Storing Gold and Silver at Home

Many people prefer to keep their gold and silver at home. They may feel like they have more control over it there. They might feel more secure with its physical presence in the house, knowing that they can look at it whenever they like.

• You might feel a greater sense of control over it
• You can look at it whenever you like
• You might feel comforted by its physical presence

There are a few issues with home storage of gold and silver that you might want to consider before you bring those precious metals into your home, though:

Theft 

According to Forbes, the FBI reported over 505,000 home burglaries with forcible entry in 2019. That usually means thieves broke a door or window to get in, damaging your property and stealing your possessions. Theft can happen to anyone, but if people know you have precious metals in your home, it’s more likely to happen to you.

Damage  

Precious metal can be damaged if they are stored improperly. Your first concern might be that they would be melted if you had a fire in your home. Consider the melting point of these metals. Gold doesn’t melt until it reaches 1947.52°F. Silver doesn’t take a temperature quite that high, but it does have a melting point of 1763.2°F

Now, think of how hot a home fire can get. Firefighter Insider says that typical home fires can reach 1500° F, and under some circumstances, it can get even hotter. So, if your home catches fire, the gold and silver could possibly be damaged.

What about floods? Pure gold can’t be degraded by pure water. But flood water isn’t exactly pure, is it? It contains all kinds of random chemicals, ground waste, and more. Silver, on the other hand can be damaged and become tarnished even when exposed to the purest water.

Tips for Storing Gold at Home

If you do decide to store gold and silver at home, you can take a few precautions to minimize the risks. Consider doing these things to keep your gold more secure.

• Buy a home vault. Don’t count on a freestanding safe, which burglars can pick up, take with them, and open at their leisure somewhere else.
• Hide your gold in unlikely places in your home.
• Use security cameras or motion sensors to catch a thief and have a chance of recovering your gold and silver.
• Put the gold and silver in a locked box with an alarm that alerts you when someone tampers with it.

While these tactics can help, it’s also important to think about how much gold and silver you want to store. A small amount of precious metals is easier to hide and protect. However, if you want a significant amount of gold and plan to add more, it may be time to switch to another method.

If you are looking for a good home safe, shop around. The right home safe will last a lifetime.

Here are our picks:

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‍SentrySafe Model SFW123DEB 

Capacity 1.19 C.U.FT

Fire Protection

Water Protection

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Cannon Reliant

Capacity 11.71 CU.FT 

Fire Rated

Large Capacity

(They sell these are Costco) - Click Here to Buy

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Note: We do not earn any affiliate commission for your purchases

Storing Gold and Silver in Safety Deposit Boxes

Storing your gold and silver in a safe deposit box in your bank might sound like a great idea. Nothing’s more secure than a bank, or at least you might think. However, what would happen if your bank failed? In 2023, five banks failed. What if that was your bank? Would you get your gold and silver back? It’s hard to say. You might, but even if you did, it could be a major headache to deal with it.

There are some benefits to storing precious metals in a safety deposit box, though. The bank likely has more security measures in place than you can manage at home. They have a reasonably secure vault and typically employ armed security guards.

There may also be some limitations on how much you can hold in one box. With that being said, the cost is reasonable and normally a bank will only charge around $70 a year.

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Storing Precious Metals in a Secure Storage Facility

Most experienced gold and silver investors find secure storage facilities to be the ideal place to keep their gold. Here are some of the benefits you’ll find when you choose secure storage facilities.

• Storage is the facility’s primary purpose, so they are committed to doing everything possible to keep your gold and silver safe.
• They have cutting-edge security.
• Your gold and silver are kept in a private vault.
• These facilities are insured to cover your losses if anything should go wrong.
• They have armed security dedicated to one thing - keeping your property safe.

When you choose a secure storage facility like Brinks, AMGL, or Delaware Depository, you can rest assured that your gold and silver are safe from damage and theft. What’s more, there’s virtually no limit to how much gold and silver you can store at a secure storage facility.

In addition, precious metals stored in facilities like these can be included in a self-directed IRA. You do still have control over your gold and silver, even if it isn’t at home with you. 

Have More Questions about Secure Gold Storage?

At True Gold Republic, we’re always here to answer your questions about gold, silver, and precious metals IRAs. We can also provide the gold and silver for your IRA.

Schedule a Discovery Call Today!