Once you’ve bought gold, silver or platinum, the next important question is how best to store your new bullion purchase. Secure and safe storage is one of the most important aspects of owning precious metals.
You basically have two options to store your precious metals. You can either take delivery of the bullion and look after it yourself, or you can entrust a professional to store or vault it for you.
Many people aren’t comfortable keeping gold in their homes in case of theft or damage. However, if your personal preference is to store your bullion at home, you should consider the following:
Firstly, you need to make sure you have somewhere to position the safe where it will be locked away safely and out of sight. Ideally, it should be a place where you are able to attach it to the floor so that it is not freestanding.
If you are looking at purchasing a safe, you will also need to ensure the value which it is rated for is enough to cover the value of the items which are stored within. Generally, a safe is given a ‘cash rating ‘. A cash rating is the level of cover that an insurance underwriter will give to the cash contents of the safe. This is usually multiplied by 10 times for jewellery and bullion or similar valuables. A cash rating is therefore also a very good indication of the security level of the safe, the higher the rating, the more security is offered.
You should also consider if you require a safe to be fireproof and waterproof as these safes can also offer protection for other valuables such as paper documents. Many people choose a fire and waterproof safe due to the heightened level of protection they offer to documents and paper money.
Make sure security is high enough and that your bullion is protected from theft and damage.
Do you keep guaranteed possession of your specific bullion?
Find out if you can access your coins or bars at any time or withdraw them in some instances.
Make sure your precious metals are protected from contamination.
If you buy any bullion coins or bars from The Royal Mint, you can take advantage of storing them in The Vault™, a state of the art storage facility. The benefits of doing so are:
If you store any coins or bars you buy from The Royal Mint in The Vault™, we offer a buy back facility. This means that when you are ready to sell, you may request that we buy back your coins or bars from you. We will then quote to buy your bullion, which is based on a percentage of the day’s gold price. To find out more about our buy back service, click here.
This content was originally published here.
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