Some people ask ‘Is it good to keep gold at home’. Well, you can. However, this option may not be as secure as a third-party storage facility. For example, you may not be able to install a security system at your home. In addition, you may not be able to take advantage of 24-hour surveillance. You may also not have insurance against loss. If you decide to store your gold at home, make sure that you have insurance for it.
The following are ways to store your gold at home.
Hidden
You might consider storing your gold in a hidden room. This is a very practical option if you have access to an attic or basement. This can be a hollow interior wall or hidden panel in a wall. Or, you can hide your gold in the hollow of an old tree trunk. In 2014, a US$10 million gold cache was discovered under a tree in Northern California.
You can also use heavy objects such as a table or a piano as a hiding place. The inconvenience of having to access this location can serve as a secondary deterrent to thieves.
However, the safety of storing your gold at home can be compromised if you live in a high-risk area. Depending on where you live, you might be exposed to burglary, natural disasters, or other dangerous conditions.
Safe Deposit Box
While a safe deposit box may be a good choice for many people, it’s not always practical for others. For example, high-rise condos, tiny homes, or recreational vehicles may not have the space to store large amounts of gold. You also may not have the resources to install a secure storage unit. Alternatively, you may not be able to purchase the insurance coverage that you need to protect your gold.
A safe that is installed in the wall or floor is a prudent choice; nevertheless, fire proof safes could include chemicals that are harmful to your gold.
Gold ought to be kept in a location that is shielded from environments with high levels of humidity and a range of temperatures. The purchase of a safe or a jewellery box that has the capability to lock is an excellent investment for the purpose of storing jewelry and other small gold valuables.
Make sure that you store your jewelry and any other small gold items in separate places so that you can avoid denting or scratching them. You can use archival-grade tissue paper or soft cloth bags which are both suitable options.
Home Storage For Bullions
When storing your bullion at home, you should ensure that the area is free of moisture and corrosive materials. You may need to invest in dehumidifiers, desiccants, and other protection measures to protect your gold.
In addition, you should store your bullion in a safe that is separate from other items. This will prevent them from tarnishing or becoming damaged by the damp. It is also important to make sure that you have the proper insurance for your bullion as well.
Home Storage For Gold Coins
When putting coins made of gold away for safekeeping, it is essential to select the appropriate location and manner of storage. For instance, a shelf in the closet might not be able to support the weight of coins, and storing them under the bed might cause them to become covered in dust.
If you are an avid coin collector, the safest option to store your coins is in plastic coin cases made of inert material. These cases offer the highest level of protection for your valuable coins. The mere act of storing coins in a cup or box could generate dings or nicks, which would result in a drop in value.
You might be wondering if it is legal to keep your gold at home and whether the IRS will consider it a valid investment. While the IRS does not officially approve storing your gold at home, it does provide a list of approved custodians.
For more ideas on how to store your gold at home, go here.
