With investment in precious metals like gold, silver, platinum, and palladium on the rise, many investors are facing heavy questions about how to properly — and securely — store the metals that they purchase. Gold bar sizes do vary, but commonly 10 ounce bars are available for purchase by investors.
Experts say that many people buy gold bars and gold bullion with the stated intention of burying it in their backyard or keeping it in their homes’ garage or basement. Unfortunately, metal detectors can detect precious metals at a depth of four feet; experts advise either investing in a safe or looking for precious metal storage at a dedicated facility.
Some investors prefer to buy gold bullion in the form of coins, citing quick resale potential and the likelihood of a future increase in value. Most gold bullion in the United States is minted into American Gold Eagle Coins. Some investors store their coins at local banks in safety deposit boxes, but experts see a flaw in that reasoning.
If the price of gold should spike, and if collectors and investors wish to resell their coins, they may not be able to access safe deposit boxes after bank hours. They could miss an excellent opportunity for resale, experts say, if they choose precious metal storage facilities at a bank.
Dedicated precious metal storage facilities that provide their own security often offer unlimited access to investors who may need to withdraw their coins or gold bars for resale. Open 24 hours a day, these facilities often offer in-house assaying, or evaluation of the quality of gold bars and other precious metals, making resale a significantly easier process.
With the amount of gold circulating in the United States alone worth over $7 trillion, experts recommend that if investors plan to store precious metals at home, that they pay for their safes in cash and refrain from telling friends and family about their decision. The more hidden the safe, the better, but for larger quantities a dedicated storage facility is highly recommended.