If you own gold—which is, of course, an extremely valuable precious metal—it’s important to contemplate how you will safely and accessibly store it at home. This becomes especially significant when you consider that there is no replacement policy. That is, if you lose your gold, it’s gone forever.
The security and welfare of your precious metals is of the utmost importance, so you must find a hiding spot in your home that’s safe and sound in order to prevent theft and keep your valuables in tip-top shape. Here are a few key considerations to mull over.
Only Inform One Confidant Where Your Gold is Being Stored
One of the most important rules when deciding to store gold at home is to tell only one close friend or family member where your gold is being stored. Informing a larger group will open the door for theft, which is what you most want to avoid. Once someone knows you own gold, you have little control over who they tell, and who those people tell. This is commonly referred to as “the ripple effect” in the precious metal community, and the end result can be disastrous.
At the same time, you don’t want no one to know the location of your gold or how to access it. If you become suddenly ill, incapacitated, or otherwise incapable of accessing your gold, then it may be lost forever. Make sure your one confidant is someone you can completely trust to not spill your secret.
If You Store Your Gold at Home, Are You a Target for Thieves?
As a general rule of thumb, you can bet that the more people who know about the gold hiding in your home, the more risk you have of getting robbed. Despite how careful you may have been not to tell anyone about the location of your gold—besides your one confidant—there still may be a few people who know that you own gold. These individuals may not be people you’ve outwardly told, but instead those that were a part of the purchase process. Consider the bullion shop staff, the credit card company, the bank operators, the strongbox company from which you bought your storage safe, and the hired hands you may have employed to transport and install it. There may be a few more people in the know than you think. Once again, once one person knows, they could easily tell others.
Additionally, there may be a group of people who don’t know for a fact that you own gold, but who can surmise it based on your status and social trends. Do you talk fervently about gold, both in-person and online? Do you drive an affluent car, live in a fancy house, or wear expensive jewelry? Do you work in the public eye and have a high-paying job? If so, you may be a natural target for thieves.
If you’ve answered yes to any of these questions, it’s important to consider storing less of your gold at home.
Where Should You Hide Your Gold at Home?
When storing gold at home, it’s important to make sure that it’s accessible. If the bank is temporarily closed, the internet is down, or there’s an economic crisis, you have no way of quickly accessing your precious metals. At the same time, of course, you don’t want your gold propped up on the mantle or sitting in the silverware drawer. Here are a few common places that gold-owners store their precious metals:
- A safe with an alarm
- The floorboards
- The chimney
- Inside a wall
- Buried in the backyard
- In a hidden room
There are even more unusual storable places that many gold-owners exploit, such as the air conditioning, inside furniture, in the piping, in an aquarium, in large pots, and even in frozen food. The trick is to find a spot that isn’t too complicated for you to find, but is very hard for a thief to discover. Avoid obvious hiding spots, such as fake cookie jars and carved out books. Additionally, make sure your gold is at least three layers deep. Thieves want something that they can grab and run. It may also be smart to make use of more than one hiding spot, just in case.
Still stuck? Just think like a burglar. If you were a thief, where would you look? How long would it take to find a specific hiding spot?
Store Your Gold with the Experts at Treasure Island Storage
If you’re worried about burglary, concerned that too many people know about the whereabouts of your gold, or just simply want to diversify your assets, consider storing your precious metals with the specialists at Treasure Island Storage. We’re a self-storage facility with in-house climate-control and 24/7 security. With 13 locations scattered throughout New York and New Jersey, our premier business has helped customers with their storing needs for more than 15 years.
At Treasure Island Storage, we offer some of the safest storage lockers on the market. We provide video surveillance, front gate access, and indoor and outdoor lighting to ensure that your storing experience is top-of-the-line and stress-free. Likewise, our units are climate-controlled and always clean. Our facilities offer customers the perfect place to house their precious valuables, no matter the season. Give us a call at 646-846-9449, chat with us live, or complete our online contact form to speak with an expert today!