Now, you’re faced with the problem of storing it. A shoebox under the bed? Your home safe? A bank deposit box? Store it with the dealer you bought it from?
A home safe can be installed for about $500 from a local security company. But you should only store small amounts this way. If you do keep it at home, you need to increase your home and contents insurance to cover the metal. And you’ll need to avoid telling everyone down the pub about your stash…
Most bullion dealers have storage facilities. When you buy bullion from a dealer you can ask about the storage options available.
Depending on how much you buy, it quickly becomes cheaper – and safer – to store it at the dealer, or rent a safety deposit box for a few hundred bucks each year… This is what I do.
Safety deposit boxes are a great option. They provide security and easy access.
Banks offer safety deposit boxes, but then we are back to square one with the risk of having a bank as the counterparty.
If you want to remove counterparty risk, you can store it with a company that has nothing to do with the banking system. These are in short supply. I found just one company called Guardian Vaults that does this. They’re only in Melbourne for now, but they have clients nationwide.
