Welcome to my 'Best Ways On How To Store Gold At Home' Guide!
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.
Without further ado, let us start this 'Best Ways On How To Store Gold At Home' Guide!
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.
To put emphasis in this statement, in movies and any form of media entertainment, precious gold are always either heavily guarded by armed men or stored in a weird and secret place.
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.
For that reason, you are presented with two 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
The answer to this question depends on how the gold asset will be used. For instance, if it is used solely for beauty enhancement purposes, jewelry collection, hobby, etc. then it is legal.
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 this article. 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?
Take a good look at the gold assets at your disposal. If you are certain that none of them is IRA-owned, it is now the time to know 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 if word of it gets into the ears of a crook or 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. 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 in order for it 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.
- 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.
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. Since it is not insured by any company, the gold you lost will not be recovered and you will 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.