When you decide to invest in precious metals and choose physical silver bullion, you’ll need to decide where to store it. Having it in hand is one of the benefits of investing in physical silver.
You can choose to either store it at your local bank in a safety deposit box or at home. If you have only a few silver bullion bars or have a coin collection, storing it at home may be the option for you.
Storing your silver at home is convenient. If you do need to access your silver quickly, all you need to do is walk a few paces and you’ll have it in hand. Buy a fireproof, waterproof safe.
While a portable strongbox is portable and convenient for emergencies, it is also convenient for thieves or looters that raid your home. No one wants to think about the risks and danger associated with keeping valuables at home, but it’s something you should consider.
How to Keep Your Silver Safe Inside Your Home
First off, don’t tell anyone about your silver! The easiest way to attract people that want to steal your silver is to blab and tell everyone about it. When you’re keeping silver worth as much as hundreds of thousands of dollars in your home, you’ll want to keep it as secure as possible.
To find the safest place in your house to store silver, think like a thief. Examine your house and see which places would be attractive for thieves to look at first. Keep your silver away from those places. Instead, you can split your silver and distribute it among numerous hiding places.
Be creative and place them in plain sight, in random locations. Places such as buried in the soil of an indoor plant or taped under a drawer can work. Just make sure that you remember where you’ve placed your silver. Do not write a list, however. If a thief finds a list of all the nifty places you’ve hidden your silver, it negates hiding it altogether.
If you’re uncomfortable placing valuable silver all around your home where it is relatively unguarded, consider a home safe. You can order a fire-proof security box for a cheap price from local stores as well as floor safes. Keeping a floor safe in the basement or outside in the shed can afford you discrete storage.
Additionally, you can choose to bury your silver within pipes of PVC material. Fill the PVC pipe with cement to block the coins from falling out at either end; then you can cut slits in to insert the coins. Bury pipes at least three feet deep in places where there are little moisture and stagger them across your yard so they’re not all consolidated in one place.
Should You Insure Your Silver?
While you save on storage fees by storing your silver at home, you may want to purchase insurance for yourself. If any theft does happen, you don’t want to lose your entire life savings in one fell swoop. If you’ve just begun collecting physical silver, you may opt not to insure your silver.
The downside to insurance is that you’ll need to tell someone else- the insurance agent- that you have a large and valuable amount of silver in your home as well as provide the agent with the address to your home.
Consider how trustworthy the insurance company is and how many people at the company will have access to your information. If you don’t feel comfortable giving this information out, it may be better for you not to get insurance.