Desire to know Gold Storage costs? Once investing in gold and determining which storage option is best for you, the next aspect to look at is the cost. There are different storage costs associated with each option and this can help determine which you choose to use.
While the cost some storage options may depend on the amount of gold you have, others do not, so it is important to shop around and look at all options to determine which of them best suit you and your investments. At Gold Investments, we offer storage of your precious metals at London Silver Vaults, you can read more about this below.
Vault Storage Costs
When storing your gold in a vault, one common option is storing some in a vault in your home country, and the rest in a country with favourable laws regarding precious metals. However, storage costs can be significant, which is why we offer fairly-priced vault storage ourselves.
Each vault may have a different fee to store your gold, depending on its location and the amount you have. At Gold Investments, however, we offer a range of storage options. Physical gold bars are kept at the London Silver Vaults at a cost of £4 per oz of gold (or silver) per year ( minimum charge £25), and we offer a reduced rate for kilo bars (£50) and 100g bars (£12).
One of the benefits of utilising our vault storage options is that your gold will be fully protected in both a physical and financial sense. Regardless of whether it is our storage, it is still your gold. It is not tied to our business or creditors in any way, and is independently audited so you know you are receiving an unbiased service. You don’t even need to have purchased the gold from Gold Investments, it is an offering that has been segregated from the other parts of our business.
Bank Locker Storage Costs
A bank locker could be a good option for you if you do not have much physical gold and want to keep it somewhere away from your property. There are various sizes, so depending on what you want to store in it, you can get the size that is appropriate for you.
A bank locker can be one of the cheaper options, storage costs will vary. For example, Metropolitan Safe Deposits in London rents boxes for 12 month periods, ranging in price from £95 per year (for a box 4.5cm x 11cm x 41cm) to £2,400 per year (for a box 64cm x 61cm x 45cm). You can check with your bank to see if they offer safety deposit boxes as well, and what their rates are.
One thing to consider when using a bank locker, however, is that you most likely will have to insure the contents yourself. This can obviously add to the cost you pay per year for your bank locker and the security of your gold and precious metals.
Home Storage Costs
If you want to store your gold in your own home, the best way to do so is by buying a safe. The price can also vary depending on the size and security of your safe. However, it may very well provide added peace of mind, as you have the benefit of having your investment in your own home, so you know where it is and that it is secure.
A regular home safe can range in price from around £30 to £2,500 for bottom end safes, and from £1,000 to over £3,000 for top range safes. Of course, the size and security level of a safe will have an effect on how much it costs.
When buying a safe to store your gold, try to pay in cash if possible and try to refrain from telling people, including friends and family, that you have a safe on your property. The fewer people who know that you are storing gold on your property, the better.