best way to store your gold & silver

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Snowjob
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best way to store your gold & silver

Post by Snowjob »

I know most people don't have any in their portfolios -- I don't either. But for those that do, what is the best way to store the physical commodity? If someone wanted to hold a bunch of 1 ounce coins, do you just throw them in a box? do they come sealed in a plastic casing like a commemorative coin? Given that the holding period for something like gold is probably a lifetime, I was wondering what precautions people made to ensure that they were never damaged, through handling or any other natural wear.
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LowER
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Re: best way to store your gold & silver

Post by LowER »

I have an infallible method of ensuring that I don't damage my gold and silver purchases; I have none. This post may seem unhelpful, at first..... :happy
Last edited by LowER on Sun Oct 13, 2013 4:46 pm, edited 5 times in total.
Sidney
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Re: best way to store your gold & silver

Post by Sidney »

Mine is stored on my wife's finger and around her neck.
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AzRunner
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Re: best way to store your gold & silver

Post by AzRunner »

I've sold all my coins over the years, but keeping them in a safe or safe deposit box works fine. Of course, you can buy an ETF and bypass the storage issue completely.

With the relatively high capital gains on commodities, it may be better to hold these in a tax advantaged account, if precious medals or coins are part of your portfolio.

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umfundi
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Re: best way to store your gold & silver

Post by umfundi »

The coins I had were in simple plastic sleeves. You can buy such sleeves or holders for individual coins at any coin shop.

Search the net for tips on storing coins and medals. It is likely a very bad idea to use some kind of metal polish on them. You can buy an anti-tarnish cloth for silver. Do not store the coins in contact with another metal of any kind.

If you plan to keep them at home, check what your insurance policy says.

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Hatch Batten
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Re: best way to store your gold & silver

Post by Hatch Batten »

I keep silver coins, old watches and a few jewelry odds and ends in a covered glass jar. Coins with additional collectible value are stacked and then wrapped tight in cellophane before going in the jar. The jar is in a safe deposit box.

Seems to work well. Some of the uncirculated coins are 50 years old and still look new.
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bertilak
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Re: best way to store your gold & silver

Post by bertilak »

umfundi wrote:If you plan to keep them at home, check what your insurance policy says.
Most (all?) homeowner's insurance policies insure only the face value of coins and I presume stamps. So, if you have a silver dollar it's insured value is $1.00.

So, when I had some gold and silver back in the 1980's I kept them in a safe. My house was robbed. They took the safe.

That's when I learned about how homeowner's insurance policies worked.

P.S. It was a pretty heavy safe. They busted up my staircase and hardwood floors tipping it end over end to get it out of the house. Must have been dramatic to watch it crash down the stairs.

Due to the lay of the land between my house and the driveway they could back up their car so the trunk was at the level of the ground. We could see the size and shape of the car by the outline of rust powder on the driveway from when they tipped the safe into the car's trunk.

The insurance did pay for the safe itself and the repairs to the house.

P.P.S. The saving grace was that they put so much effort into getting the safe that all the other stuff they had stacked up neatly in the center of the living room never made it out of the house! They did grab a few things, probably before they found the safe.
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Re: best way to store your gold & silver

Post by LadyGeek »

This thread is now in the Personal Consumer Issues forum (storing coins).
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umfundi
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Re: best way to store your gold & silver

Post by umfundi »

bertilak wrote: My house was robbed. They took the safe.

That's when I learned about how homeowner's insurance policies worked.

P.S. It was a pretty heavy safe. They busted up my staircase and hardwood floors tipping it end over end to get it out of the house. Must have been dramatic to watch it crash down the stairs.
Wow. I don't have anything of much intrinsic value at home, my fear is documents and a fire. So, I have a fireproof filing cabinet in the garage, which I think is the least vulnerable part of the house in a fire. That is where we keep birth certificates, passports, etc. The cabinet is fireproof because it is encased in concrete and weighs about 300 lbs. Some deterrent against an opportunistic burglar, I hope.

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pjstack
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Re: best way to store your gold & silver

Post by pjstack »

If you buy bullion coins (not numismatic) they will probably be given in plastic "flips" (folded vinyl envelopes). Purists do not like vinyl, especially for silver.

You can buy, through coin stores or coin magazines, circular plastic holders called "Cointains" which will protect them from wear and scratches.

