Gold coins have become a more commonly talked about investment vehicle in recent years due to the seemingly unending financial difficulties in the United States and around the world. As such many are wondering how to store gold coins as well as gold bullion. If you are buying and hoarding gold coins or bullion here are some tips to keep your gold safe and secure.
Benjamin Franklin is quoted as saying, “Three may keep a secret, if two of them are dead.” While Ben may not have been talking about the location of his secret hoard of gold it is still good advice for the gold hoarder. The best way to keep people from looking for your gold is to not let them know that you have it. This is especially true if you are storing gold coins at home. While you should be able to trust your spouse and immediate family with information on your gold coin storage, there is little reason to tell anyone else. Keep in mind if you are the only person who knows where the gold is, it may be lost if you die.
Following along with the above, when possible buy your gold without a paper trail. Internet companies offer a convenient and usually safe place to buy gold coins and bullion. By buying gold from random coin shops and other locations where you are not known and paying for them with cash will help you to safely store gold. Buy in small amounts as well to keep from drawing attention to you and your gold.
No matter where you store your gold coins or bullion, be certain not to keep it all together. Spreading your gold out for storage in multiple safe deposit boxes and multiple caches will help to minimize any loss than you may experience. If you are storing your gold coins or bullion in safe deposit boxes keep a close eye on your country’s economic and political situation. An unexpected bank holiday in a financial crisis or a natural disaster might keep you from your gold. A seizure of privately held gold by the US Government took place under FDR in 1933 and could always happen again.
Gold coins can also be stored at home in safes. While safes can be hidden they usually must be large enough to not simply be carried away making them difficult to hide. Safes do provide a target for thieves to attack. A gold hoarder could place some gold in an obvious safe to attract the thief’s attention and simply hide other gold in the home.
Buying and holding gold may be a good idea for an investment, a hedge against inflation, and even as a way of providing peace of mind that your money is in your hands and not someone else’s, but think through how you are going to guard the gold to keep the gold from becoming a burden on your mind and wallet.