Gold storage is a key consideration when buying gold bullion. In fact, I believe investors should decide how they plan to securely store their precious metals before they make a purchase. Deciding how or where to store their gold can impact what form of physical gold is purchased.
For example, an investor uncomfortable with storing physical gold at home might consider using an international gold bullion dealer who partners with depositories to provide secure gold storage.
Another option is to open an allocated bullion holdings account with the Perth Mint or GoldMoney.com. These firms facilitate precious metals trading and storage under the same roof (figuratively speaking).
Please click here for a comparison of unallocated vs. allocated gold bullion in Australia (Perth Mint).
I reference this so you will have a general understanding of the key difference between the two types of gold holding accounts.
However, if you prefer to keep your gold bullion nearby you can employ one of the gold storage methods discussed below.
Bury Your Gold
One of the simplest and most effective methods of securing your gold is to bury it. Richard Maybury, precious metals advocate, explains in the video below (first 2 minutes, 40 seconds) how to bury your gold bullion.
Hide Gold in Furniture
You can store precious metals inside furniture. For example, pull back a small portion of the fabric liner on the bottom of your sofa and attach your gold bullion to the frame (inside of the sofa). Then re-sew the liner material back in place.
Gold Storage Between Inner and Outer Walls
If you are handy repairing drywall, make a hole next to a stud. Insert the gold bullion inside the hole and attach your precious metals to the stud. Repair the hole, but don’t forget where the hole was made. :-)
Buy A Home Safe for Gold Storage
Most burglars spend very little time inside a residence. They have a dash and grab mentality. A quality residential safe is one that cannot be easily carried away (i.e. bolted to floor) and can resist break-in attempts
(aided by tools) for a minimum time period.
No security safe is impenetrable. A safe’s anti-theft quality is measured by the amount of time required to successfully break into the safe using hand tools (residential safe) or high-power tools (commercial safe).
Third-party firms like Underwriters Laboratory (UL) and Intertek test safes to verify that they perform as advertised. Their certification marks are UL and ETL respectively. A quality home safe should bear one of these marks.
Commercial safes typically have a TL-15, TL-30 or TL-30x6 UL rating. This means UL has tested these safes and verified that they can resist attacks using high-powered tools for 15 or 30 minutes on the door and lock. A TL-30x6 means the safe resisted attacks for 30 minutes on all six sides.
UL also has a Residential Security Container (RSC) rating for home safes. A home safe with an RSC certification must resist break-in attempts (using common household tools) for at least 5 minutes.
Stores and private investors with significant holdings of precious metals, diamonds or other valuables are more likely to buy a commercial safe.
In-Home Gold Storage for the Average Investor
As a mini research project, I tasked myself with identifying a quality safe that might interest the average buyer wanting to securely store a host of articles with different requirements.
For example, the priority for precious metals owners is a burglary-resistant safe.
However, key paper documents like birth certificates and wills must be protected from extreme heat
(> 350° F. inside safe) during a fire.
My search criteria included the demands listed above plus a few others. To summarize, the safe must …
Not all quality security safes are fire resistant. In fact, finding a home safe that is certified in both categories and reasonably priced is uncommon.
Like security safes with varying endurance times for burglary resistance (i.e. 5, 15 and 30 minutes), fire safes are available with different fire/heat resistance times (i.e. 30, 60, 75, 90 minutes and longer) and UL temperature classifications (see chart below).
|150°||Paper and non-paper records (certain digital storage devices) and photographic records|
|125°||All of the above plus flexible computer disks|
I did identify a safe series that meets or exceeds the above criteria. It's the American Security Certified Burglary and Fire (BF) Series. Two models of interest are the BF1512 (1.35 cubic ft.) and BF1716 (2.6 cubic ft.). How do they measure up?
BF Series safes also meet “Class B” requirements. This means they are more robust (i.e. ½” thick steel door and ¼” thick steel body) than most other RSC-listed safes.
These security safes straddle the line between home and commercial safes since they meet both RSC and Class B standards.
Please view the video below to see how American Security safes are built.Return from Gold Storage to Buying Gold Bullion
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