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Gold is widely recognized as a safe-haven asset that retains value in turbulent times, but it also comes with another significant advantage. If you choose, this alternative asset class can remain within your physical control at all times. Reducing your reliance on third parties means you hold onto this wealth even if the stock market crashes, your financial institution goes bankrupt, and society as we know it breaks down.
At the same time, storing your own physical gold comes with risks. It is essential to recognize this fact. It’s why there’s no single “best place to store physical gold,” and prepared individuals who have invested in larger quantities of gold are best off dividing their assets across multiple locations.
We’ll look at sound options for storing your physical gold here.
Storing Your Gold at Home
Your home — or another property you own that isn’t your primary residence — is one obvious place to consider as you decide where to store your gold. Keeping gold at home is an excellent choice if you have solid security in place and need the ability to access your assets at short notice.
Where within your home should you store your gold? The answer depends on whether you hold gold bullion, gold coins, jewelry, or a combination.
In a Home Safe
The uniform shape and size of gold bullion and coins makes storing these assets in a home safe especially easy.
It is important to consider that some burglars won’t waste time trying to open the safe. Instead, they opt to take the whole safe and work on opening it at another location. For this reason, some security experts suggest bolting your home safe to the ground in the basement. The safe will be especially hard to remove quickly when it is filled with gold bars and, therefore, rather heavy.
The basement is not the only suitable location for a home safe; a walk-in closet or secure room can also be great options. No matter where you install your safe, also consider surveillance and alarm systems. The more you have to protect, the more secure your home should be.
Some homeowners will also choose to hide their gold in concealed locations throughout the home. This is a valid option, but be careful.
All thieves know to look in bedroom drawers, jewelry boxes, in the master bedroom closet, and in home offices. However, many become experts and also check “innovative” hiding spots like furniture with hidden compartments, fake soda cans in the fridge, and false books with storage compartments. Make your hiding spots hidden, and don’t tell anyone about them.
Storing some of your gold off-site is a good idea. You have multiple excellent options.
Approved Gold IRA Custodian
People who opt to hold gold as part of their portfolio in a self-directed IRA cannot store their gold on their own properties. Instead, this gold is deposited with an IRS-approved Gold IRA custodian. These services store gold and precious metals within secure facilities designed for the purpose.
Gold held within a Gold IRA can generally not be accessed at short notice, or at least not without IRS penalties. However, you reap the reward later, when you become eligible for distributions. You will have several different options at this time, including a lump sum and periodic payments.
Bank Safety Deposit Box
A bank safety deposit box is an excellent choice for people intending to store smaller quantities of gold, such as valuable jewelry. Bank safety deposit boxes are in highly secure areas and are still easy to access at short notice.
Private Vaulting Companies
You may also opt to store your physical gold with a company offering specialized secure vault services. These companies employ armed guards and have state-of-the-art security measures in place. Your gold is still accessible at short notice in this case.
Some people choose to spread their assets over as many physical locations as possible. Storing some of your gold with trusted relatives, such as parents, grandparents, or siblings, is one option to consider. Trust is critical in this case.
You have a wide range of options for storing physical gold. Each has a set of pros and cons, and it’s always crucial to conduct a risk-benefit analysis before you make a decision. Generally speaking, it is beneficial to choose multiple storage options — including ones you can access immediately, and secure third-party storage facilities not tied to your home.