How to store your silver ?

After you have chosen your investment type, deciding whether to sink your money into silver, gold, platinum or palladium, and whether to opt for coins, bars, rounds, medallions or a mixture of the four, you need to focus on storing that investment. This is something that is often overlooked, but something that could be the difference between a profitable investment and a catastrophic loss. Therefore, it is not something you should take lightly.

Home Storage

This is the easiest, cheapest and probably the most popular solution, but it is not without its flaws. By storing your investment in your home, you are exposing yourself to theft. Investment message boards are awash with stories of people who have had their stack stolen, either by burglars or by people they once trusted.

It’s okay to store small quantities in your home, but anything larger will run too much of a risk. In any case, you should refrain from telling anyone about your investment, including friends and family. It’s important to you, but not important to them and they might not think twice about telling someone else. Before you know it, information about your investment will be in the hands of thieves, and you’ll be an easy target. If you do decide to store your investment in your home, then keep it out of sight. A safe is not going to do you any favors as it will merely announce to anyone in your house that there is something valuable in there, and in the event of a burglary, you may be putting yourself in serious danger by having such an exposed asset.

 

Safety Deposit Box

safe deposit

Often considered to be a better alternative to storing at home, a safety deposit box has some huge flaws. If you keep silent about your investment at home, you’re not going to be a target, but a bank and its boxes will always be a target, and in many cases your box and its contents are not secured. This means that, if anything does happen, you will lose everything you have spent many years creating. A safety deposit box also requires a subscription fee, which can eat into your profits, and in many cases the boxes can’t store large amounts of bars.

As well as theft, you are exposed if the bank goes bankrupt, if there is a financial crisis, or if they simply decide to restrict entry and keep all of the contents. These are government institutions after all, and you’re powerless if something like that happens.

Secure Storage Companies

As well as being the safest and one of the cheapest options, a storage company comes with a long list of other benefits. These require a subscription fee, but that fee is often minimal, much less than a safety deposit box, and their vaults are much more secure, built to withstand anything that anyone can throw at them, and custom made to hold large amounts of bullion.

A storage company is also based outside of the banking system, which means that in the event of a financial crash, your investment will still be safe and will still be in your hands. With a bullion storage company, you can even arrange shipment of your investment to your home address, although in many cases this will not be necessary as you can simply sell directly from the vault, profiting from your investment without ever laying your hands on it.

These vaults are located around the world, but the best ones can be found in financial centers such as New York, Singapore, Zurich and Toronto, among others.