Gold is the investment of choice for anyone who wants a safe place to put their wealth. But many gold buyers, especially first-timers, struggle with storage. Once you’ve put your money in gold, where can you securely keep your gold coins and bars?
Storing Gold at Home
For first-time investors or small gold purchases, a safe in your own home may be the ideal low-cost option. You will want to have your gold insured against theft and fire, and you should always be discreet about the fact that you keep gold in your home. Make sure gold coins and bars had properly sealed and packaged.
Gold Storage in the Banking System
Since gold is often the first choice of investors looking for ways to shore up their wealth against the risks inherent in the financial system. Depositing your gold in a bank may not be the best option. While banks are safer than your home for preventing theft, new bail-in regimes have made some gold owners worried. It’s the bank that will ultimately wind up taking their gold in the event of a crisis.
Another reason gold owners dislike using banks is that the banks do not usefully allocate storage, instead of depositing gold commonly. They record how much and what type of gold you have (i.e., five 1 oz. gold bars, etc.), and withdraw that type when you want to take possession. But it’s not necessarily the same gold bar you deposit, leading to issues with counterfeiting.
International Storage Facilities
Keeping gold outside of the banking system is increasingly a priority for gold buyers. They don’t trust those bail-in regimes will leave their deposits safe should a repeat of the 2008 financial crisis come to pass.
However, if you’re not comfortable storing gold in your home, or your gold possessions are too large for that to be secure or practical. You should consider fully allocated precious metals storage. Full allocation means that your gold is set aside in your own vault, rather than mix up with others’ as it would be at a bank.
What do Metal Dealers offer?
Precious metals dealers such as Silver Gold Bull UK offer fully allocated storage facilities. Moreover, that is audited, insured, and outside of the banking system. The rates are low and practical for gold buyers of all types. One reason to stop by Silvergoldbull.co.uk is that you can buy gold online and have it stored in one of their secure facilities. They offer multiple international storage facilities, including three in Canada (Calgary, Vancouver, and Toronto), one in the U.S. (Salt Lake City), and an option that would appeal to U.K. buyers: Singapore.
Singapore has recently made a name for itself as a safe haven for gold in the international economy. Investors are even transferring gold to vaults within in Singapore, especially out of the West. About 90 percent of the gold in Singaporean vaults belongs to Westerners.
The island city-state has grown as a gold destination. Since many Swiss vault operators have stopped accepting individual depositors. Many people fear Hong Kong is increasingly controlled by China as the two-systems governance framework weakens. There are plenty of other advantages to storing gold in Singapore, including gold lending and the ease of transactions.
International gold storage can help reduce risks of theft, government confiscation, bank bail-ins, and other issues. Find a safe place to store your gold.