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Storing and Protecting Precious Metals

After obtaining Precious Metals, buyers must face the crucial question of how to best store and protect their new investment products. Deciding on the most appropriate storage method for your Silver and Gold is an important decision given the significant value of Precious Metals. Fortunately, the decision needn’t be a complicated one. Precious Metals buyers have options when it comes to storing their valuable items, so they need to consider a few factors before settling on a final storage method. Factors to consider include how much money they wish to spend, how much security they feel they need and how accessible they want their valuable to be. To address these considerations, we will discuss the four main storage options for Precious Metals and take a frank look their advantages and disadvantages.

Secretive Coin Storage

Secretive storage is the simplest and least expensive method for storing your Precious Metals. This storage method is easy and generally serviceable for customers possessing small to medium sized collections. Simply select a secure “hidey-hole” in your home or on your property and stash your Gold and Silver there. This keeps others from gaining knowledge of their whereabouts, while allowing them to stay close at hand.

While secretive storage benefits owners with the absence of storage fees and easy access to their property, keeping Precious Metals in a hiding spot can increase their risk of damage and potentially decreasing their value. Equally as alarming is the lack of external security. In the event that someone does discover where you keep your Precious Metals, there is nothing to prevent that person—be it a prowler or a dishonest acquaintance—from taking them.

Bar & Coin Safes

Safes provide a way to keep your Precious Metals close at hand in your own home but with greater security than simply hiding them. Further safes can be securely bolted to the floor or just flat-out too heavy to move making them difficult to steal whole. Safes also offer some protection against potential damages incurred by floods, fire or other natural disasters. There are even certain types of home insurance that discount your current rate simply for owning a safe. Safes range in price from a few hundred dollars to sky’s the limit.  While size and material are the primary determining factors in a safe’s price, the cost of a given safe will also depend on whether it is manually or electronically operated. To provide optimal protection against incidents of fire, we encourage interested parties to consider an Underwriters Laboratories-rated safe of UL-15 spec or higher.

Banks

Many just don’t feel comfortable with the idea of keeping Precious Metals in their home. Some people feel it makes them potential targets for theft and burglary. For people with these concerns, we like to recommend using a bank to meet their storage needs. By turning to a third-party storage facility, customers relieve themselves from the responsibility or concerns attendant to guarding their valuables personally. Banks provide impeccable security both internally and externally, so one’s Precious Metals are faultlessly protected.

There are two ways to store your valuables with a bank. You may opt for safety deposit box or the bank vault. Safety deposit boxes are reserved for a single client’s private use and are available to rent in a variety of sizes depending upon the items being stored. For clients who don’t mind storing their possessions alongside those of other people, bank vaults are an ideal place to store larger investment products. Unfortunately, we would be remiss if we didn’t point out the potential drawbacks to storing your Gold and Silver at a bank. First, there are required fees for these storage services, which can range anywhere from $200-$500 annually. The second drawback is in the limited accessibility. If you held your Precious Metals at a bank and wanted physically access to them for any reason, your only option is to visit the bank during business hours. Remember, banks are generally closed evenings, weekends and holidays. These time restrictions may create difficulties for a customer in the event of a financial emergency.

Precious Metals Depositories

Precious metal depositories offer several advantages in terms of storing and securing your Precious Metal assets. Not only do they provide plenty of space if you have larger collection, but their climate- and moisture-controlled facilities ensure that your Precious Metals are safeguarded against environmental damage. The most appealing quality of depository storage, though, is the scrupulous level of security. Precious Metals depositories are highly guarded sites that operate under constant surveillance. Entrance into their facilities is usually restricted and all activities within the depository are closely monitored and recorded. In view of such extensive security measures, clients can rest assured that their valuables are in safe and capable hands designed specifically to meet the needs of the Precious Metals investor. Most precious metals depositories offer two forms of storage: segregated or communal.

Segregated storage allows customers to keep their holdings separate from any other person’s property at the depository, in an individual storage compartment reserved for their private use. Communal storage, in comparison, allows customers to keep their precious metals in a shared storage area with other people’s valuables. While some people may choose to store their valuables in a separate compartment, both segregated and communal storage offer an equally high level of security.

Along with the security of their premises and storage compartments, many depositories offer further means of protection through their rigorous accounting and auditing services and insurance policies. Accounting or auditing services guard against theft or loss by periodically recording the amount of Precious Metals held for each client in each storage compartment. Performing inventory verifications allows the depository to know exactly how much Precious Metal they possess know immediately if a single gram goes missing. Should the depository notice anything amiss within their facility, customers can remain confident knowing that they are protected from loss by the insurance policies held by the depository. Although precise terms of coverage vary according to each individual depository, most standard insurance policies provide financial reimbursement for any incidents of theft or damage.

Given all the benefits that Precious Metal depositories have to offer, APMEX enthusiastically encourages our clients to consider this method of storing and protecting their Precious Metal assets. Naturally, we are proud to offer secure Precious Metals storage with Citadel Global Depository Services. Citadel is a wholly-owned subsidiary of APMEX with security provided by the worldwide leader in security, Brink’s. Citadel offers an excellent storage option to clients who desire security, transparency, accessibility and insurance for their investments. You can visit APMEX’s storage page to learn more, or phone us at 800.375.9006 to speak with one of our skilled customer service representatives regarding Precious Metals storage with Citadel.

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