The majority of Americans are aware that gold bullion ownership is empowering but they are afraid of keeping something as valuable as gold coins or bars in their homes. Other individuals do not hesitate to buy gold, but once purchased they have no clue how to properly store their metals. Among some of the crazier ways people have stored gold in the past include:
–A woman in Boise, Idaho, who cut a hole in the bottom of her mattress only to forget and eventually throw the mattress away.
–After about 15 years a man in Tampa, Florida, who had been placing coffee cans full of gold coins in holes in his backyard, tried to retrieve his pieces for liquidation. He was only ever able to locate 7 of his estimated 20 cans.
–An elderly couple in Maine took up floorboards from their house to store their gold. The husband passed away, the wife got Alzheimer’s and was moved to a senior care facility, and the house was sold by the couple’s only child. The child found a gold dealer’s invoice with scribbled instructions on the back for locating the gold bullion. The house had been torn down, and the gold was lost forever.
It is relatively easy to store gold safely within your home. Small fire safes are available at many stores for as little as a few hundred dollars. Safes that bolt to the frame of your house cost more but they will keep your gold secure even if your home is burglarized.
If you are uncomfortable with the idea of storing gold in your home, most local banks have an ample supply of deposit boxes that be leased by the year. Call around for prices, and ask if there is a discount for account holders. Many banks are going broke these days, but federal law states that a bank must give deposit box clients 90 days to retrieve their stored items and a certified letter must be sent to your address to inform you of the bank’s troubles.
If you want your gold bullion coins to maintain a fresh-off-the-mint shine, keep them securely stored in tubes or individual plastic packets and wrapped in cloth. Expose the coins to air as little as possible to delay oxidation.
Bullion bars do not require as much maintenance but it still a good idea to keep them wrapped in cloth in an airtight box, such as a Tupperware container. This will maintain the bar’s luster and hamper anyone from shaving or boring into your bullion.
Companies like Certified Gold Exchange send invoicing separately from the actual precious metals as a security measure. This prevents anyone from knowing what is inside the boxes we send. Once you receive your gold bullion and invoice, store them together to help you (or your heirs), keep track of inventory.
Keep your broker’s contact information handy, and place his or her business card along with your gold. This will help you sell the gold faster and easier, and you may qualify for a loyalty discount.
The boxes in which your gold bullion arrives are specifically fitted for your products. Store the boxes instead of throwing them away; this will make it easier for you to pack and ship your gold when you are ready to turn your metals back into cash.
Certified Gold Exchange is one of the few precious metals dealers that maintains a full-time staff of non-commissioned advisers. They have an accurate, factual answer to pretty much any gold investing question you can think of, so feel free to call with your questions today at (800) 300-0715 or simply send us an email via the link below.