Once investing in gold and determining which storage option is best for you, the next aspect to look at is the cost. Each storage option has different costs associated with it that 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 option – or options – best suit you and your investments.
Bank Locker Cost
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, but they also vary in price. 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.
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.
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.
Each vault may have a different fee to store your gold, depending on its location and the amount you have. However, each Gold Investment customer has the ability to use our storage options. Physical gold bars are kept at the London Silver Vaults at a cost of £4 per one oz of gold per year.