When it comes to investing in gold and precious metals, storing them at home is a popular choice for many investors. However, this can be risky if you don’t take the proper precautions – after all, storing gold and precious metals at home without taking security measures could mean that your investments are vulnerable to theft or damage.
Since we hear a lot of questions about home storage from our customers, we’ve put together some information on home gold storage options and the pros and cons of each to get you started. We’ll also explore insurance requirements, strategies for secure home storage, and tactics experienced collectors use to deter theft. If you’re ready to learn how to properly and safely store your precious metals at home, let’s dive in.
Typical Options For Precious Metals Storage
While storing gold and other precious metals at home is not an option every investor considers, many prefer to keep their investments close. You’ll have a few main options when shopping for ways to keep your precious metals safe at home. The best storage option for you will depend on the total amount of gold you keep at home and your security practices.
Buy A Home Safe
The most popular way to store gold at home is in a home safe. A good fireproof home safe can be bought at stores like Home Depot or Lowes, or you can buy them online if you’re looking for something with features you can’t find in the stores.
Home safes come in a wide range of sizes and styles, from small wall safes hidden behind artwork or furniture to large floor models with multiple locking mechanisms. It’s essential to invest in a safe that’s fireproof and waterproof to ensure your belongings aren’t damaged in the case of an emergency, but other than that, you should choose features that meet your security requirements.
For example, some safes offer biometric access mechanisms like fingerprint or eye scans, while others can only be opened by manually entering a passcode. The right choice is whichever one gives you the best peace of mind.
Here are a couple of good options that you can purchase online:
- TIGERKING Safe Security Home Safe
- CXSMKP Safes Home Safe Digital Safe
- Safe Box Security Safe Box Digital Cabinet Safe
- Safe Home Office Safe
Invest In A Home Vault
If you keep a significant amount of gold and precious metals at home, a standard home safe may not be enough security, so you’ll probably want to invest in a home vault. A home vault serves the same general purpose as a home safe, but a typical vault is the size of a small to medium-sized room in a typical home.
A vault offers significantly more security than a safe because instead of hiding it in the wall or the floor, a vault is another room in your home. So while a thief may be able to rip a safe from a wall, remove it from your home, and attempt to break into it later, that’s not an option with a home vault.
Depending on your home and its layout, you may already have a room perfect for converting to a vault, or you may need to add one. It’s best to build your vault in a room that does not have multiple access points like doors and windows and is in a part of your home that guests don’t frequent.
If the room is already reasonably secure, for example, a concrete basement with no windows, you might consider just replacing the door with an approved vault door and reinforcing the wall with the access point with steel or another strong material to ensure no one can get around the door.
If you don’t have a room suitable for a vault, you should hire a company specializing in home vaults to convert a room into a secure vault. You should also consider hiding the vault door behind a bookshelf, false wall, or another home feature for added security.
Gold Security Boxes
If you don’t think that the amount of gold you’re storing at home requires a safe or a vault, you might consider using security boxes. These containers usually have tamper-proof seals, so you know if anyone has tried to access your valuable items.
While these boxes won’t provide any real security for your gold and precious metals by themselves, they are still very popular among gold investors, so they can be certain no one has tampered with their investments.
Some companies even offer custom cases made of wood, metal, plastic, or leather that can hold coins and bars securely while still looking attractive enough for display purposes if desired.
Strategic Hiding Places
If you only own a small number of precious metals, like a few pieces of personal jewelry, you can spread your precious metals throughout the house in carefully selected hiding places.
Keeping smaller amounts tucked away in drawers, closets, or under the bed is far from the most secure storage method, but it may be enough to deter potential thieves if they can’t locate your valuables quickly. It’s also a good idea to spread things out, so even if thieves can find one or two items, they’re unlikely to find all of them.
Additional Security Tactics To Consider For Home Storage
If you plan to store gold at home, you must have a primary line of defense like a safe or a vault, but the more security you add, the more safe your investment will be. Here are a few of the more prevalent security tactics and features that investors use for home storage.
Security Cameras
Security cameras are another great way to monitor your precious metal storage area and keep an eye on any suspicious activity that might occur near it. This system allows you to see who is entering the space and record their movements so they can be reviewed later if necessary.
Motion Sensors & Alarms
Installing motion sensors or alarms in the area where your precious metals are stored is one of the best ways to deter thieves. These devices will alert you if someone enters your area, giving you time to respond appropriately. Consider adding window and door sensors for extra protection.
Hiring Armed Security
If you’re keeping a significant amount of gold in your home, you might consider hiring armed security. There are several services that you can engage for full-time, part-time, or as-needed armed protection to give you additional peace of mind that your investment is safe. These services are usually costly, so unless you’re storing a lot of gold in your home, this may not be worth the cost.
Is Storing Gold At Home The Right Choice?
Storing precious metals at home can be a great way to save money and have more control over your investments. However, it is important to consider all the pros and cons of this type of storage before making any decisions.
Benefits of Home Storage
One of the main advantages of storing precious metals at home is cost savings. You don’t need to pay the same storage fees or insurance premiums as you would if you keep your precious metals in a bank vault or depository. You will also have 24/7 physical access to your gold or silver, which many precious metals investors prefer.
Another great advantage is that it gives you complete control over who can access your precious metals and when. While bank vaults and depositories will limit the number of people who can access your valuables to a select few with proper clearance, this isn’t always 100% foolproof.
Cons of Home Storage
The primary downside of keeping precious metals at home is its increased security risk. If someone were to break in, they could steal these valuables without being detected by authorities due to their portability.
Furthermore, if there is ever an emergency, such as a fire or flood, it may not be possible for you to retrieve your valuables in time before they are damaged beyond repair. Also, in the case of an emergency or natural disaster, insurance may not cover all losses depending on what type was purchased, so be sure to check with your insurer before deciding to store precious metals at home.
Another potential issue with storing gold and silver at home is the proper maintenance and care required over time for them to retain their value long-term. Otherwise, they could become tarnished, reducing their resale value significantly compared with coins from reputable mints that come sealed in protective packaging with an anti-tarnish coating applied during production.
It’s important to note that local laws may also restrict how much metal can be kept inside one’s residence, so be sure to research applicable regulations before taking action.
Insurance Requirements for Home Storage
When storing gold and precious metals at home, the right insurance policy is essential to protect your investment.
Basic homeowners’ insurance policies typically only cover jewelry up to $250 per item type and exclude the theft of valuables like coins or bullion. If your policy can’t or won’t cover your gold and other precious metals, you can always add a separate floater insurance policy that will cover any type of loss that homeowner’s policies won’t. Items that are accepted under the floater policy are required to be professionally appraised.
In some cases, additional coverage may be required to protect against loss due to fire or burglary. If you choose to store your precious metals at home, consider purchasing a rider on your homeowner’s policy to provide extra protection against theft and damage from natural disasters.
Save for Retirement Safely with a Precious Metals IRA
Storing gold and precious metals at home is something many investors prefer so that they can personally be responsible for the safety of their investment. With proper planning, insurance requirements, and security measures in place, you can rest assured that your precious metals are safe and secure.
However, if you’re looking for secure alternative ways to store your gold and precious metals, SpaceXgold can help. While we sell gold and other precious metals that you can store at home or in your own vault, we also allow our customers to buy gold in a tax-advantaged IRA account.
When you purchase gold in an IRA, we insure it and store it for you in our secure Texas depository, safe from the risks of home gold storage. If you’re interested in learning more about buying gold and precious metals in an IRA, give us a call today. Our experts are standing by to answer any questions you have.
