In reality, there are only three ways to store your gold: keeping it at home, using a bank's safe, or paying an outside storage company. Yes, you can store gold or silver in many hidden places in and around your home. You can bury it in the backyard. Or put it under the mattress.
Alternatively, you can consider converting your IRA to gold as another option for storing your gold. Or put it in a trash box in the basement. Or even hide it in the freezer. A gold or silver ingot is probably the only type of precious metal you can afford to be “tough” with. Storing gold at home also has practical considerations, says David Small, a New Jersey-based gold bullion buyer.
For many holders of gold and silver ingots and coins, a bank safe works as a storage option. When considering storing gold in a deposit, Clark says investors should always ask if their investment is kept on or off the parent company's balance sheet. This question may make you think of a sunken treasure, which usually refers to gold discovered in the oceans. And because salt water doesn't damage the yellow metal, sunken treasures containing gold are well preserved.
If you choose your home as a warehouse, one expert suggests keeping half of the gold and silver in a safe in your home and the other half in a bank safe. Once you've purchased gold, silver or platinum, the next important question is how best to store your new bullion purchase. In addition, a bank is not required to compensate you if your gold or silver is stolen or destroyed while they are in a safe, reports the Times. If you get sick, become disabled, have a serious accident, or even die, no one else can get the gold.
In addition, some standard homeowners insurance policies may not cover the full value of the gold and silver you keep at home, whether it's in the attic or in a fireproof safe. Then there's the question of what would happen to your gold or silver if it were stored in a bankrupt bank. Therefore, you'll need to buy insurance separately to cover any gold or silver you keep in a safe deposit box. While storing gold at home may scare some people, it may be the right choice in some circumstances.
