Insider Tips of the Week
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If you own physical precious metals, storing them yourself is the only way to remove any counter-party risk. However, there are some pitfalls and risks you can’t ignore… 1. Consider how much space they will take. If you are buying relatively small amounts of gold, you will not need a lot of space in a safe. However, if you are going to store silver, it will take up a lot more room. Regardless of the size of your safe, make sure it is out of sight and bolted down so that it cannot be carried off. While they may seem like a spy movie cliché, hidden wall or floor safes are great. 2. Think about how comfortable you are sitting on top of a store of precious metals. Owning a whole lot of gold or silver bullion sounds great — until you start worrying about your safety… If you’re not comfortable with the thought of storing a lot of wealth in your home, use a safe deposit box at a bank. Holding all that gold or silver makes you a target if people know about it, leading to… 3. No show and tells. Loose lips sink ships. It may seem like a good conversation topic, or you may want to show trusted friends and family your stores of gold or silver… Don’t. Your loved ones might not try to steal it, but your kid’s deadbeat friend might. In fact, your children don’t need to know about it. Keep your precious metals assets on a need-to-know-only basis. |
