Choosing to own gold, silver, or other precious metals provides a level of protection and financial freedom. Many investors choose to hold gold coins as a hedge against inflation or to have readily available and universally acceptable funds in the event of a financial crisis.
Having gold is a great option, but it does require some basic considerations for storage for gold. A small number of gold coins can be easily stored in the home, but for large numbers of coins, having the right storage option provides both protection for your assets as well as your own peace of mind.
Home Gold Storage
A floor safe or a wall safe provides the greatest protection as an option for home storage for gold. Installed safes in the home also eliminate the risk of loss if there is a robbery, and the thieves simply remove the safe from the residence.
There is always the risk of theft or loss by fire or other types of disasters. It is important to note that home insurance policies typically do not cover the loss of gold coins or other types of precious metals unless they are insured as a collection.
External or Off-site Storage
There are different options for off-site storage for gold. Safety deposit boxes at local banks, bullion depositories, or bullion banks are all options to consider. If your gold is used as part of a Gold IRA, it must be stored under the management of a custodian and kept in an insured precious metal depository.