How Can I Safely Store My Physical Gold and Silver?
Your precious metal holdings can be stored at home, in a safe deposit box, or at a depository warehouse.
Storing your coins and bars at home is typically the least expensive option, but does carry an increased risk of theft. Home storage is as secure as you make it, with many customers opting for a well-hidden safe. It’s important to remember the first rule of storing precious metals at home: never talk about storing precious metals at home. Other benefits of home storage include increased liquidity and zero counterparty risk. In plain English, this means your coins and bars are available to you at a moment’s notice and you don’t have to trust anyone else to protect them.
However, under normal circumstances, offsite storage is more secure. A safe deposit box in a bank is less expensive than a private warehouse; however, during a financial emergency, there may be a bank holiday, and the safe deposit box may not be accessible. It should be noted that even in the Great Depression, depositors did not lose the gold in their safe deposit boxes, but we cannot predict the future.
For maximum security at an additional cost, private storage facilities are available that specialize in storing precious metals. Euro Pacific Precious Metals has strong relationships with storage facilities in the US, Canada, and Switzerland. While private storage presents additional costs, we think it is an excellent option for customers with large holdings or those looking to keep their metals overseas.
To decide which storage option is right for you, call our Precious Metals Specialists at 1-888-GOLD-160 today.
Once you’ve purchased physical gold or silver, the next question is where to keep it. While there may be some peace of mind having your bullion in a safe at home or in your bank’s safety deposit box, there are also compelling reasons to hold your precious metals in a dedicated storage facility.
SchiffGold recommends Delaware Depository Service Company (DDSC) and International Depository Services (IDS) as secure storage solutions for our clients. DDSC has facilities in Delaware and Zurich, Switzerland, while IDS stores metals in Toronto, Canada. Both have excellent reputations within the precious metals community. These private storage facilities are audited numerous times by external firms, as well as undergoing continuous internal audits, to ensure the safety of your investment. Should a crisis occur that causes banks to close, depositories such as DDSC and IDS are more likely to remain open, allowing clients to access their metals at a time when safety deposit boxes or regular bank withdrawals may be unavailable.
Most importantly, every ounce of silver or gold deposited at these recommended storage facilities is fully allocated, which means all the metal is 100% physically present at the storage facility. This isn’t a fractional reserve system, where just a small portion of your wealth is kept on hand while the institution gambles with the rest. Your metal remains physically on-site, and available to pick up, ship, or sell back to us whenever you choose.
Dedicated storage also allows investors to diversify geographically. As many Euro Pacific customers agree, governments can be volatile – especially in times of economic crisis. By keeping some of your holdings in historically stable countries like Switzerland or Canada, investors are able to hedge against political risk here at home.
The ease of selling and buying metals is another excellent reason to consider dedicated storage. When you purchase metals from SchiffGold, we can ship your purchase directly to your chosen facility as soon as we confirm receipt of your payment. Shipping is free within the United States and at only a minor additional cost to Zurich and Toronto. SchiffGold maintains accounts with DDSC and IDS so that your metals can be easily sold back to us without the cost of shipping or insurance. All it takes is a phone call to lock in the price, after which ownership of the metal will be transferred within 48 hours, while a check is sent or funds are wired to your account.
Even better, the cost of ongoing storage is also very affordable. Beginning on the day the metal is received, storage with DDSC is prorated at a cost of 0.5% of the stored metal’s average daily value, while IDS charges 0.7%. Clients are billed twice a year, every January and July. For an additional cost, segregated storage is available, meaning your metal is kept physically separate from all the other holdings in the facility.
With programs like these, dedicated gold storage is now convenient, safe, and cost-effective. There are no fees to apply for or to open the account, and the application is a single page. To learn more, call our Precious Metals Specialists today at 1-888-GOLD-160 (1-888-465-3160).