Gold is one of the investments that have proven to be very safe in the past.
For example, while an investment in an expensive watch can completely lose its value overnight, there is a high probability that this will not happen with gold.
On the one hand, this is due to the fact that gold is a raw material that is not available indefinitely and is therefore only available for purchase in limited quantities.
On the other hand, the purchase of gold has a traditional value, because the precious commodity was mined long before our time.
Now, as an investor, you have bought a certain amount of gold and then sooner or later the question arises as to where you can store it safely.
After all, you definitely want to avoid getting it stolen or lost.
For this reason, the different options are examined step by step and evaluated with regard to certain factors.
Are there certain laws or regulations?
Often the state or the banks have certain norms that one has to adhere to. So here too, of course, the question arises as to whether there is a certain place that is prescribed as a storage location.
In fact, it is 100 percent up to the buyer where he keeps his gold. No institution interferes there legally.
Only recommendations are given about the location in terms of security.
- Storage at home:
The first place that surely comes to mind when you dig deeper into the subject is storage at home. After all, this is a most of the time spend time place, and it appears to be safe there too. In theory this is also true, because joy is unlikely to steal the gold from the apartment. However, you always have to reckon with a slump in today’s times. The thieves are on the lookout for such valuables and accordingly they know where to hide and where to store them. The rule of thumb is that no matter how well you hide the gold, it can always be found. There are no additional costs associated with storing the gold at home, but there is always the possibility of theft. And in situations like this, it is extremely difficult to stop the criminal. For this reason, at least as long-term storage cities, your own apartment or house should not be considered.
- The safe in the apartment:
Admittedly, this detail was not discussed in the section above. You always have the option of getting your own safe for your home, in which you can safely lock your valuables. At the beginning it should be said here that it is much safer than simply hiding the gold in the apartment. But the safe at home also has some disadvantages that are not only related to security, but also to costs. If you want a really good safe, buying a safe costs a lot of money. While there are cheaper ones, they are so easy to break that they are relatively useless. When purchasing a safe, the buyer should expect between 200 and 300 euros. This naturally raises the question of whether a safe deposit box is not the better alternative, which will be explained in the next section.
- The bank vault:
As just announced, many banks offer their customers a bank vault for monthly or annual rent. In contrast, it is the bank’s job to guarantee the security of the value of the goods at all times. In practice, this means that in the event of theft, the bank would be liable for the full amount of the loss. The prices refer to the size, given in liters. Expect costs between 25 and 60 euros per month. The whole thing is also determined by the insured amount and the financial institution, because the entire value in the locker or safe is not always insured
- Private lockers:
In addition to the banks, clever businessmen thought they would offer private lockers in which customers can store their valuables. The principle does not really differ from the bank vault, only that it is not the bank, but the company that is responsible. This can have many advantages, but also some disadvantages. On the one hand, private lockers are almost always cheaper, which you will notice at the end of the year. On the other hand, they are not so overcrowded and you can get the space for the gold relatively quickly. On the other hand, there is no uniform security concept to which the private providers are subject. How safe you make the facility is entirely up to you. The right private provider can definitely be better than the bank, but you should take a very careful look here and read on the Internet what other customers are saying about the company and whether there have been any complaints.
This fifth point is almost always forgotten, but it is an excellent option to the other options. As with almost everything, there is the option of having your gold insured by an insurance company. In practice, this means that in the event of theft, the insurance will reimburse the value of the loss. However, this option should not be seen as a storage location, much more as a supplement to the previously mentioned explanations. Because anyone who has decided to invest their money in gold should also insure it and protect it from unauthorized access.
Storage tips and tricks:
Last but not least, some tips and tricks on the subject of storage should be explained. It is best to think about where you can ultimately store the gold before buying it. So everything is regulated and the whole thing does not end in chaos. In addition, it is extremely advisable not to accept the best offer. Comparing prices can be really worthwhile, especially if you intend to keep the gold for a while.
All in all, it should be said that there are quite a few options for storing your gold safely. What is by no means recommended is to keep it at home, because in the worst case it will be gone after a while. Rather, the combination of insurance and a locker or safe is most suitable, because it is almost entirely impossible that the gold gets lost and one makes a loss that may be difficult to cope with. With this in mind: you should definitely think carefully about the storage location and not necessarily save money. Because that could backfire quite a bit. Proper storage is just as much a part of buying gold as the actual purchase itself.