Storage Options - For Your Precious Metals
- Author Tom Genot
- Published April 16, 2012
- Word count 933
Lately, many people in the world have been closely watching and reading the news reports concerning the current global economic situation. The European and American debt situation is now going out of control. It’s fueled by all the governments involved, constant deficit spending habits and lack of will to pay the money back. The Central Banks answer, simply to print more and more money. Many people these days are concerned and have decided to preserve their wealth by purchasing physical precious metals such as gold and silver in either coin or bullion form. These people however also will need a safe and secure place to store their precious metals.
Keeping your silver and or gold precious metals safe from theft will of course be the most important reason for obtaining secured storage when you’re buying precious metal. Let’s review what storage options for physical precious metals are available in detail.
Safety Deposit Boxes
Here is one way an investor might think they’re getting the best deal in town as rental fees for safety deposit boxes are inexpensive on an annual basis. However you should never store any precious metals inside safety deposit boxes that are located within a bank vault for the following two reasons.
Contents stored inside safety deposit boxes are usually never insured, no one but the owner knows its contents.
In the event your bank fails due to another financial or economic crisis (highly likely if the dollar goes bust) the banks doors will be locked, it could be months before you have a chance to get into your safety deposit box. At this time, it is also likely nothing will be left in your box due to reason number one.
Home Storage Option – Safe’s
Many people want to keep their precious metal purchases at home for any number of reasons. If you choose this storage option it is wise and important to select a high quality, high security - burglary /fire rated safe of an appropriate size to meet your personal storage requirements. Most of these safes will have anchor down holes pre drilled so they can be anchored into the floor. It is wise to choose an appropriate place for your safe to be placed and anchor it down. Don’t expect some safe on sale at a local home center from $200.00 to $500.00 to guarantee the safety and security of your precious metals stored within them.
It is also highly advised to consult with your insurance company first, to see if you can obtain fire and theft coverage. It would not be a wise idea to store your investment in your home uninsured, but the ultimate decision of course would be yours and yours alone. Never let anyone know your storing precious metals in your home.
Precious Metal Depositories
These are private vaults operated by companies where you can have your coin or bullion stored either on a monthly basis or long term on an annual basis. These vaults are 100 percent secure and will include insurance to cover against theft, fire or other natural disasters. You will find depositories located in the United States as well as other countries such as Zurich Switzerland, Hong Kong or London. Two well known precious metal depositories are Brinks and Via Mat. There are three different types of storage options available that include non-segregated storage, non-segregated allocated storage and fully segregated storage.
Segregate – (v) to separate or set apart from others of the general mass, to isolate or divide.
Segregated Vault Storage – (n) type of vault account where one’s holdings are separate, excluded, and apart from others.
With non-segregated storage means your gold or silver coin or bullion will actually be stored along with other people’s gold and silver in the same vault in the same place. For example your investment might be a fraction of one 400 ounce gold bar. Someone else might own the rest of that bar or a group of other people will own portions of that same bar. Your investment is not clearly defined by a certificate of ownership. However this is the cheapest storage option for insured vault storage available. However it is not a recommended choice because you really do not want your metals mixed with other people’s metals.
This means that while your metals are stored with other people’s metals your metal is only in your name. You are issued a certificate of ownership. This clearly states where your metal is located and by serial number what portions of that bar or bars is yours. Therefore your metal investment is clearly defined. If you cannot get allocated storage do not use this type of storage. On the other hand if it is allocated then you will have the benefit of safe, secure, insured storage but at a reduced storage price. Do understand however you’re sharing your space with other people’s investments. This is a very good option for someone looking to save money in storage fees but still have a very high level of safety and security for their investments.
With Segregated Storage your gold or silver coin or bullion will be stored in an individual section or area of the vault and your gold or silver separate from or not mixed with precious metal owned by anyone else. You will have a certificate of ownership designating you as the owner of the metals stored in a specific location. This is the best option for precious metals storage available, however at a higher cost.
Tom Genot –
For information, news, articles and videos to invest in gold and silver and where the best places are to buy it. You will also find information for preparing and protecting you, your family and your assets from the pending economic crises and destruction of the US. Dollar. Author Tom Genot provides information and resources helpful to everyone. Insure your prepared beforehand, check us out at www.coinbullion.net.Article source: http://articlebiz.com
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