The risk associated with keeping the gold, silver or any other precious metals safe against theft is pointed out as one of the important reasons why many people are looking for secured storage options, when they are investing on these substances. Now, let us get into the different options available for securing your hard-earned metals that you have previously purchased or planning to purchase in the future.
Safety deposit boxes: As the rent to be paid towards safety deposit boxes available from the local banks in the town is affordable, many people are opting for this option. But, it is not advisable to store them in the safety deposit boxes kept in the banks because of the following reasons:
No one other than the owner knows the content of these boxes and they are not insured as well.
In case, the bank faces some financial crises and it is closed, it will be possible for you to get back your valuables only when the bank re-opens. In such cases, there are also chances that the content in the box might be stolen.
Home safes: There are different types of safety racks with number locking systems available in the market and storing the valuables within these racks in your own home is another option. As you might be aware, this cannot also be a safe option. For instance, if a theft happens in your house, the robbers can take the entire box with them.
Precious metal depositories: There is also another option called as precious metal depositories and these are private vaults that are operated by companies, where you can have your coin or bullion stored either on an annual and long-term basis or on a short-term basis. This is a secured alternative and will have insurance coverage against fire, theft and other natural disasters. Under this, there are three different alternatives available and they are non-segregated, fully segregated and allocated gold storage.
Under the first type, your precious bullion or coin will be actually stored along with the metals of other people in the same vault and in the same place. Under the second type, even though, they will be stored along with the precious metals of other people, you will be allocated with a certificate of ownership towards your valuables. Here, the serial number and other details that can clearly differentiate yours from that of others will be specified. Under the third type of gold storage, your metals will be stored in a separate section.
Safety deposit boxes: As the rent to be paid towards safety deposit boxes available from the local banks in the town is affordable, many people are opting for this option. But, it is not advisable to store them in the safety deposit boxes kept in the banks because of the following reasons:
No one other than the owner knows the content of these boxes and they are not insured as well.
In case, the bank faces some financial crises and it is closed, it will be possible for you to get back your valuables only when the bank re-opens. In such cases, there are also chances that the content in the box might be stolen.
Home safes: There are different types of safety racks with number locking systems available in the market and storing the valuables within these racks in your own home is another option. As you might be aware, this cannot also be a safe option. For instance, if a theft happens in your house, the robbers can take the entire box with them.
Precious metal depositories: There is also another option called as precious metal depositories and these are private vaults that are operated by companies, where you can have your coin or bullion stored either on an annual and long-term basis or on a short-term basis. This is a secured alternative and will have insurance coverage against fire, theft and other natural disasters. Under this, there are three different alternatives available and they are non-segregated, fully segregated and allocated gold storage.
Under the first type, your precious bullion or coin will be actually stored along with the metals of other people in the same vault and in the same place. Under the second type, even though, they will be stored along with the precious metals of other people, you will be allocated with a certificate of ownership towards your valuables. Here, the serial number and other details that can clearly differentiate yours from that of others will be specified. Under the third type of gold storage, your metals will be stored in a separate section.
Source...