How Do I Store My Precious Metals?
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.