Canadian gold coins (Maple Leafs) are relatively soft due to being 99% pure and are very susceptible to wear and scratches.
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whomever
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Re: best way to store your gold & silver

Post by whomever »

The saving grace was that they put so much effort into getting the safe that all the other stuff they had stacked up neatly in the center of the living room never made it out of the house!
Moral of the story: store your spare canned goods (or other heavy non-valuables) in a safe :-)

Was the safe bolted to the floor and/or wall, or was the idea that the safe was too heavy to move?
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bertilak
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Re: best way to store your gold & silver

Post by bertilak »

whomever wrote:Was the safe bolted to the floor and/or wall, or was the idea that the safe was too heavy to move?
Well, this was my image of a burglar and I just didn't picture him carting away a 300-400 pound safe:
Image
So safe was not bolted down. Turns out there were two of them (a neighbor saw them drive away). We never recovered anything even though the police were pretty sure who did it. Nothing was found. Nothing could be proved. No fingerprints.

I spent a week or so checking all the coin and pawn shops within a 20 mile radius but nothing turned up.
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bandb4114
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Re: best way to store your gold & silver

Post by bandb4114 »

I've owned a lot of gold and silver over the years.

If your "hiding" gold, it can be buried and it won't be harmed.

Silver - just hide it somewhere. IMO, a safe is a bad place. They'll go right for it.
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frugaltype
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Re: best way to store your gold & silver

Post by frugaltype »

How long would it take them to open a safe like that? Would they have to blow it up?

It never occurred to me to put my birth certificate and passport in a safe. Other important papers, I keep in a safe deposit box.
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momar
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Re: best way to store your gold & silver

Post by momar »

If you have a little bit, taped to the back of an electrical outlet faceplate.

If you have more, inside an air vent in the nursery.

If you have a lot, in the crawl space underneath your house.

If you have a fortune, buried outside of town.
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bertilak
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Re: best way to store your gold & silver

Post by bertilak »

frugaltype wrote:How long would it take them to open a safe like that?
Not long. I saw a video somewhere. Those cement filled fire safes are easy to open with tools you can get at Home Depot. The outer skin is thin and is easily peeled back. The cement just breaks up. Forget all the fancy locks and dead bolts. Just go through a side.

I no longer use a safe because good ones cost a thousand and up. Burglar safes are generally not good fire protection and vice versa.
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frugaltype
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Re: best way to store your gold & silver

Post by frugaltype »

It occurs to me now that if I wanted to have a safe, I'd have it concealed in some fashion, like in old fashioned novels - under the floor boards, behind a bookcase that swings out.
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prudent
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Re: best way to store your gold & silver

Post by prudent »

I've run into people who use all kinds of methods.

- Safe deposit box seems to be the most popular. But remember the bank does not insure them - you have to get your own insurance on the contents.
- Hidden safe
- Two safes - one that's easy to find, the other hidden. The "easy to find" safe is the decoy filled with heavy junk.
- Buried on their property
- Buried on their vacation property
- Hidden in multiple spots in the home
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magellan
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Re: best way to store your gold & silver

Post by magellan »

frugaltype wrote:How long would it take them to open a safe like that? Would they have to blow it up?
Not a good plan unless you're sure of what's in the safe...

Two Suspected Burglars Killed When Blow Torch Ignites Fireworks In Safe
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frugaltype
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Re: best way to store your gold & silver

Post by frugaltype »

prudent wrote: - Two safes - one that's easy to find, the other hidden. The "easy to find" safe is the decoy filled with heavy junk.
Or containing paste jewelery, preferably in jewelers' boxes, so they think they've found something and leave. See, you learn things from historical novels.
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Re: best way to store your gold & silver

Post by technovelist »

Whatever you do, don't take it on a rowboat with you! :oops:
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momar
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Re: best way to store your gold & silver

Post by momar »

Just a note about hiding it or burying it in various places. Make sure to have a record of where you put it, especially if you use a bunch of spots. And make sure your next of kin knows, too.

I know people that have bought houses after their long time owners passed and they found thousands tearing up old carpets, taking down wallpaper etc.
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Re: best way to store your gold & silver

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WHL
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Re: best way to store your gold & silver

Post by WHL »

When I first started buying, I bought the random 1-3 ounce rounds and bars which had no packaging. Those are kept in zip-lock bags. All of my newer purchases (10oz bars, 1oz govt rounds [eagles, maples, phils, etc.]) are kept in the sealed sheets (10oz bars) original tubes - I only buy in tube quantity (1oz coins).

This is kept in a locked gun safe, deep in my house, protected by my many firearms. I also don't tell a SOUL about my physical collection. Mom, dad, and brother know about it - no one else. This is the most important part. Buy it, store it, and keep your mouth shut!
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