Banking » Investing » Where To Store Your Physical Gold?
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Where To Store Your Physical Gold?

Store your physical gold in a bank safe deposit box, professional vault storage, gold storage programs, and home storage. Here's a comparison
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Table Of Content

Why Storing Your Gold Can Be A Hassle?

Storing physical gold can be a hassle for a few reasons:

  • Security Concerns: Physical gold is valuable and can be attractive to thieves. As such, you'll need to take precautions to ensure that your gold is securely stored. This may mean investing in a safe or renting a safety deposit box at a bank, both of which can be costly.

  • Storage Costs: In addition to security concerns, storing physical gold also incurs costs. For example, if you choose to store your gold in a safe, you'll need to purchase the safe and find a secure location to store it. If you opt to rent a safety deposit box, you'll need to pay a yearly fee to the bank.

  • Transporting Gold: If you need to transport your physical gold, you'll need to take extra precautions to ensure that it is safe and secure during transit. This may involve hiring a security company to transport the gold or purchasing specialized packaging materials.

Gold Storage: What Are Your Options?

ltimately, the best option for storing your gold will depend on your personal circumstances, risk tolerance, and budget. There are several options for storing physical gold, each with its own pros and cons:

Renting a safe deposit box at a bank is a popular option for storing physical gold. Safe deposit boxes offer an added layer of security since the bank provides the storage location and may offer insurance (for an extra cost, usually the bank doesn't insure safe deposit boxes).

However, safe deposit boxes can be costly, and you may need to purchase additional insurance to fully protect your gold. Additionally, if the bank goes bankrupt, your gold could be at risk.

Finally, if you need to access your gold outside of bank hours, you may not be able to do so, which could be a problem in an emergency.

Many banks offer safety deposit boxes for rent. Here are some examples of banks that offer safety deposit boxes:

  • Bank of America
  • Wells Fargo
  • Chase
  • Citibank
  • TD Bank
  • Capital One
  • U.S. Bank

It's important to note that availability, pricing, and sizes of safety deposit boxes may vary by bank and location. Additionally, safety deposit boxes may not be available at all branches, so it's important to contact your local bank to check availability and pricing.

Professional vault storage is another safe option for storing physical gold. Professional storage providers offer highly secure storage facilities with advanced security measures such as 24-hour surveillance, armed guards, and biometric access control systems.

Additionally, professional storage providers may offer additional services such as insurance and regular audit reports to ensure the safety of your gold. The main disadvantage of professional vault storage is that it can be expensive compared to other storage options.

For example, Brinks is a well-known provider of professional vault storage services for precious metals. Brinks offers high-level security measures such as 24-hour surveillance, armed guards, and biometric access control systems. Additionally, Brinks offers insurance and regular audit reports to ensure the safety of your gold.

If yo would like to store your gold in a safe place outside of the US, Switzerland is a popular destination for offshore gold storage due to its reputation for political stability and strong privacy laws. Swiss vaults offer high-level security and privacy protections, and some providers offer additional services such as insurance and auditing to ensure the safety of your gold.

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Gold storage programs are offered by some gold dealers and storage companies.

These programs allow you to buy your physical gold and store it with the dealer or storage company, and they handle all aspects of storage and insurance. This can be a convenient option since you don't need to worry about storing or insuring your gold yourself. Additionally, some gold storage programs offer online account access, which can make it easy to track your gold holdings.

As long as you don't do additional mistakes when buying your gold, the main disadvantage of gold storage programs is that they may not offer the same level of security or control as other storage options.

For example, here are two popular dealer that also offers storage:

  • BullionVault: BullionVault is a gold storage program that allows you to buy and store physical gold with them. BullionVault stores your gold in secure vaults located in London, Zurich, and New York. Additionally, BullionVault offers insurance and regular audit reports to ensure the safety of your gold.

  • APMEX: APMEX is one of the most popular gold dealers. It offers a gold storage program called “VaultChain.” With VaultChain, you can buy and store physical gold with APMEX. APMEX stores your gold in a secure vault located in the United States. Additionally, VaultChain offers insurance and regular audit reports to ensure the safety of your gold.

Storing gold at home can be convenient since you have direct control over the storage location. You don't need to travel to a storage facility, and you can access your gold whenever you need to.

Additionally, you don't need to pay ongoing fees for storage, which can save you money in the long run. The main disadvantage of home storage is that it comes with significant risks, such as the risk of theft, damage, or loss due to a natural disaster.

Gold storage options
Gold storage options include bank safe deposit box, professional vault storage, gold storage programs and home storage. But, there are pros and cons for each option. (Photo by RomanR/Shutterstock)

What Is The Safest Place to Store Gold?

