Gold storage is something every investor has to think about sooner or later. For valuable items such as gold and other precious metals, there are basically two storage options that you can look into. One of these options is to store your bullion at home, while the other is to employ the services of a professional storage facility such as a depository. Both have their pros and cons which need to be weighed up before deciding on what choice to make in order to ensure your investment is both adequately protected and easily accessible when needed.
The Pros and Cons of Home Gold Storage
Many people who invest in gold do so because they want to have a backup currency that they can turn to should society begin to show signs of breaking down. If there was a devaluation of the local currency or the banks began to restrict how much money they were able to dispense to their customers, those with an alternate form of currency would have an established means of trading that could allow them to acquire goods and services.
By storing your gold at home, or at least some of your collection, you would have instant access to it should it be needed quickly. Although gold depositories offer short notice periods of around 24 hours for their customers to gain access to their bullion, it is unknown whether this would still apply if there was a clamor from their customers to all gain access simultaneously.
The main downside to storing your gold at home is the issue of security. Although a small amount of gold has a large monetary value, it still needs to be stored somewhere secure. While a safe can be purchases relatively cheaply, it still needs to be housed somewhere they won’t be discovered accidentally or by intruders.
When storing gold at home there is also the issue of insurance to be considered. While some household insurance policies cover up to $1000 worth of gold, if your collection is larger, you will need specific gold insurance. By taking out such a policy you do forego your right to anonymity as you will be on record, on a computer somewhere, as being a gold owner.
The Ups and Downs of Utilizing a Gold Depository
By using a depository for the storage of your gold collection, you can rest safe in the knowledge that your valuable possessions are being taken care of by a team of professionals. You no longer have to worry about keeping a safe in your home and hoping that you don’t become the target of those aiming to acquire gold by unscrupulous means.
If you have purchased gold and choose to store it at home, you may have to get it assayed, or assessed, for authenticity when you attempt to sell it. However, by storing your gold at a verified depository you may be able to get around this requirement due to the reputation of the storage facility. Also, as some depositories have their own verified assay team, you can remove the need to handle your own verification process and simply use the onsite staff.
While a depository doesn’t give you instant access to your gold in the way home storage does, it does, in most cases provide a higher level of security. It is up to you to decide which is most important to you and what the reasons are you have decided to purchase the gold in the first place.