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| Above, safe deposit boxes in a Swiss bank. Wikipedia public domain photo. |
So you bought some gold (or silver) as an investment, now where are you going to store it?
There are three options: home safe, bank safe deposit box and bullion depository.
According to an article at the Anti-Counterfeiting Educational Foundation (ACEF), there are pros and cons to each of these. They have posted an article discussing each. While it mainly pertains to gold, it also applies to silver as well.
They begin with:
(Temecula, California) July 5, 2023 – During the “Gold Rush of 2023,” dealers report that demand for gold bullion coins has soared from both previous investors and many new buyers. Now the important question is: how should you safely protect and store your precious metal purchases?
The Professional Numismatists Guild (www.PNGdealers.org), a nonprofit organization composed of many of the country’s top rare coin and precious metals dealers, advises that the three most popular methods of storage each have advantages and disadvantages.
“The secure storage methods usually considered by investors are a home safe, a safe deposit box at a bank or other financial institution, and/or a third-party bullion depository. Buyers of rare coins or gold, silver or platinum bullion coins or ingots should carefully consider which approach is best for them,” said PNG President Wayde Milas.
Here are comments from some PNG member-dealers about the pros and cons of different types of secure storage.
To read more, go here.
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