For centuries, gold has been recognized by investors as a safe store of wealth and hedge against inflation. Investing in precious metal bullion can diversify a portfolio, with gold particularly renowned for preserving its value during economic or geopolitical instability. Precious metals have a lot to offer, but they come with unique safety and storage considerations.
How to Buy and Store Physical Gold
Investors have several options when deciding how to buy and store physical gold. One’s unique living situation, preferences and even personality can all impact which gold investment route is best for them. Some people aren’t comfortable with the idea of storing valuables like gold at home, whereas others feel the opposite and would prefer to have complete control over their physical assets.
Choosing The Best Gold Dealer
These days there’s an abundance of options for those looking to buy gold or other precious metals.
Buying gold online can offer convenience, a wider selection of items, and the ability to easily compare prices from multiple sellers at once. However, there’s no instant gratification when purchasing gold online, as you’ll have to wait for it to be shipped – which usually adds to the overall cost.
On the other hand, buying gold in person may mean higher prices, even accounting for the shipping costs that come with online purchases. Brick-and-mortar stores tend to have higher overhead costs, which are often reflected in their prices. Selection may also be more limited, and there’s a chance that you’ll have to deal with potential pressure from a pushy seller.
Finding a Trusted Vendor
No matter how you’d prefer to buy your gold, it’s important to ensure that you’re working with a reputable vendor. Ideally the seller will have longstanding experience in the industry, with plenty of good reviews to back them up.
Garfield Refining has been in business for over a century, and we hold a strong reputation as one of North America’s most trusted precious metal refineries. Our bullion program offers the option to purchase gold or silver bullion outright, or even exchange the value of your refined precious metals for bullion!
Weighing Your Options
A gold IRA is a solid option for those who want in on the gold market without having to worry about physically storing the metal themselves. For those who’d prefer to store their own gold, it’s important to invest in a precious metal safe to maintain proper security. And as with any major purchase, it’s wise to put some time into researching precious metal safes before making a purchase.
Precious Metal Safes
When shopping for a precious metal safe, think about how your collection may (or may not) grow in future years. Maybe you’re planning to continue investing in precious metals for years to come, or perhaps you’ve inherited gold from a relative and are just looking for a secure place to keep your items. Either way, it’s wise to consider whether or not you may need extra space in your safe before choosing a size. The safe market is overflowing with different models to choose from, so here are a few tips to help you navigate your safe purchase.
Fire Safes Vs. Burglary Safes
Typically, safes are either designed to be fireproof or burglar-proof. While many residential safes are marketed as “burglar fire safes” and aim to provide both burglary and fire protection, the quality of protection can vary widely. These safes do offer a combination of both features, but perhaps don’t provide the highest level of protection for either fire or burglary when compared to specialized safes. It’s helpful to look at the specific ratings and certifications of a safe to truly understand the level of protection it offers.
UL Certification
The Underwriters Laboratory is an independent science testing and rating company that sets the global standard for safe security. When you’re buying a safe to store your precious metals, check to see that it carries a UL certification mark. This indicates that UL has evaluated the product and approved it in accordance with strict guidelines. Safes undergo extensive testing by expert safe crackers and acquire ratings based on their ability to withstand comprehensive, strategic attacks for various amounts of time. Here’s a general guide to UL certification rankings:
- B-Rated For Up to $5,000 content value – the doors of the safe are at least 1” thick and the body is made of more than ½” steel.
- B/C Rated For Up to $10,000 content value – between a B and C
- U.L. RSC For Up to $15,000 content value – “Residential Security Container”: the safe has been proven to resist 5 full minutes of tampering attacks including prying, punching, drilling, and chiseling
- C Rated For Up to $30,000 content value – the doors of the safe are at least 1” thick and the body is made of more than ½” steel.
- U.L. TL-15 For Up to $200,000 content value – The TL stands for “tool resistant.” This rating means that the safe resists 15 full minutes of attacks with common hand and electrical tools.
- U.L. TL-30 For Up to $375,000 content value – the safe resists 30 full minutes of attacks with common hand and electrical tools.
Specialized Applications
The above UL ratings account for attacks on the door and the front face of the safe. For more extreme applications, UL rates safes on attacks on all six faces – for example:
- U.L. TL-30X6 For Up to $500,000 to $ 1,000,000 content value – this safe has successfully resisted 30 full minutes of attacks with common hand and electrical tools, on all six sides.
- U.L. TRTL-30X6 For $1,000,000 and up content value – this safe has successfully met the requirements of the TL-30X6 class and has also successfully resisted attacks with an oxy-fuel welding torch on all six sides.
UL ratings can be super helpful when shopping for a safe. Just look for the appropriate class and rating for your needs, and you’ll be off to a great start.
Storage Vaults vs At-Home Storage
Paying to store your gold in a vault has its own pros and cons. Depending on how close you live to the storage facility, a storage vault could be pretty convenient. Most vault operators offer 24/7 access to the gold stored in their facilities, which means that gold owners can access their assets quickly should they decide to sell.
Vault storage typically offers a high level of security and protection with advanced security systems, 24/7 surveillance, alarm systems and restricted access. Most vault operators also provide insurance coverage for the gold they store, providing peace of mind and an added layer of protection.
However, cost is a factor when it comes to vault storage, as most charge vault operators charge storage fees that will vary depending on the quantity of gold and how long it’s being stored for.
How to Store Gold Jewelry
There’s no one size fits all approach for how to store gold jewelry, but it’s important to be strategic about it. Gold jewelry requires special care so that it doesn’t get scratched or dented, as it’s an extremely soft metal.
Gold jewelry should ideally be stored inside of a jewelry box lined with dry fabric to provide cushion and humidity control. It’s also a good idea to store gold jewelry separately from other types of jewelry – this can prevent scratches and chemical reactions. Store your gold jewelry in a place with stable temperatures and low humidity.
Last but not least – when you’re not wearing your gold jewelry, you may want to store it in a safe with your other valuables.
Garfield’s Safety Protocols
At Garfield Refining, we have a unique understanding and appreciation of the value of precious metals. We take the safety of your gold, silver, platinum and palladium seriously. If you have precious metals that you’re looking to refine and monetize, we guarantee that your assets will be safe and secure throughout the entire shipping and refining process.
Garfield offers fully insured, free shipping. Once your shipment arrives, our entire facility is equipped with an advanced video surveillance system and monitored by onsite security personnel. All precious metal material is stored in a series of vaults and safes. And as one last failsafe measure, all metal at our refinery is fully insured. So if and when the day comes that you’re looking to cash in on your precious metals, look no further than Garfield Refining – North America’s premier precious metals refinery!
Consider selling your gold, silver, platinum or palladium? Learn more about Garfield’s process and get started by downloading a complimentary shipping label!