3 Ways To Store Your Gold Safely
Most new clients to our private vault service would ask, “How can I store my gold safely and which way is the best?” In this write-up, we will be sharing three gold storage alternatives along with their respective advantages and disadvantages.
1. Storing Gold at Home
The first option is to store your gold at your house. However, you need to be careful when doing this as it can be prone to robbery. If you want to keep your gold at home, it is necessary for you to tell only one or two trusted people. Gold kept inside the house can be easily found by robbers, especially if it is held in a safe which implies that you can be forced to open it.
Therefore, even though keeping your gold at home is free of charge, it is not insured and consequently, any natural disaster can cause a permanent loss of your valuables.
2. Storing Gold at the Bank
A second location to store your gold is at the bank. Even though this alternative eradicates the insecurity of home storage, it could come at a cost. For example, in 1933, gold was confiscated by executive order, this implies that you can lose your gold at any time to the government. Despite banks’ promise of safety, it is hard to ignore the possibility of you losing your gold permanently due to a government order.
Another disadvantage is that gold stored in banks is not insured. A theft on the bank can lead to a total loss of your treasure. Furthermore, even if the bank is not robbed, there is still the possibility of a bank crash which poses an equal risk on top of the costs incurred in saving your gold at the bank.
3. Storing Gold at Private Vaults
The third gold storage alternative is in private vaults. This option is safer than home storage and also protects against unfavourable executive orders. Furthermore, all gold inside a private vault is adequately insured. Even though this is an ideal option, there are costs incurred to maintaining a private vault storage.
In addition, some private storage vaults may be accessed at certain opening hours only. This means you may not be able to get hold of your gold if the institution is not open. However, this inconvenience has been dramatically reduced with 24/7 services provided by some private depositories, such as Ultra Vault.
In conclusion, there are pros and cons to each gold storage option. As the bullion owner, you should carefully evaluate each gold storage alternative to see which is best suited for your needs and priorities. The decision is yours!
Find out more about Ultra Vault’s Gold and Silver Storage services in the following locations: