Bullion, Mining Stocks, News, Information & General Chat
7 posts • Page 1 of 1
Gold Bird wrote:Holding physical gold involves storage and insurance costs. If you have a safe, storing your bullion at home is a possibility. What are my options?
Storing your silver in a bank is a bad idea. If and when there is a bank holiday to route a bank run your stack is at risk. Come on, use a little common sense here. Were talking about the same banking industry responsible for derivatives and if you know anything about fractional reserve banking, you would have as little to do with banks as possible. Not only that but your safety deposit box can be seized by state and federal governments on a whim and the bank will have no choice but to comply. There are much better options to protect your silver. Dog, Safe, Hidden. Simple
I keep all my gold in felt bags, I have one big bag with slabs and bars in air tights then I keep inside that an oakleys sunglasses bag packed full of 10th oz Eagles. I even keep my silver Eagles in air tights in big sacks. I look at the gold much more often than the silver in my stack. I think that somehow we all conditioned from birth to believe that gold is inherently better and more valuable and therefore it is not surprising that it gives slightly more pleasure.
I put mine in used tubs that I get my protein in. The lids have a nice rubber seal making them waterproof. I put them in ziplock bags to organize. I also put the moisture absorbants in the tubs..
I store my stuff variously, but I'm not as concerned with keeping it nice & neat like a lot of people. I'm buying the metal for the metal, so whether everything looks pretty isn't so much what I focus on. What I don't do is put it into a banks hands. You can store it with trusted loved ones, which I've done in the past. And of course, there are all kinds of clever ways that you can find to store it in your house. Obviously, don't go for closets, under beds, or toilet tanks. Those are obvious places that criminals look and kids can find easily. A small fire safe that can be readily hidden isn't a bad idea. Not that the metal is in danger of burning up, but you'd hate to have a house fire and then be out trying to find your lump of charred gold mixed with burnt plastics. That would be a disasters! Multiple diversion safes area good idea. You can get some that look like books, clocks, spray cans, etc... They can often work pretty well. Burial in the ground is something I've done as well. You can also store them in the bottom of a newly potted plant, but only if you're prepared to leave them there for an extended period. The sky is the limit. If you're handy, there is no reason why you can use some of the dead space in your walls to store pre-determined amounts.
Who is online
Users browsing this forum: No registered users and 1 guest
GOLD & SILVER PRICES
Share & Follow Gold Silver Council
Follow Gold Silver Council