Three Smart Solutions for Storing Your Gold
Storing your gold safely can be a challenge. With the price of gold skyrocketing, even small amounts of this precious metal are highly valuable. When looking at gold storage options, you want to consider both liquidity and security. Here are the top three ways to keep the gold you have invested in safe.
#1. Include it in an IRA
This is not the most liquid option, but it is very secure and can create stability in your investment accounts. First you will choose an IRA Custodian who will be responsible for storing your gold, and then you will buy the gold from that custodian who will store it for you in your account. The downside is that you can’t put gold coins you already own into an IRA. The physical gold is stored for you and when you make withdrawals it is sold and comes to you as cash.
#2. Bank Safety Deposit Box
If you already own gold, then one of the safest places you can put it is a bank safety deposit box. These are really secure and keep the gold liquid and accessible. The only downside is that the Feds can force banks to divulge information about your safety deposit box. This doesn’t happen often, but it is a possibility.
#3. Storing at your Property
For those who want true liquidity, instant access and no prying eyes, storing your gold on your property is a good idea. There are several options for this. First, you can store the gold in a safe or gun locker in your house. Be sure it is not in an obvious location and also make sure that the safe is bolted to the floor so that no one can walk away with it.
The other option is to bury it in your backyard in a waterproof coin tube. This is not my favorite, because I would lose it, but it can work well if you are interested in extreme security and can keep track of where you put it.
Storing your gold correctly is very important. You want it to be safe from thieves, and if possible liquid. There are three main ways to store gold, and we go over them here.