If you’re a fan of action movies, you’ve probably seen more than one where the villain of the story needs to make a quick escape. Before leaving, though, they head to their basement, going through high-security vaults and passwords before finally unearthing a nondescript box. After hurriedly opening it, he takes a second to stare at the contents—gold bars. Then, he grabs as many as he can, shoves it into his bag, and rushes away.
Gold is a popular investment and in the real world, many people purchase bars and store them in a safe place. Some store their investments in banks, while others stow it away in the safety of their homes.
If you're considering buying gold for an investment, you'll need to figure out where it is best to store them. None of us lives in a movie where we can have access to top of the line high-security, high-tech vaults installed in our homes. So how can we safely store our assets while keeping them safe? Here are our tips:
What are your options?
Some people who own gold prefer to have their investment within reach. Some even store bars, coins, or jewellery in the basement of their homes or hidden away in a safe. Burying your gold in the garden is another common tactic that may seem antiquated, but if it works, why not?
Those who want to ensure property security usually take the bank route. Trusting their gold to be kept safe at the bank is an incredible cost-efficient solution. You won't have to worry about people breaking in your homes or having people steal your gold. The great thing about keeping your gold in a bank is because there is insurance involved, you don’t incur as much risk for the price of a small fee.
Keeping your gold at home
If you want a more practical solution that doesn’t involve any annual or monthly costs, storing your gold at home may be appealing. Aside from it being within reach, you'll be able to check on it every day.
What you need to remember when storing gold at home is that you purchase a vault that is secure and insured. This way, you'll be able to feel at ease keeping your gold close to you. Most, if not all vaults have different security levels that you can choose from to give you a sense of ease and comfort while your gold bars sit in the basement.
Another way to keep your gold bars safe is only to let you and your family know it's at home. When other people you don't trust know that you have gold at home, it can be a potential safety risk for your gold and most especially, your family.
Trusting the bank
A no-brainer way to safely store your gold is by entrusting it to a bank. When you choose a bank to store your gold, you are ultimately choosing the professional, high-security option. A significant advantage of having a bank keep your gold is that when you buy gold, they can have it transferred to the bank directly. This will ensure the security and safety of your investment.
For you to get this option, you'll have to research and speak to some Bullion Dealers since these high-security vaults aren't accessible to the general public.
When you buy gold and decide to keep them in banks, you will get top security. Most of these vaults are insured, and the gold that you have will be protected with documents and fees.
Although hiding your gold bars by digging a pit in your backyard sounds like a good storage solution, it might not be the most practical. It's always a good idea to keep in mind for storage options before you buy gold. These are quite an investment and can save you financially secure in the long run. Make sure to do proper research on what vaults you want to purchase or banks you want to trust before dipping your toes into this investment avenue.
Are you looking to buy gold? London Gold Centre is a top metal, watches, and gemstones buyer, and can value and buy gold in London. If you're to sell some gold, try our scrap gold price calculator and check your gold's value!