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The BEST WAYS to Store YOUR GOLD....4 WAYS
So now you’ve pulled the trigger and purchased your gold coins, bars or bullion. Congratulations. Do you want to know the best ways to store your gold? Don’t just hide it in a shoe box or 10 paces from the Oak tree, like a pirate, be smart and protect your investment the right way. I’m Caesar Meyer with Crown Gold Exchange. And I’m going to show you four ways to properly store and secure your gold. The four ways we’re going to discuss how to safely store and secure your gold include home storage, safety deposit, box storage, offsite, private saves, and gold depositories. If you’re going to store your gold at home, this is definitely the most convenient option yet the most dangerous option storing your gold at home makes you vulnerable to both thieves and fires, but I’m going to help you mitigate those risks.
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Where To Store Your Gold: TL-Rated Safes
Start by using a TL-rated safe. They don’t sell these safes at Costco or target. T L means it’s torch resistant on all six sides, and it’s also tool resistant better still they’re fire resistant, but for more protection, put your gold inside of a fire resistant, safe inside your TL rated safe.
Now there are professional safe crackers around the world. So no safe is completely impenetrable. However, a TL-rated safe buys you the absolute most time as possible as a deterrent. The number after TL means that out of the top 1% of safe crackers in the world, this is the fastest time that he or she would be able to open that safe. For example, a TL 15 safe means that it would take the best safecracker in the world 15 minutes to open it while a TL 30 would take 30 minutes.
Here’s a little story for you. The man behind the camera, unfortunately, was a victim of a terrible house fire. And for the last time, it wasn’t my fault. Thankfully, no one was hurt. He had a TL-rated safe and not only did the combination lock completely melt off, but so did the handle. It took a locksmith over eight hours to open the safe, the cash and gold was inside a fireproof box inside the TL rated safe and nothing was damaged. There was some smoke surrounding the cash. So if you didn’t want to get your cash or gold to get dirty, put it inside a plastic bag inside the fireproof box inside the safe. This is starting to sound like the flea on the wing and the fly on the frog and the bump on the log and the hole in the bottom of the sea song. You know what I’m saying? Anyways, don’t just buy a gun safe, make sure your safe is TL rated.
I’d also recommend you bolt your safe to the ground. So if a thief gets tired of trying to break in, they can’t just push your safe out the door.
Make sure to get a camera pointed at the safe as well. Two would be even better. One that’s cloud-based and one that’s tied to your home DVR. If you have a home alarm system, see if they can partition the alarm system into different sections. This way you can disarm your house, but still have your safe armed. If you can partition your alarm, I’d recommend a contact sensor on the inside of the safe door, as well as a vibration sensor inside your safe. Don’t forget to call your home insurance and see if you can add gold bullion to your policy. Most importantly, don’t go tell them people. You have a safe, full of gold. You might be impressed with yourself with your new home setup, but just keep that to yourself.
Where To Store Your Gold: Safety Deposit Box
If the home safety and storage idea sounds like too much trouble. Think about storing your gold in a bank safety deposit box. This is a great way to keep your valuables protected without having to come up with so much money out of pocket. The downsides to safety deposit boxes are that they aren’t FDI IC insured. So if on the very rare occasion that they’re burglarized, you’re not covered. However, you can possibly add it to your homeowners insurance policy. Also, you’re very limited as to when you can access your valuables in a safety deposit box. You’re limited to the time when the bank is open. Remember COVID some banks shut down for months and if your stuff was inside, then too bad. Most importantly, the IRS can seize the contents of your safety deposit box and force a sale to satisfy any tax debt or penalty.
Where To Store Your Gold: offsite local private safety deposit box
An alternative to a safety deposit box is an offsite local private safety deposit box. The key differences are that you’ll have access to your items 24/7 as well as complete privacy. Private insurance is also available for private offsite safety deposit box locations. There’s also no probate lockout upon the death of the owner as is the case with bank safety deposit boxes.
Where To Store Your Gold: offsite depository
The fourth way to store your physical gold investment is to use an offsite. Depository offsite depositories are fully insured and secure locations that store your gold for you. The only way to access this gold is by making a request and having it sent to you by mail the depository charges, a small fee generally of half a percent of your Gold’s value. So if you have a hundred thousand dollars worth of gold, your monthly bill will be about only $42. Offsite depositories have additional tax advantages. Also by having your gold stored there, you can invest in gold through your IRA retirement account. Lastly, by having your gold stored in a depository, you can also qualify for a collateralized loan at interest rates that are cheaper than your credit card. You can borrow up to 75% of the value of your gold and just make monthly interest only payments as the price of gold goes up. You can even increase your loan amount without having to put any more gold in. Be careful though, because if the price of gold goes down, they’ll require you to make a loan pay down payment. So if you don’t pay, they have the right to sell your gold and recover their costs.
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