Your Precious Metals Storage Options
To help protect your metals against theft, you can store the gold and silver you purchased outside of an IRA either at home or in a fully insured third-party depository. Both recommended methods offer a secure way to protect your metals from theft, and the decision ultimately comes down to whether you prefer the added layer of protection provided by a third-party facility or if you feel comfortable keeping your metals on your own property.
Precious metals held in a Gold IRA must be stored in an IRS-approved depository;
Home storage options
For home storage, you have two primary choices:
1. Hidden storage
If you only own small quantities of precious metals, you can store your precious metals in a concealed location on your property, either above or below ground. We generally don’t recommend this method as it may increase the risk of damage, and there is no additional security.
However, you can secure affordable insurance against theft or loss. Colonial Metals Account Executive do not receive compensation for referrals and will be happy to recommend specialized carriers you can contact for coverage quotes.
2. Safes
A well-constructed, heavy safe may offer greater security because It’s difficult to move and keeps your precious metals safe behind a lock. A safe may also offer protection against floods, fires, and other hazards. And some insurance providers will offer lower premiums for safe owners. For optimal protection, Colonial Metals Group recommends investing in a safe rated UL-15.
Your third-party storage options
If you’d like to avoid securing your precious metals yourself, you can store your precious metals in a bank safe deposit box, a bank vault, or a guarded precious metals depository.
Banks may charge high fees, offer limited storage options, may exclude investment-grade coins and bars from their insurance policies, and have limited accessibility due to strict business hours and potential closures during financial crises and emergencies. We believe that keeping a portion of your money out of banks should be part of your diversification strategy.
This is why Colonial Metals Group recommends using a precious metals depository for storing and protecting your precious metals. You will get all the space and access you need in a highly guarded facility with restricted entry and 24/7 video monitoring and recording of all activities
Additionally, most depositories offer segregated and communal storage. And both have the same high level of security. With segregated storage, your precious metals are secured in an individual, private storage compartment. Communal storage means you share a storage area with other gold owners.
To help prevent loss or theft, many depositories also periodically audit, verify and record the content of each storage compartment. The depository’s insurance policy covers any missing metals, as well as any theft or damage that may occur after your precious metals arrive at the depository.
For clients who prefer not to store their metals at home or in a safe, Colonial Metals Group highly recommends storing precious metals in a storge depository to take advantage of all the benefits they offer.
