How to store gold bullion – six different options
Unfortunately, many people don’t buy gold because they think it’s too difficult to store. Yes, gold bars and coins take up a lot of space, but there are plenty of places you can store them. Here are six places to store your gold.
1. Bank vault
Storing your gold in a bank vault is one of the safest options. The downside is that not all banks offer this service, and those that do usually restrict customers to a certain amount of gold. For example, Wells Fargo’s gold storage service provides $5,000 worth of protection for $2.95 a month.
2. Home safe
Storing your gold at home is convenient, but it’s not necessarily safe from thieves. A home safe is the best option for people who don’t have a lot of gold to store. A home safe is also best for people who own a few gold coins, since they are probably not valuable enough to pay monthly storage fees. However if you have large quantities of gold bullion, that’s a different matter; in that case see the private depository option below.
3. A safety deposit box
Safety deposit boxes are available in most banks, and they’re often free. A safe deposit box is small, and so it is a good option for storing your jewelry, rather than bars of gold.
4. A private bank
Private banks often offer gold storage services to their customers. These may offer greater discretion, but you’ll need to do plenty of research to find one that holds your trust. They also might not necessarily have the same levels of security as dedicated gold depository.
5. Private gold depository