As a general rule, you should store your precious metals in the place YOU feel most secure. Here are few tips you might find helpful when considering how to store your investment:
- Bank Safety Deposit Box. This can be a safe and easy option for many investors. The Cons? Fees, bank hours, and the fact that if emergency struck and you needed your precious metals in an instant, you may not have access to them right when you needed them most.
- Safes. We encourage our investors to be careful about putting precious metals in a conspicuous, yet ill-guarded safe. Light or accessible gun/jewelry safes can be a target for some thieves. Hiding your safe or buying a heavy duty jewelry safe (they can weigh up to 2,000-4,000 pounds empty) can mitigate these risks.
- Hiding. Loose tiles in bathroom, obscure coffee cans on the back of the pantry shelf . . . you get the picture. Unlike cash which can ignite, precious metals can be somewhat resistant to a total loss in the event of fire.
- Burying. This can be an excellent option for small or large amount of precious metals. You can buy specially made waterproof capsules for burying your stash in the far corner of your dirt crawlspace or 50 yards east of dead-man’s tree on the back 40! One homemade solution is to take a 4” diameter PVC pipe, cut it in 6-18” in length, and glue a PVC cap on one side. Place your metals into the bottom, stuff some paper towels or other stuffing to keep everything snug and tight, and glue a cap on the other end of the pipe. When opening, you will have to get a hack saw or similar tool to cut open the capsule.
- Depository. For investors with a significant amount of precious metals, there are storage and depository facilities that will store your metals for you. This is generally required for IRA investments. The con’s to this option are the same as bank safety deposit boxes. We recommend doing a due diligence when considering a deposit facility. How long have then been in business? Do they have independent audits of their inventory? What information are they tracking and reporting, and to whom?
COMMON DEPOSITORIES TO CONSIDER:
|Delaware Depository Services Company (DDSC)||Wilmington, DE|
|CNT Depository, Inc.||Boston, MA||(508) 807-4800|
|Brink’s Global Services USA Inc.||Springfield Gardens, NY|
|Los Angeles, CA|
|Salt Lake City, UT|
|Dakota Depository Company (DDC)||Fargo, ND|
|Idaho Armoured Vaults, LLC||Nampa, ID|
Interested in storing in Canada, the Cayman Islands, or Zurich? Contact us for more details.