Purchasing precious metals like silver, gold and titanium can be a great way to save up for the future and get back more than you put in. However, unlike cash that you might keep in a savings account, it can be tricky to figure out how to store your precious metals. These are a few tips that you should remember when stashing your metal to keep it safe from theft.
1. A Safe Deposit Box Isn't the Best Choice
Your first instinct might be to go to the bank and ask about a safe deposit box. However, one thing that you should know about safe deposit boxes at banks is that they are not covered by the FDIC. This means that unlike the money in your bank account, if your safe deposit box is somehow accessed during a robbery and is cleared out, the FDIC does not have to cover the value. You may still feel comfortable keeping some of your precious metals in one of these boxes due to the security precautions that your bank has in place, but this is still an important thing to know before making this decision.
2. You Shouldn't Store it All in One Place
It might be tempting to look for a really good hiding spot and then put all of your precious metals in the same place. However, this can be risky to do. If someone does find your hiding spot, you have to worry about all of your precious metals being stolen at once. Instead, spread out your stash among various locations for best results.
3. Avoid the Obvious Places
It might seem like a good idea to put your precious metals in your fire safe, in your underwear drawer or in another similar location. However, these are some of the first spots that thieves check out when breaking into a home, so there's a good chance that your metals will be found and stolen if you keep them in these places. Instead, try getting a little more clever, such as by burying your metal in a waterproof container underground or installing decoy pipes underneath your home to hide them in. Spending a little bit of time getting creative can help you prevent your precious metals from being stolen in the event that your home gets broken into.
Keeping your precious metals safe is important. Luckily, following these three tips can help you choose the right place to stash your metals. Contact a business, such as Sackin Metals, for more information about precious metals.Share