When you buy gold, you need somewhere to store it. It’s never been easier to invest in precious metals, but before you start, you need to come up with a storage plan.
#1 Gold Storage in a Personal Safe
The goal of gold storage is maximizing your control while minimizing the risks. One of the most popular reasons investors buy gold, to begin with, is that investors want an asset that they can hold in their own hands. Home storage in a personal safe is always a popular option, at least for smaller quantities.
Some other tips for home storage:
- Be discreet about the fact that you own gold. When too many people find out, you may increase your risks of a home theft. You ever never know who might overhear you when you’re talking in public.
- Make sure your gold is insured. Most common homeowners’ insurance policies place limits on valuables like precious metals and jewelry, so in the event of a fire, break-in, flood, or another disaster, you may not receive full compensation without a proper insurance policy.
- Give the code to your safe to a trusted individual – a spouse or a child, someone who would inherit the contents if anything ever happened to you.
#2 Gold Storage at the Bank
Once your gold bullion holdings reach a certain point, home storage is no longer safe or a feasible option. When the cost of insurance or the risk of theft is too great for a personal safe, one option is using a bank’s storage. Banks may offer both storages in a vault or in a personal safe deposit box.
There are increasing concerns about the control banks have over gold deposits. There are concerns that mounting government debt in the Western world could lead to governments confiscating precious metals, as has happened in the past. However, the biggest risk to putting your gold in a bank is bank bail-in legislation that would require depositors to bail out a bank with toxic debt.
#3 Overseas Gold Storage
The ultimate option for personal control, privacy, and security is overseas gold storage in a location like Singapore? There are other competitors as well, including Hong Kong and Switzerland, but Hong Kong looks increasingly under the thumb of the Chinese government (which likely wouldn’t hesitate to confiscate foreign gold) and Switzerland, which has come under increasing pressure to crack down on foreign depositors with new regulations.
Online sellers allow you to purchase gold online and store it anywhere in the world they have storage vaults. International gold seller Silver Gold Bull is one place where you can buy the gold online and store it in Singapore. To store your bullion in a Singaporean vault, buy bullion at Silver Gold Bull and take advantage of their global storage solutions.
Singapore has no reporting requirements for bringing gold in or out of the country, and it’s treated just like any other commodity. Storage options are plentiful and affordable, and it’s an all-around excellent option.v