Do you bury your gold like a pirate? Or, do you hide your gold and other precious metals in shoeboxes sitting around your house or under the bed? Do you know how to store gold and other precious metals to keep them safe?
Many people love investing in gold, silver, and other precious metals. They can make a great addition to your investment portfolio and round out your primary retirement investments in your Roth IRA and 401k retirement plan. But, many people don’t even realize that they can take physical possession of their gold and precious metals.
There are two schools of thought on where to keep assets like precious metals. You can take physical possession of your investment in gold, silver, and other precious metals. Or, you can have an investment company hold your metals for you at their location in an account.
There’s no right or wrong answer to your choice. It’s strictly a personal choice and preference. But, there are some benefits and drawbacks to each option that you should be aware of.
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My Father-In-Law Hides His Silver Under the Bed
My father-in-law likes to have his precious metals where he can see them. So, he hides his silver, his favorite precious metal investment, in shoe boxes underneath his bed. It always blows my mind, and it may be a generational thing. He likes being able to physically see his investment.
My mother-in-law always tells us to to check every book in the house after she dies for hidden money. They have hidden jewelry, silver, gold, and other precious metals around the house as well. It may be a family scavenger hunt one day to find it all.
I’m not saying that you have to go to that extreme when you are trying to figure out how to store gold and other precious metals. There are plenty of other places to store your gold and other precious metals instead of a shoebox or under the mattress though.Do you hide gold coins or precious metals under your bed? Where do you keep your valuables?Click To Tweet
How To Store Gold The Right Way
You can have an investment firm who specializes in precious metals, like Noble Gold Investments, hold your stockpile of gold, silver, and others for you. You can roll over an IRA or convert a 401k retirement plan from a previous employer in a self-directed IRA that owns precious metals. Your precious metals are then secured at an insured depository and managed by an IRS approved custodian like Noble Gold Investments.
You also don’t have to use a retirement account to store gold and precious metals with an investment firm. You can also open a regular taxable investment account to manage your gold investments instead of holding precious metals in a retirement account like an IRA.
You can also open a direct investment account where the investment firm ships the metals directly to your doorstep fully insured and within five business days. They can also store the metals fully insured for a small fee annually.
Self Directed IRA
When most people think of an individual retirement account (IRA), they often immediately think of a mutual fund. IRAs can also hold other asset classes that you control. These are self directed IRAs.
You can have a self directed IRA that holds cash, bonds, individual stocks, Lending Club loans, and even precious metals. I have several self directed IRAs – one with Scottrade to invest in individual stocks and another through Lending Club that invests in peer-to-peer loans. I also have another self directed IRA that holds precious metals.
Like a brokerage account, an investment firm holds precious metals in a self directed IRA.
Safety Deposit Box
You can also store your precious metals in a safety deposit box at a bank. Using a safety deposit box is another option on how to store gold and your other precious metals if you don’t think you can safely store them at home.
Not everyone feels comfortable putting their gold and silver in shoeboxes under the bed. And, that’s okay.
Banks can provide customers with safety deposit boxes. You have available access to your precious metals. You know that they are secure and also protected against fire and theft.
Why You Shouldn’t Hide Your Gold and Other Precious Metals
Storing your gold and silver in shoeboxes under the bed is an option. But, it may not be the best option.
Having physical possession of your precious metals can be a challenge after you receive them. Where will you keep them? Will they be safe? How will you liquidate those precious metals if the need arises?
Additionally, having your gold and silver in shoeboxes under the bed can put an added layer of stress on your loved ones. Do they know where to look for the assets after you have died?
There is also a danger of loss or theft if you have physical possession of the precious metals. It is your job to safe keep them if you have possession of them. It’s quite a burden to bear.
Do you invest in precious metals? Do you have physical possession of them? Or, do you use an investment firm to manage the holding of your assets?
Do you know how to store gold and other precious metals to keep them safe? Have you ever kept gold and silver in shoeboxes under the bed? I’d love to hear your thoughts on storing precious metals as an investment.