You took the plunge.
You bought some gold...
Perhaps, you picked up one of our new platinum bars after the price dipped.
Or maybe, you’re a long term precious metal investor. Slowly building a position in these rare elements.
The question is now, what do you do with your precious metals?
Where do you keep it? How should you store it?
I know you’re going to be tempted to put it under your mattress…or bury it in a back yard.
But I assure you, neither of these options are the way to store your precious metals.
For starters, I’ve heard one too many stories over the years about ‘forgotten’ gold or silver someone once buried in their backyard. Either they moved and forgot to take it with them. Or they forgot where it was buried, and no amount of digging unearthed it. Trust me, you don’t want this to be you.
Under the mattress is another lousy idea. Remember, gold and silver should be treated as cash. Just like cash, investment grade bullion can’t be insured under your home and contents policy. Once it’s gone, it’s gone.
Some people opt for a home safe. However, I would also caution against this.
YouTube is littered with hundreds of tutorials on how to crack open your average Bunnings safe. Some pressure in the right place, a couple of good whacks…and they open with ease. I’ve personally tested this and broken into my own home safe.
While commercial safes are generally of a much higher quality, they are expensive and probably not worth the cost. Especially when there is several cheaper — and more secure — alternatives to store your precious metals…