the home. Paying for the safe in cash will also make your valuables less traceable.
Should you wish to store your gold in another location there are several options available, although some are better than others. Bank safes are one of the most affordable options and are quite popular with smaller investors as a result. After all, it makes little sense paying for expensive storage if the collection is not of great worth. This should be weighed up with the fact that insurance must be handled separately, however, another cost that has to be factored in. What’s more, larger collections tend to be more expensive than vaults or home storage and there is no guarantee that the products will be stored properly.
Another issue is the lack of quick access to the gold itself. This can be a disadvantage if you are likely to need to sell your gold in a timely manner. If this is the case then bank safes are not a suitable option.
The most popular option for gold storage is the vault. Vaults are professionally maintained and secure storage facilities whereby precious metals can be stored with great peace of mind. Reliable vaults offer full insurance for all gold and silver products, which not only guarantees security, but makes sure that any damage or tarnishing of the products from poor storage practices are covered by the insurance. Something that is highly unlikely due to the fact that such vaults are run by professionals.
On the down side, physical access to the products themselves is often prohibited for security reasons. This might put off some collectors, for whom enjoying the pieces is part of the joy of the collection in the first place. On the other hand, not allowing public admission to the vaults lowers the security risk considerably and most prefer this policy than to those of bank safes or vaults that allow such access.
Another advantage is that you can buy, sell and access all your products from one place, making the entire process easily manageable. We offer exclusive storage options to all its customers at affordable prices, from as little as £4 per ounce of gold per year. Delivery of your items can be accessed at any time and there is security is around the clock, 24/7, 365 days of the year.
With such steep rises in the theft of precious metals, which coincided with a sharp rise in gold’s value in the wake of the financial crisis of 2008, this extra peace of mind cannot be overestimated.