Conventional storage methods for gold typically involve banks and professional vaulted storage solutions. While these methods are arguably the best options, have you ever given any thought to storing smaller quantities of gold bullion at home? This could be cheaper than the previously mentioned options, typically having monthly fees associated with them. Read on to learn more about storing and hiding your gold at home. With that said, do so at your own risk.
Declare Gold on Insurance
Declaring your gold bullion on your home insurance is imperative to ensure you’re protected. It will put up your premiums, however, it’s important to keep in mind what’s at risk should you opt against declaring your investment. Furthermore, make sure to go over the terms and conditions extensively to know how much is covered in the event of having to make a claim. You might have to make alterations to the security in your home. The last thing you’ll want is to find that you paid a premium and to ultimately not be covered.
Decoys & Alarms
Think smart when storing your investment, don’t just hide it, set up decoys to fool potential thieves. The more time you can have robbers spend trying to work out a fake location the better. You can do this with a somewhat poorly hidden safe, secured with a passcode. The time invested trying to bust open the decoy will increase the likelihood that your gold bullion stays safe. Furthermore, if you fill the safe with a fake stash and the robber manages to open it, they’ll think they’ve gotten the real stuff.
What if they manage to discover the legitimate location of your stash? Then make sure to have an alarm set up, the sound that is deployed as a result of an alarm system is usually enough to put off any burglar, and also alerts you to contact the relevant authorities. Of course, these are extreme scenarios, but it’s better to be safe than sorry.
Hidden Within the House
The trick here is not to make it too obvious and make sure to use a locked container, or better, a safe. Additionally, as mentioned previously, setting up decoys will help further secure gold bullion stored within your home. Once you’ve established an inconspicuous location, make sure to cover it in more than one way, for example, if you decide to store within a wall, you could apply wallpaper over said wall and additionally place large furniture in front on it. It is also a great idea to store your stash in more than one place, so that in the unfortunate event that one is located, you will still have some gold remaining in a safe and undetected spot!
A safe is arguably the best option here. While safes can be quite large, hiding them shouldn’t be too much of a problem, but may require a more invested effort due to their size. With that said, they can be installed into walls, and under floor but it’s probably better to stray away from the conventional method of covering with a painting. Instead, it’s probably best to put large furniture in front. Additionally, you can hide safes in less involved ways, such as in the loft within a box. To hide it sufficiently, label the box with something non-suspecting, cover and bury it amongst other items.
Another ingenious way to store small quantities of gold bullion at home is with a fake plug sockets. These plug sockets look exactly like your regular kind, however, instead of actually operating as they typically do, they feature a small storage area which is great for small amounts of gold bullion! Just make sure people don’t actually try to use this plug socket, it’s probably better to cover with furniture.
While storing gold bullion at home may be an okay solution for smaller quantities, when it comes to large amounts, it’s better to opt for an external option.
Here at Bleyer Bullion, we offer multiple storage solutions, such as onshore storage, offshore storage in the Channel Islands, as well as a range of safes suitable for home storage. If you would like some expert advice for storing your gold bullion, or other precious metals, contact us today on 01769 618 618.