How to store gold at home and prevent the worst-case scenario
Time of publication - 2022.03.10
According to FTB (Federal Bureau of Investigation) statistics, burglars in the USA steal more than $100 million worth of gold each year. Moreover, these types of crimes usually involve guns which can endanger not only yourself but also your relatives.
On the other hand, having physical gold at home can be handy. This metal features an incomparable purchasing power that is useful during critical situations.
“Commodities such as gold and silver have a world market that transcends national borders, politics, religions, and race. A person may not like someone else’s religion, but he’ll accept his gold.” - Robert Kiyosaki.
However, the safety of your personal gold stock at home depends on your security measures. That is why we picked the best practical advice on how to store gold at home.
In this article we are reviewing the following:
- Best places to store gold at home
- Who can you trust?
- How to avoid being an easy target
- Insuring your gold at home
Best places to store gold at home
To store gold at home people choose one of the most obvious places in their homes. That is why we suggest avoiding hiding your precious metals in sewing kits or the on top of your shelf. Perhaps it might help to take a look at your house and evaluate it from the perspective of a thief. Follow through for some practical tips.
Practical tips to store gold at home
- Avoid hiding gold in a place that could be easily accessed by a thief. On top of that, consider the probability of your collection being discovered by outsiders that might visit your home e. g. plumbers and maids.
- Thieves usually take the grab & run approach, to execute their crime in as little time as possible. Therefore, to undermine their efforts you can choose a multi-layer storage system that stalls the criminals.
- You can also set up a place where you store your less valuable metals and coins. It can confuse the burglars by making them think they got your whole stock. Mixing up the storage places decreases the chance that thieves will take everything away.
Safes and alarms
If you decide to store gold at home in large amounts, appropriate safety measures can be the determining factor. Get hidden camera recording systems that are disguised as alarm clocks, smoke detectors, wall clocks and etc. Current technologies allow people to watch over their valuables from a distance through phones and computers.
Moreover, if you decided to store gold at home you might want to consider buying a safe. Quite frankly there are different types of safes, so we picked the ones you should choose for keeping your precious metals.
Fire-resistant safes
These types of safes are designed to withstand extreme temperatures in open flames. Safety standards estimate the value of such safes by the time that it is capable of withholding the heat until it reaches a certain threshold. You should look for models that effectively detain heat from 30 minutes to 4.5 hours.
Fire-resistant safes are a great choice for not only keeping precious metals. They are also great for cash, documents and other valuables that are vulnerable to fire. On top of that, you might want to have a certificate that meets European Union standards that pertains to safety (if you live in Europe).
Burglary resistant safes
Florinus assortment also offers
Ukrainian made burglary resistant safes that are certified in Germany, according to the EN 1143-1 safety standards. What makes the safe burglary resistant? It is the layer of concrete that fills in the doors and walls and has a structure that is completely welded.
Extremely durable steel plates protect your valuables from drilling, explosions and bolt inflation. On top of that, certified sophisticated safe locks will grant safe access to your gold.
Built-in safes
Built-in types of safes excel at convenience and compactness for storing gold at home. Anchor bolt fastenings allow these sorts of safes to be installed on both the wall and the ground. If you think about a creative solution to hiding your gold, built-in safes can be installed in almost any secret space. Moreover, manufacturers usually also include combination locks.
When storing gold at home you can coordinate your safe with a videotaping device that saves footage and can be accessed from a distance. In case of a crime, you can quickly react, call the police and collect the evidence.
Weight can be another determining factor for storing gold at home. Let’s say your safe weighs 40 kilos which means that it can be handled by one person. However, if you choose one of the safes that weigh 200 kilos or more, it would require much more effort to take it away.
Burying the gold
We also heard stories from our clients that bury their gold in their backyard during the dark. But you would like to make sure that this method is executed smoothly. If you are considering such an option you might want to read more about a couple of tips we offer:
- Keep in mind that metal detectors detect underground metals if they are not deep enough.
- Dig at a place that is not too obvious and can attract unwanted attention.
- To store the gold, use a container that is insect-proof and water-proof. You want to avoid storing gold and silver in the same place, as the metals together might stain each other.
- Don’t leave instructions about finding the place where your treasure is buried. It is advisable to inform a trusted person though.
Who can you trust?
Each person who stores a considerable amount of gold chooses a trusted person. This individual should have access to the information about where your gold is hidden and how it is possible to access it. Why would it be reasonable to do so? In case you wouldn’t be able to tell anyone anymore, no one else would have the access to your gold storage.
That is why if you are making a will in precious metals, make sure that at least one trusted person knows about it. Will you be able to find a person that you can truly trust? It purely depends on your judgment.
How to avoid being an easy target?
When you invest in gold there might be inevitable awareness that you can raise. Keep in mind that there is a chance that other people will find out about you buying gold. That leaves you without being able to control who finds out about your possessions.
One of the most effective ways to draw attention to the fact that you store gold at home is by boasting and sharing information on social media. Status, luxurious possessions on display could also signal to thieves that you can be a potential target.
If you think that your lifestyle can raise external curiosity, it could be risky to store big amounts in one place. Evaluating whether your public image could put a target on your back might help you to figure out how to store gold at home safely.
Insuring your gold at home
Insurance of precious metals can compensate for losses, but it can also expose you to other risks. Gold has an undeniable purchasing power, so whenever it is stolen, thieves can quickly sell your rare gold coin or bar. In the meanwhile, insurance companies usually don’t offer a replacement policy.
Why should you approach insurance companies with caution?
Whenever you insure your gold the chance increases that you will attract external attention. When you fill in the insurance policy, you will reveal details about the gold stored at your home. How can you be sure that your insurance company staff won’t share this information or securely store your paperwork?
Moreover, going after such a service can be a costly move. Keep in mind that insurance companies are not likely to compensate the gold’s worth equivalent to the market prices. If the gold price has doubled since the time of the purchase, it is likely that you won’t receive your full profits. That is why you should carefully look into the terms that the insurance company proposes to the individual.
Conclusion
The one who keeps gold in his personal premises probably recognizes that his possessions might be affected even by natural disasters.
Have you heard about the floods in south-east Asia? During these calamities, those who store gold at home lost it all to the vast depths of the ocean.
Moreover, events like earthquakes, floods, fires and other calamities can pose a risk to your gold storage. That is why usually storing gold at home is only a practical solution in smaller quantities.
What can you do with the remainder of your gold?
Florinus offers a service that is tailored to your needs. The highest tech security will ensure the safety of your valuables. We currently offer safe deposit box rental services in two Lithuanian cities - Alytus and Vilnius.
Or drop us a line by: https://www.florinus.lt/en/about-florinus/contacts
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