Where Should You Store Your Gold?
If you choose to invest in gold, with the intention of selling it later, you need to decide where you're going to keep it. In general, typical options include a safe or a vault in your home, a safety deposit box in your bank, or a dedicated facility for gold storage.
Atkinsons Bullion noted that regardless of how the value of money fluctuates, gold would still be the same. This is why it's among the greatest forms of investment. Here are some options for gold storage:
- First off, take note that you should consider the cost of storing your gold. If you go with an in-home safe, there’s the purchase price, installation, insurance, postage and transportation cost. If you choose a safety deposit box (in the bank), there's the annual rental fee to think about.
- You could store your gold with the dealer you bought it from. You have two options, an unallocated account or an allocated account. With an unallocated storage account, you could either choose your gold to be pooled with another investor's gold investments. This is wherein your investment is backed by physical gold and your gold will be ‘held for your benefit’, not your name. Storage costs differ from one dealer to another.
- Another subcategory of an unallocated account enables the dealer to use your gold investment for different purposes, like lending to manufacturers of gold bars. This is like a bank, but you wouldn’t have to pay for storage cost. With an allocated account, your gold will be held separately in your name. You’ll be given purity and weight appraisals, serial numbers, and gold certified numbers. You could easily access your account at any time and will only have to pay for storage.
It doesn’t matter which storage option you go with as long you could afford it and make certain that your gold investment is safe. However, it is extremely crucial to note that you must not tell people that you have gold investments, perhaps apart from your family and trusted friends. This is especially true if you decide to store it in your own home. Never talk about it, especially in public where anyone could easily overhear you.