As highly valuable Gold is, storing it can be quite a task. When you posses these luxurious metals, it is critical that you know How To Store Gold At Home, securely, safely, but at the same time accessibly.
People prefer different styles of storing precious metals. But storing gold at home is a perfectly viable option for investors who wants accessibility.
You might be wondering what are some of the best ways on how to store gold at home. Well then, here are some valuable inputs that I can recommend so that you can start storing your gold at your abode.
Below, we will be discussing the best methods on how to store gold at home, and also lay out the disadvantages and risks. Without further ado, let's start it.
Gold And Other Precious Metals
Whether for its intrinsic economical value, the prestige and allure it possess, or the sentimental value it holds, gold and other precious metals are good assets to have.
Like in movies or other forms of entertainment, precious gold is always guarded by security, or in other cases, it is kept in a hidden location that is difficult to obtain.
By now, you may already have own pieces of gold, be it in their coin, bullion, or jewelry forms. And in the future, you see yourself buying more of these valuable products, which I can say is a great move!
However, you must understand that owning this will carry certain risks and consequences (who doesn't want to own gold nowadays, even thieves want to), that is why it is essential to plan its storage.
With that being said, you have to choose between to options. One, and the safer choice is, to have a reputable firm to store it for you or two, store it yourself in your home.
We will be talking more about the latter in this article. If you have any questions regarding the former option, I recommend reading an article about our top recommended gold IRA firm that will safely store your gold for you.
Legality of Storing Gold at Home
Depending on how the gold asset is used, keeping gold in your home may or may not be lawful. It's perfectly legal if you collect gold and jewelry as a hobby, or for aesthetic design purposes.
You may have already experience meeting someone who is a collector of gold materials and products. The rules and regulations of any nation would allow him to get more of this since it is just for recreational purposes and nothing more.
On the contrary, if the gold asset you have is part of a self-directed IRA, that would be the scenario wherein storing gold would be prohibited by the IRS and your chosen IRA (individual retirement account) firm.
To know more about IRA-owned gold assets (coins and bullions), you can read the common Home Storage Gold IRA scams. In this way, you will obtain a better understanding on what works and what does not when it comes to gold storage.
How to Store Gold at Home?
There are other considerations to be alert upon in addition to wanting to have your gold stored in the safest and secure location that is also safe so that it won't suffer any damage or wear and tear.
Take a good look at the gold assets at your disposal. Upon confirming that none of the gold you are possessing is IRA-owned, the following are some of the best ways on how to store gold at home.
Before storing your gold at home, or even buying gold to store at home, conduct some self-reflection and assessment. There are some questions that you must answer first before doing anything.
Are you sure about storing gold at home?' This question will lead you into thinking more about the alternative option of having a firm store your gold for you. You need to weigh your options properly.
'Am I known as someone who has a lot of gold assets?' You can never be too sure in your life. Even your companions might instigate some actions to steal your gold just because you talked about it to them too often. You will be the target of many hideous activities.
'What degree should my family know of this home storage?' Kids and other distant family members can and would unknowingly share this information to strangers. A discussion with them would be imperative.
2. Be Secretive
This is the most obvious and common tip you would receive. Whenever you acquire any gold, be sure to have a tight lip and never tell anybody how much you bought and that you are storing it at your home.
Only confide in one or two of the most trusted persons you think of. This way, you will limit the number of people that knows of this gold home storage situation and you will have a back-up person to get the gold should an unforeseen circumstance happen.
The candidates for these confidants should only be within your closest family members and trusted friends.
Remember that the gold you have is an investment for the future. It would be a waste it gets into the ears of a thief.
Base on the first two tips and you arrive at the decision that it is best not to store gold at home, you can read more about Augusta Precious Metals and their storage options.
3. Have One Confidant
In light of the aforementioned, it is crucial to have one confidant. Your confidant should, and should only be someone who you trust implicitly. A trustworthy family member, a dear friend, or a lawyer with high integrity are good options to have.
Your confidant should be aware of where your gold or bullion is kept, have access to it, and be aware of how much you have.
It may seem to be a bad idea that anyone else than you have information and access to your wealth, but it is very important. The reason is very simple.
No one will be able to use the gold if you unavoidably fall ill, get into a serious accident, or even worse, pass away. Remember that the main reason why you have gold is investing in it to secure yourself and your family's future.
At least your family won't have to shoulder the burden of significant expenses because the gold will be utilized to pay for your medical bills or other connected fees.
But then again, you only need ONE confidant. Having more than one will be more of a risk than an advantage.
4. Hiding Spots and Practices
So you decided to store your gold at home after all. These are some of the tips you can follow to decreases the risk of losing your gold.
Don't be obvious. Never use a piggy bank, a container with a label, or anything that would easily catch attention.
Invest in a good vault. Traditional vaults are a viable option because it is generally indestructible and would require a password to open.
Always change the hiding spot. Never allow your gold to sit in a storage that is in a certain place in your house. Continually change its location. Some good creative locations can be
- Within a wall
- Ceiling insulations
- Basement floor
- Hidden room or vault
Use fakes. Buy some cheap jewelries or create ones that looks similar with gold or other precious metals you have. In this case, if an unfortunate burglary do happen, the thieves would only be able to get the fake ones.
Install alarms and cameras. Whenever you are not at home, you can regularly check your gold storage hiding spot. If a thief gets into your home somehow, your alarms would instantly blare and you can contact authority right away.
5. Know the Law
One thing that you shouldn't forget to do is being aware of the laws behind storing Gold at home. It is indeed legal to purchase and keep physical gold in a home safe, but the IRS does not allow this when the gold you have purchased is for an IRA.
If the IRS discovers you holding gold from an IRA at home without authorization, you may be subject to distribution penalties and taxes, which increase based on the amount of gold you are illegally keeping in your possession.
As per law, distribution taxes (which home storage qualifies for) calls for a 10% penalty if you're under the age of 59 years and a half. Paying hefty income taxes is a pain financially, so best to do is to prevent it from actually happening.
The only thing to keep in mind is that, no matter how good your home storage plan is, there will always be that slim chance wherein you lose everything in a mere blink.
Take as an example a situational scenario wherein a thief gets everything, bypassing all the tips that I have given you earlier. You will lose everything because gold easily sells.
Natural disasters can pose a great threat to your gold assets too. You won't get your lost gold back because it isn't covered by any company's insurance, so you'll be left with nothing. You can still probably have its container. Although that would leave a bad taste in your mouth.
Bottomline is that you need to think carefully about this repercussion. There are other disadvantages too that I did not tackle so it is best to keep in mind these possible events.
Storing your gold at home is a viable option. It may be for your own self-satisfaction and assurance, getting peace of mind, or you just simply adore looking at your gold assets.
Fortunately, I have tips that I heartily advocate to you in order to decrease the risk of losing your hard-earned gold to any crooks and thieves that may want a piece of your economical assets.
Nevertheless, you must also be wary of the rules and regulations set by national agencies regarding gold storage, especially if it is IRA-owned. The insurance of these metals should also be something you keep in mind.
If you do not want your physical gold to be gone in just a mere blink of an eye, then I recommend talking to one of the representatives of Augusta Precious Metals in order to discuss your preferred storage plans.