Learn About the Various Methods You Can Use to Store Gold and Silver

Learn About the Various Methods You Can Use to Store Gold and Silver

If you have purchased gold or silver, you must now find a way to store it safely. Keep reading to get a few ideas. Remember that if you find any of this too complicated, you can also sell gold and silver to GNJ Pawn Big. The process is very simple: you bring us gold or silver and we give you cash. Call (661) 224-1999 with any questions.

Rent a Safe Deposit Box

For a person with a lot of gold and/or silver, a safe deposit box is likely the best option. As the name implies, they are very safe. It is very near impossible for someone else to gain access to your safe deposit box. However, make sure you think this through before deciding on it. For example, you can only access your box during bank hours, which makes this a bad choice if you ever want instant access to your gold and silver.

Second, banks don’t generally insure precious metals when they are stored in safe deposit boxes. This is due in part to the fact that they do not know what you are keeping in your box. Buying your own insurance can cost a lot and it can be difficult to find an insurer who will cover them if they are in a bank. Finally, there is the ongoing cost of renting the safe deposit box.

Private Safes

It’s wise to store your birth certificate, social security card, and will in a private safe, but it can also be a great place to store your gold and silver too. One of the most important things a home safe does is to keep the gold or silver out of sight. This is helpful if someone breaks in, or an untrustworthy guest is up to no good, as no one can directly see the gold or silver. You, on the other hand, can regularly check to make sure they are still in our possession.

Once again, there is something else to keep in mind there though: home insurance. You will need to check your policy or check with your agent to find out for sure if the potential loss of your gold will be covered. It might be necessary to add additional coverage if you want it to be covered. If you do decide to buy a safe, follow these tips:

  • Choose a waterproof and fireproof safe
  • Install it in an out of way spot
  • Do not tell anyone what is in it

Sell Your Gold and Silver

If you like the idea of gold and silver but do not feel comfortable keeping it in your home, and you do not want to go to the hassle and expense of getting an in-home safe, then selling it might be the best option. You can do that easily by contacting GNJ Pawn Big at (661) 224-1999 or coming to our shop.