Gold Coin Special Report: Protecting Your Gold From Thieves

So you’ve made one smart decision already, that is, to invest in physical gold to protect your wealth from increasing economic uncertainty and the all but inevitable decline of the US dollar. Another decision remains, however, one that will take some ingenuity on your part.

Buying gold is a no-brainer for anyone who has done a bit of research into the current global economic climate. But figuring out how to store your physical gold is going to take some smarts. You have some options and ultimately it is up to you to decide on the best way to protect your gold investments from thieves.

No matter which storage option you choose, however, there is a golden rule that you should always follow when it comes to storing your gold coins and bars: keep a tight lid on it. Tell one person and one person only. A spouse or adult son or daughter. The fewer people who know the whereabouts and other information related to your gold investments, the better. Keep it in the family.

Storing Gold Away from Home

This storage option comes with a disclaimer: it is not recommended for those holding gold as a form of self-insurance. If you invest in gold bullion as a fallback for an emergency situation, then not having the element directly at hand could present significant problems that ultimately defeat the purpose of buying the stuff in the first place.

Safe deposit boxes at banks are, of course, safe. Hence the name. The circumstances for which one can be opened without the owner present are extreme, such as the owner is deceased and no one has come to claim the box in his or her place. A bank could also open one in the case of legal confiscation for a criminal investigation or similar situation.

But, this option presents physical restrictions that can limit or deny a gold owner access to his or her investments, say in the case of a natural disaster. Contents of safe-deposit boxes are not insured by the bank, and if the bank is physically destroyed (consider what the tsunami in Japan did to banks in its path of destruction) what is lost is lost forever. There’s no getting your investment back.

Another option for storing gold away from home is a private vault. However, unless there is a private vault company within a short drive from your home, this option presents access problems similar to bank boxes. Private vaults are not widespread enough to make it a viable option for most people, and having your gold stored in the next state over will do you no good if you need it in a pinch.

High-end jewelry stores also offer storage services, but besides having the same access problems as the others mentioned here, there is the added risk of them being popular targets for thieves. This risk would definitely be exacerbated in the Greater Depression that is possibly in our future.

Storing gold away from home can be almost as risky as not hedging your finances with gold in the first place, so it is recommended that if you decide to go this route, make sure it is an option that gives you the best access to your investments in case of emergency.

Storing Gold at Home

This can be a scary option for many investors, as it can make your home a target for thieves. For this reason, it is vitally important that if you decide to keep your gold bullion at home, you strictly follow that golden rule mentioned earlier. Tell almost no one. One person and no one else should know where you keep your gold and how to access it.

Jeff Clark, Senior Precious Metals Analyst with Casey Research, advises those who store gold at home to think like a thief. If you were a thief breaking into your home, where would you look? Stay away from obvious places, obviously. He regales us with some heartbreaking stories of stolen gold fortunes, life savings lost, and gives us some tips on storing gold in our houses.

One option is to build a storage shed in your backyard and bury a safe beneath it. This allows you to access the safe without exposing yourself to public scrutiny and is also a place that a thief might not even consider looking during a burglary. One thing you must do if you decide to go the way of the pirate and bury your treasure out back is to make sure that your precious metals are safe from the elements. You don’t want rain water seeping in and getting into your gold. Also, do not hire a contractor to install the safe in the ground, as you don’t know who he will go on to tell about it. Grab a shovel, get your hands dirty and dig your own hole for the safe to go in. Maybe that ONE person could lend you a hand.

With a home safe, you have the option of one that opens with a key or one that opens with a code. A combination lock is good in that only you and one other person can get the safe open. This does bring up another problem, however. Clark mentions in his article a story of a man his father knew who ultimately paid a higher price than gold to keep his investments safe. His family was tortured until he finally divulged the combination to the safe.

The wisest advice Clark provides is to get two safes: the safe in which you keep the majority and most valuable of your investments, and a decoy safe to throw off any thieves that may break into your house. Get a smaller, cheaper safe – many office supply stores sell them – and in it keep some jewelry and  a few coins that wouldn’t be a huge loss for you, but would still be a considerable enough amount to fool a burglar into thinking he’s found your stash. Find a good hiding spot for your real safe and keep the dummy safe in a spot that’s inconspicuous, but still findable. If it’s too obvious, it could let on that it is just a dummy safe.

Insuring your precious metal can be tempting, but is costly, as insurance companies will charge you a considerable premium on your gold, and ultimately unnecessary if you’ve arranged an effective storage method. Insuring also presents the problem of having to tell more people about your gold holdings. Again, keep a tight lid on it.

Purchase Gold Securely

I can’t reiterate enough how important it is to not let others onto the fact that you own gold and store it at your house. This presents a problem for people who buy gold at a dealer’s physical location, as all a thief has to do is follow you home in order to know that you keep valuable investments there. Without knowing it, you have violated the golden rule!

Here at Gold Coin, America’s Gold Coin Superstore, we offer discreet – and free – delivery directly to your door. Your gold arrives in a box that could contain anything – a stack of books, a new phone. It is a perfect way to minimize the chances of someone making your home a target. We buy and sell all types of gold, silver and platinum coins and can also advise you on transferring your retirement accounts to gold IRA and 401k plans.

If you would like a free copy of our 2014 Gold Investment Guide, or are ready to start making safe, discreet gold purchases, give us a call today at 1-800-425-5672, or email us and one of our friendly and knowledgeable representatives will get back to you as soon as possible.

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