One of the key decisions for gold investors is where their precious metal should be stored. There are several different options and each option has its own set of advantages and disadvantages. We’ll try to cover as much as possible in this article in order to provide you with the information that you need to make an educated decision.
When it comes to storing bullion, there are three options: store it at home, store it at a bank, or hire a third-party to secure the gold.
Storing gold at home is obviously the most convenient and most people choose to keep their investments at home because it’s always under their supervision. But there are several disadvantages to storing gold at home.
If you move house regularly you might find it difficult or risky to transport bullion. Like any unsupervised valuable, there is potential for it to be lost or stolen. The wise choice would be wise to purchase an expensive safe which would be hidden somewhere within your home. If your home doesn’t have a compartment for a safe in a wall, installing one can be expensive. Not to mention the fact that if a safe is stolen it could be forcefully opened. Most insurance companies won’t cover the loss or theft of stolen investments.
The second option for secure storage of bullion would be to open a safety deposit box at a bank. The boxes are often small enough to store a few bars of bullion and they’re relatively cheap as well. However, there are a few problems with storing bullion in a safety deposit box. For one, it takes time to drive to the bank and access your deposit box. Sometimes trades need to be made quickly. If you can’t access your gold fast enough to take advantage of the profit margin on the stock market then it’ll be difficult for you to make a profit.
Banks are undoubtedly one of the securest forms of storage on the planet. Banks are rarely robbed nowadays and, in most cases, the contents of a security deposit box are insured by the bank.
The last option for storing bullion securely would be third party investment firm called a depository. Firms such as Regal Assets allow members to choose where their bullion is stored. You can access your bullion at anytime. With the exception of Regal Assets, the downside of depositories are the high storage fees. They’re much higher than regular storage facilities. The fee is based on the daily price per ounce of gold and the amount of gold within the individual account. The advantage of Regal Assets is that anything over $10000 is fee-free, and you won’t pay storage fees in the first year.
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It’s relatively easy to store bullion securely nowadays due to the wide selection of secure storage options. It’s up to the individual to decide which option is more convenient for his or her current situation. Take all the pros and cons into consideration and thoroughly research each option. Soon your bullion will be safe and secure in a location of your choosing and there will be no need to worry about losing your investment.
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