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Are you Storing Your Gold Correctly?

  • December 16, 2017
  • rootroot

There are a number of reasons why investing in gold has always been a good idea. However, investing in gold, unless they are ETFs, also comes with a fair amount of risks. While it is a safe avenue as an investment, it is quite important that you are able to keep your gold safe as well. Here are some common tips that you should follow if you need to store gold jewellery, coins, or bullions.

The less you talk the better it is

No matter how much gold you have, you need to be careful about who you tell about it. Even if you trust the person you are telling, there is no way to ensure that you are not being overheard. Another thing to remember, one that should not really require reminding, is to keep mum on social media. If you have come up with a very creative storing solution, the last thing you need to do is boast about in on social media or YouTube.

Diversify the storage

One of the best ways to spread the risk of the gold being stolen is to diversify your storage plan. Don’t keep your bulk at a single place; instead divide the collection into bits and pieces and store it in a number of places, like safety boxes, bank lockers, the safe at home, etc.

Get creative with the storage

Start thinking out of the box and get creative with where you want to store your gold. The more unexpected places you can come up with, the harder it is for a burglar to think of it. Then of course, keep shut about your creativity; no matter how much you want to show off your innovative solution.

A decoy safe

An option that you can consider is to set up a decoy safe at your home, for the times when worst comes to worst. Buy a smaller safe and place some less valuable stuff in it. Make sure that this safe is also hidden and not too obvious. If a burglar was to gain entrance to your home, they would find the decoy safe and suppose that this is it, which should help hide the actual safe.

Suitable space

When you think of a storage space, making sure that it’s hidden is not enough; you need to make sure it’s suitable as well. Choosing a dry place that does not have a lot of humidity or moisture is just as important as making sure that it can’t be found by just about anybody.

Professional storage services

There are a number of companies that offer professional vault storage services. They offer the highest level of security and a chance for you to have peace of mind. You can consider hiring a vault from such companies for at least a part of your gold. Just make sure that you do the due research about the company before you choose one to take care of your gold.

While investing in gold ETFs is always a good idea as you don’t have to worry about storing any physical gold, if you are investing in it in the form of gold bullions or jewellery, due diligence is what you must practice to shield your gold from prying eyes and unwanted attention.

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We are India's No.1 - Most Trusted Financial Services Brand, according to the Brand Trusted Report, 2017 & 2016 consecutively. We are also the largest Gold Financing Company in India in terms of loan portfolio, according to the 2015 update to the IMaCS Research & Analytics Industry Reports, Gold Loans Market in India, 2015 ("IMaCS Industry Report, (2015 Update)"). We provide personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time-frame, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.

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