When investors are considering the option of purchasing physical gold, silver, platinum, or palladium bullion coins or bars often they are concerned with how they will store and protect their investment. Since physical precious metals are portable, liquid, and anonymous in nature, it is extremely important to secure them properly to protect your investment from theft or confiscation. To help customers protect their bullion investments, our team at New Orleans Silver and Gold have provided a list of storage options for investors to consider.
Bank Safety Deposit Boxes
For many people this may be the most convenient and comfortable option. Most large and small banks throughout the country have safety deposit boxes that are relatively affordable located within a few miles of where you live. Before deciding to use a bank safety deposit box for the storage of your physical precious metals it is important to consider a few limitations. First, access to your safety deposit box will be limited to the bank hours of operation. Not only do banks close during every holiday, many are also only open Monday-Friday from 9am to 4pm. Such limited access could be a problem for investors who want to remove their physical precious metals during the weekend or holidays. Another point to consider before choosing a bank to store your physical precious metals is the risk of confiscation. All banks are highly regulated, and their charters can easily be revoked by the U.S. government. In the event that the government demands to access individual safety deposit boxes during a financial crisis, you can be certain that most banks will gladly comply since the government could easily revoke their charter if they refuse.
Private Third-Party Private Storage Facilities
Private third-party storage facilities are often the safest and most convenient option for physical precious metal investors to store their investment. These facilities are often open 6 or 7 days a week and allow their clients to retrieve their valuables during more days than a traditional bank. Furthermore, many of these facilities offer special 24hr entry to private safety deposit box for a small fee in the event of emergencies. Just like at a bank, clients are able to have their own personal safety deposit box. One possible downfall of these facilities could be that they may not carry the amount of insurance a typical bank holds. They may also not be as conveniently located as your neighborhood bank.
Off-Site Allocated Vault Storage With A Third Party
Many clients prefer the option of storing their precious metals with a third part allocated storage company. These companies charge small annual fee’s around .25% to 1% to store your metals safely and securely in an allocated vault. The advantage of these companies is twofold: first a client can geographically diversify their physical precious metals holdings and second their holdings are insured by the company housing their metals. One potential downfall of using an off-site allocated storage company can be the restricted ability to possess your physical precious metals. Another deterrent of using an allocated storage facility for many clients is the annual storage fees.
In a Personal Safe or Hidden Storage Instrument at Your Private Residence
For many physical precious metal’s investors having their gold or silver bullion within reach in the comfort of their own home trumps any alternative storage option. There is nothing like being able to hold, feel, and touch your wealth anytime you desire. Today there are a number of options for individuals who decide to store their valuables at their house. The most traditional way is to use a personal safe which we recommend should be at a minimum fire rated. For those looking to be a bit more deceptive when storing their precious metals, the free market has blessed us with a number of diversion safes that are unsuspecting to your common thief. We have displayed some pictures above of some of these products to give you an idea of what’s out there.