Where is the best place to store your gold? 🤔
When it comes to storing your gold in a safe place, there are three main options: at home, in a bank safe or in a highly secure vault. If you want to be ultra-safe, you can store your gold in several places at once. The great thing about buying and storing gold is that it’s completely up to you on how you want to store it; that’s because gold is one of the few financial assets that is private and not part of the financial system.
When deciding where to store your gold, you’ll want to keep into account how much gold you’re storing, how much you’re willing to pay in fees and how easy it’ll be to access your gold physically.
Gold Storage: At home 🏡
At first, you may believe the most logical place to store your gold may be at home. However, if you want to keep your gold at home, there are a few things you’ll need to buy to keep your gold safe:
- A strong safe with several levels of security that is both fireproof and waterproof.
- Burglar alarms so you’re aware if someone is breaking into your house
- House insurance that covers precious metals
This means you’ll need to spend quite a bit of money on initial items just so your gold is safe. You’ll also need to pay for delivery to get the gold to your doorstep – although this usually doesn’t cost too much if you’re buying small amounts. As for house insurance, you’ll want to make sure they cover precious metals and until which value. House insurance can be very expensive and it’ll also mean that someone else is aware that you own gold – as we’ll see below, that could be an added risk.
Once you receive your gold, make sure your gold storage unit is clean and your gold won’t be somewhere damp or close to any chemicals. You also don’t want to go around telling everyone that you keep gold at home (even after a few drinks!) as this could increase the risk of burglary. Having said that, you should tell one person you trust about your gold so they can find it in case something happens to you.
The main advantage of keeping your gold bullion at home is that you’ll be in complete control of your precious metals. You’ll be able to see it and touch it, and that can certainly mean a lot if that’s important to you.
It may take a little longer to sell your gold if you keep at home – this is because you’ll need to make sure the gold dealer is open and they are currently buying. Keeping your gold at home does require investing in the right security – which can be expensive – and can hold a certain amount of risk. Make sure to research your different options before going ahead.
In a bank safe 🔐
A bank locker or bank safe is just like the safe you would keep at home but instead you have a gold storage box that is held in a bank. The main advantage of buying gold bars and keeping them in a bank is that this reduces a lot of the risk on your side – no need to buy burglar alarms or invest in a highly secure safe.
However, this isn’t such a cheap storage solution either. You will need to rent the bank safe and you’ll still need to buy third party insurance. Keep into account that you rent bank lockers depending on the size of the safe – this means that keeping gold bars may be more expensive than gold coins.
Storing your gold bars or precious metals in a bank safe in the UK is a good option if you want to take on less risk and have better access to your gold. If there are no gold storage vaults in your city, a bank safe is a good storage option that will allow you to have more immediate access to your physical gold. The disadvantage is that you then rely on the bank being open in order to go and hold your gold. Renting a bank locker and buying third party insurance can be quite expensive and keep in mind that you’ll also need to pay for delivery of the gold to the bank safe (unless you want to run around the city with gold bars in your backpack!).
In a secure vault 🚚
A vault is a third party company that specialises in storing gold bullion. A secure vault can hold your gold of all sizes, and will keep it in a highly secure and guarded building. When storing your gold in a vault, you will need to pay for the vault and insurance.
The advantage of a secure vault is that you don’t assume the risk and your gold is held somewhere highly secure. It’s also a lot more affordable: a vault cost £10-£20 per month and be fully insured for £5 per month – that’s a lot cheaper than home insurance or even a bank safe. The other advantage is that if your gold vault is linked to your gold dealer, you can sell your gold easily and quickly.
The disadvantage is that you won’t be able to touch your gold unless you get it shipped. Having said that, the gold in a vault is still under your full ownership and is 100% yours. Make sure to check with your dealer whether the gold you buy is under their balance sheet or yours – meaning, the gold is truly yours and they can’t use it for their own investments.
👉 With Minted, the gold you buy is the gold you own.
If you’re just starting out with gold investing, keeping your gold in a secure vault is the safest and cheapest option to store your gold. It’ll be in safe hands, you’ll be able to sell quickly and you won’t need to worry about getting burgled.
👉 With Minted, we offer storage at one of the most secure gold vaults in London. If you take out a monthly plan, we offer free insurance and gold up to the first 200 grams of gold – and after that, it’s 0.05% of your total holdings with a minimum of £1.99 per month for storage. We will also buy your gold back at better rates than the high street: no matter at what of the day, you will be able to sell your gold. 🎉
When deciding where to store your gold, you’ll need to research your options and weigh the different possibilities as well as your own personal preferences. If you’re just starting out and aren’t buying large quantities, keeping it in a secure vault is likely your best option. If you want to be able to closer to your gold and be able to touch and see it, consider renting a bank safe or keeping cosy at home!