Lots of those who invest in gold never see their purchase and never plan to. To them it is merely numbers on a spread sheet or a computer screen that go up and down, before eventually being cashed in, when the time is right. However, there is another group of people who prefer to physically take possession of their gold purchases.
For these people, the true owners of gold, it is more than just another investment option, it is a way to own a physical asset that is outside of the banking system and can be called on whenever needed. Physically owning gold that is personally stored is a great way to position some of your assets as a backup to your savings, income and retirement payments.
The Practicalities of Storing Gold at Home
If you do decide you want to take possession of your gold investment, you should bear in mind that it is likely you will have to purchase the gold from a dealer to whom you will have to pay a markup on the market price of gold. This markup typically ranges from two to five percent although it can be as low a half a percent for large purchases.
Once you get the gold home it is vital that you have someplace secure to stow it away. Home safes can be picked up for under $100 on sites like amazon.com and it is a good idea to opt for one that can be secured to the floor or walls to prevent any thieves from making off with you gold, safe included!
Even though you are planning on storing your precious metals in a safe, it is still a good idea to get insurance for your purchase. As most home insurance policies don’t cover more than $1,000 worth of gold, you may need to shop around for a specialist insurance provider.
However, it is worth noting that once you have insured your gold, you will be on record as a gold owner. If you are worried about government seizures or requests for tax payments, then insuring your gold might not be in your best interests.
By storing your gold at home you can go off the grid when it comes to anyone knowing you are a gold owner. By paying in cash for gold and then storing it discretely at home, no one need know you have any. However, in order to protect your purchases it is a good idea not to keep them on show or tell everyone you know about the latest addition to your collection.
One of the benefits of investing in gold, which you keep a hold of, is that it can be an alternative payment method in times of need. When those times come, people with gold could become targets from those without so it makes sense to be discrete about your investment choices.
Despite the associated costs of storing your gold securely at home, it’s worth remembering that it is not free to store your gold in a vault, with the cost being around half a percent to one percent of the value of the gold you wish to store. It is up to you, as a responsible gold collector to weigh up the pros and cons of both options and decide what is right for you.