While we want to be near the precious metals that we invested and collected over the past, the reality of the situation is that there are numerous risks of storing these precious metals in your home. With the possibilities of theft, fires, and lack of insurance, storing them in your home might not be the wisest idea, especially when storage services are designed to address these issues. Therefore, we share the risks of storing your metals at home and provide you with a few safer alternatives that give you that peace of mind.
Why Storing Gold at Home Is Risky
Whether you are an investor in bars, coins, and other types of precious metals, you should never rule out the possibility that you might someday run into a dangerous situation at home. These are some of the reasons why you should avoid storing them at home:
- Getting Your Metals Insured
While this can be a viable option to help ensure that you are covered and reimbursed in the event of any burglary, theft, or fires, this will not bring your precious metals back. Additionally, you will be required to pay a hefty monthly premium that can add up and may cost more than your entire collection. Insurance papers involve reading between the lines and the fine print, and they may not be worth your effort.
- Fire Damage
Fire hazards are common in the home. While you may have taken comprehensive measures to address these issues, they are not an effective solution for keeping your metals safe. After all, you can't guarantee that a fire will not start in your home. A fire can damage its material integrity in these situations and significantly degrade its value.
It happens to the best of us. While you may have caught up to speed with implementing the latest security devices and technology in your home, there is no failsafe way that a burglary will not happen to you. Besides, investing and upkeeping expensive security measures may not be accessible to everyone.
- Betrayal of Trust
What you choose to display in your abode is your business, and you should have the freedom to display the collection of gold bars and coins you are proud of. However, you may have an unsuspecting acquaintance you let into your home who may spell trouble for you and your collection, even if it is secured behind locks and keys.
How You Can Safely Store Gold at Home
Despite our warnings of storing precious metals at home, we recommend making an exception for a smaller collection of gold bars and coins worth below a thousand dollars. However, you can take precautions and measures to ensure that they are safe and secure.
First, we suggest keeping your collection a secret and not telling anyone about it as this is one of the absolute ways you can ensure that your precious metals will not be compromised. We also recommend keeping them out of sight, hidden away from communal spaces like your living room.
Next, you can invest in a lockable safe from a reliable and trusted brand to store all your gold bars, coins, and jewelry pieces. Again, we'd suggest purchasing larger and heavy ones, so they can't be easily picked up and carried away in the event of a burglary or theft. Additionally, if possible, you should insure them with your home insurance and declare their true actual value to ensure that you are appropriately compensated in any event.
The Ultimate Gold Storage Solution
If you're a long-time investor in precious metals like gold and platinum, you will likely have a collection worth thousands of dollars. However, we also believe that you wouldn't like being limited to a set number of valuable investments. You should have the autonomy to expand your collection and continue investing in the different metals while having peace of mind that they are safely stored and secured.
Therefore, we'd recommend investing long-term in a storage solutions provider that has a reliable and proven track record. Before signing any contracts, you will need to ensure that you still have full control and direct legal ownership over your valuables. This way, you can eschew any risk of storing these investments in your home.
Your Trusted Bullion Storage Solutions Provider
At AGR Gold, we partner with Brink's to provide our customers with the peace of mind they deserve. With our access to bullion vaults spread worldwide, we provide reliable and efficient precious metals transportation and storage solutions to protect our customers' valuable assets. You will have full control over your bullion and access to an account with us to check on the status of your bullions at any time. Additionally, you will be provided with insurance that covers your stored precious metals' risks and the full value.
For more information about our storage services, please do not hesitate to contact us and get a quote today!