The safety of each option for storing gold depends on a variety of factors, including the specific provider, the location of the storage facility, and the security measures in place.

However, based on general considerations, two of the safest options for storing gold are:

Renting a safe deposit box at a bank is one of the safest options for storing physical gold. Banks have high-security standards and typically provide 24-hour surveillance, alarms, and other security measures to protect the contents of the safe deposit box.

Professional vault storage is another safe option for storing physical gold. Professional storage providers offer highly secure storage facilities with advanced security measures such as 24-hour surveillance, armed guards, and biometric access control systems.

Additionally, professional storage providers may offer additional services such as insurance and regular audit reports to ensure the safety of your gold. 

What Is The Most Convenient Place to Store Gold?

When it comes to your convenience, there are two main ways you can consider:

Storing gold at home can be convenient since you have direct control over the storage location.

You don't need to travel to a storage facility, and you can access your gold whenever you need to. Additionally, you don't need to pay ongoing fees for storage, which can save you money in the long run.

The main disadvantage of home storage is that it comes with significant risks, such as the risk of theft, damage, or loss due to a natural disaster.

Talking to your dealer is easy and quick, and your dealer can do everything you need for you. He can ship your gold to the right address, help you to get just part of your assets or handle any other requests you have. 

The level of service you'll get from your dealer is usually better than banks or professional vault storage companies.

How To Decide Where Should I Store My Physical Gold?

When deciding where to store gold, an investor should ask themselves the following questions:

  • How much gold do I have? This is important to consider as it will impact the type of storage option you choose. For example, if you have a small amount of gold, storing it at home may be feasible, but if you have a large amount of gold, professional storage or offshore storage may be a better option.

  • What is my risk tolerance? This is important to consider as it will impact the level of security and insurance you require. If you have a low risk tolerance, you may want to consider professional storage or offshore storage, whereas if you have a higher risk tolerance, storing gold at home may be acceptable.

  • What is my budget? This is important to consider as storage fees can vary widely depending on the storage option you choose. For example, professional vault storage and offshore storage may be more expensive than storing gold at home.

  • How often will I need to access my gold? This is important to consider as it will impact the convenience of the storage option you choose. For example, if you need regular access to your gold, storing it at home may be more convenient than professional storage or offshore storage.

By answering these questions, an investor can determine their individual needs and circumstances, which can help them choose the best storage option for their gold.

Why Investors Trust Physical Gold In The Current Situation?

Physical gold is often considered a safe-haven asset during times of financial crisis and inflation due to several benefits, including:

  • Store of Value: Gold has historically maintained its value over time, making it a reliable store of value. During times of inflation, when the value of fiat currency decreases, gold's value tends to increase. This is because gold is a tangible asset with a limited supply, making it a valuable hedge against inflation.

  • Liquidity: Physical gold is a highly liquid asset, meaning it can easily be bought or sold in various markets around the world. During times of crisis, there is typically a high demand for gold, which can make it easier to sell at a reasonable price.

  • Tangible Asset: Physical gold is a tangible asset that can be held in your possession, providing a sense of security during uncertain times.

  • Direct Ownership: When you buy physical gold, you own the asset outright, and there is no counterparty risk. This means you do not have to rely on a third party to hold the asset for you, which can be a risk with gold ETFs or gold stocks.

  • No Counterparty Risk: Physical gold is not subject to counterparty risk, meaning that you don't have to worry about the solvency or financial stability of a third party, which is a potential risk with gold ETFs or gold stocks.

Buy Gold and Silver Online

  • Leader in the Precious Metals industry
  • Over 1 million customers
  • Authorized Purchaser of the US Mint

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Top Gold Brokers From Our Partners

APMEX

  • Leader in the Precious Metals industry
  • Over 1 million customers
  • Authorized Purchaser of the US Mint

OneGold

  • Direct ownership of vaulted metals
  • Buy, sell, and redeem, 24/7
  • Fully Insured Against Theft or Loss

BGASC

  • Fastest shipping times 
  • Extensive Product Offering
  • ZERO complaints with the BBB

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

FAQs

Yes, it is possible to insure gold stored at home. However, insurance premiums may be higher due to the added risk associated with storing gold outside of a secure facility.

Storing gold at home can be risky due to the risk of theft, damage, or loss due to a natural disaster. However, if you take appropriate security measures, such as installing a safe, it may be an acceptable option.

The cost of storing gold varies depending on the storage option you choose. Home storage may be the least expensive, while professional vault storage and offshore storage may be more expensive.

The best way to store gold bullion depends on your individual needs and circumstances. Options include storing it at home, using a safe deposit box, or utilizing professional vault storage.

The process for withdrawing gold from a safe deposit box varies by bank, but typically involves providing identification and a key or access code to the bank.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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