Like many investors, you’ve probably spotted the growth rate of gold in recent years. As other investments falter, gold remains strong.
Yet you’ll need to take a few crucial steps before you make your first gold investment. One of those is deciding how to store your gold.
To help you find the best option, we’ve compiled this short guide on storing your gold products.
Protecting Gold
Pure gold is a soft metal. If you have a gold ring, you’ll know it is prone to scratching and marks. It doesn’t need much force to bend a small item made of gold.
You need to pay close attention to those physical characteristics when storing gold. Whether you buy gold coins or gold bars, you need a protective casing with cushioning to keep it from harm.
Storage must be in a place where it doesn’t run the risk of damage, like a heavy object dropping on top of the box.
How to Store Gold
When storing gold, you need an environment that will help keep the metal in top condition. That means opting for a cool, dry space away from sunlight. That will protect the gold from humidity and extreme temperatures.
You must also store it away from chemicals. Over time, even minor chemical influences can dull the gold bullion and affect its value.
Basements and closets may tick some of the boxes on this list, but the best option is a safe room, vault, or safe.
Security and Storage
Security for your gold is paramount. This may be a necessity for your insurance as well as your peace of mind.
Home safes with secure anchoring are an excellent option to keep your gold nearby. To protect your investments, you should add extra security layers, such as a home security system.
Bank deposit boxes offer more sophisticated security, and they are still easy for you to access. The downside is that they come with fees.
Specialist depository services will have purpose-designed solutions for storing gold. These often come with insurance and the best security surveillance.
Handling Gold Products
When you move gold to and from storage, you must take extra care about handling this metal. Extra precautions will help keep it in a pristine state.
Use soft gloves to handle the gold. It will stop oil and dirt from transferring onto the metal.
Avoid too much touching by keeping the gold contained in a soft cloth or bag. Hold the gold at the ends, ensuring a firm grip so you don’t drop the metal.
When storing away gold, don’t stack one on top of the other. This can cause scratches or dents, and they could fall.
Gold Storage Tips: A Final Note
Gold products might be exciting investments right now. But ensure you know how to store them before you part with your money. Keeping your gold in pristine condition and highly secure is vital.
For more information on the latest gold prices, visit CMI’s pricing section for details on what we currently sell.
