Where to Store Gold and Silver

31 Jul

Where to Store Gold and Silver

We are frequently asked by our clients where they should store their gold and silver.

It should go without saying that you will want to store your precious metals where you can get your hands on them in a crisis.  Imagine that you have been wise enough to invest in precious metals before a banking crisis, but you’ve stored your gold in a bank-safe deposit box.  

When they declare a “bank holiday,” you will probably be out of luck.

Several years ago, RME published an article about the safest methods to store your precious metals. You can visit that article here. In addition to those tried-and-true methods, we’d like to share some pointers from Substack’s John Rubino…

John Rubino has been writing about gold and the economy for a long time.  We thought we would share a few thoughts from his recent Substack newsletter on things to consider about gold storage.

Avoid the obvious. To defend against thieves you have to think like one. So imagine a person who has picked the lock on a stranger’s back door and is ransacking their house in search of something worth taking and selling. Our thief is obviously nervous and wants to be out of there ASAP. So they prioritize, starting with the highest-probability targets like master bedroom dressers and closets. Which means nothing of value should ever be stored in those places. You want hiding spots that are both counterintuitive and hard to reach. 

A floor safe. Sink a safe into the floor and cover it with floorboards and it will be very hard for thieves to find and access. That’s a lot of work, but the result is highly effective. 

Backyard burial. The “tin can in the backyard” concept is more metaphor than actual plan. In reality, you want a container that’s waterproof and otherwise impervious to the elements. This strategy is vulnerable to metal detectors and nosy neighbors who see you digging. But regular thieves will never find it. One (obviously) crucial thing: Find a place on your property that you’ll always remember and that is easy for a trusted confidant to find using your directions. 

Toe-Kick Hideaway. There’s a four-inch-tall cavity under most kitchen cabinets. Getting in there takes a bit of carpentry, but once you’ve made a toe-kick removable you’ve created a great space for high-value items. 

Old appliance. Put a junky old appliance in a crowded corner of the garage and thieves will probably overlook it. But make sure your family doesn’t throw it away.

For more, follow this link to Rubino’s Substack article.

Our final thought on the subject is this.  Of course, you will want your spouse or other family member to be able to access your gold and silver if anything happens to you.  Otherwise, the best security is not telling anyone what you have.  Or, as they said during World War II, “Loose lips sink ship.”