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How To Keep Your Gold And Silver Safe And Secure

Updated on September 13, 2017
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John Tsang grew up in a town whose economy depended on precious metals. His investments include precious metals.

Anyone who decides to purchase and own gold and silver runs the risk of having it stolen. Sooner or later, the owner will have to address this issue and start protecting their assets. If not, then he or she runs the risk of having their assets stolen. Worse, you could also endanger your own life and the ones dear to you.

It is therefore crucial that you know how to protect your belongings. Fortunately, there are several ways for someone to help keep their gold and silver safe from harm. Some of them can even be implemented quite easily and without spending a single cent.

What's the first thing to do when you decide to buy gold and silver?

The first thing to do when you buy gold, silver or other precious metals is to keep it a secret. Period. Secrecy is the first line of defense. Always strife to have as few people know as possible. Never go around telling people that you've bought or own gold and silver. This does not only apply to strangers, but also to people that are close to you.

They may not have any bad intentions themselves, but they may talk about you with others. They could inadvertently tell someone who is up to no good. Someone with criminal intent may also overhear people talking in public about what they have or what they bought. Criminals can use this information to find and target you.

Another aspect to take note of is how and where you buy stuff. This can also be a source of information for criminals. For example, you may trust the owners of a gold shop, but an employee working there can tell crooks who is buying what. Be careful of where you buy your stuff and it's probably better not to buy too much in one location.

It's best to keep everything hidden as best as possible. For example, don't take pictures of your stash and post them on social media. Nothing is to be done that can be traced right back at you. Ideally, you should be the only one who knows what you have and the exact location of where you keep your precious metals.

If you're worried that you may pass away before revealing the nature and location of your belongings, you can write it down and keep it locked away in a safety deposit box or a trusted attorney. The contents are only to be revealed in the event of your passing.

Always remember the saying that loose lips will sink ships. Be quiet and keep a low profile. Don't do anything that draws attention to you. Some people might think you're paranoid and don't really trust people. That may or may not be true, but in the end it's better to be safe than sorry. It's up to you to decide what it is that you want.

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How to minimize loss or theft by diversifying your gold and silver?

Once you've acquired significant quantities of gold or silver, you need to spread it around in different locations. The reason why you want to do this is to make it impossible for anyone to steal all your gold and silver all at once.

Remember to never keep all your eggs in one basket. You may lose some, but you can't lose it all. Here are a few tips and guidelines to use:

  • Your gold and silver assets need to be separated in terms of distance. Don't just store everything at different locations in your house.

  • Some locations that you can use to store gold and silver include your own home, a safety deposit box at the bank or some remote location if you live in a rural area. The possibilities are endless.

  • It's possible to open a precious metal account abroad, where you can have gold and silver that you've bought stored in return for a fee. For example, if you live in the United States, you can have it stored in Canada.

  • Always keep a portion of what you have close to you in a place that you can access at all times. In an emergency, you may only be able to access those precious metals that are close to you.

As long as your gold and silver is not all in one place, the possibility of losing all of it should be very low. But if you keep everything together, someone needs to know and access just one location to steal it all. Therefore, you need to divide everything and give each a different location.

Keep in mind the pros and cons of where you store your gold and silver

Before you decide where you want to keep your gold and silver hidden, pay attention to the benefits and drawbacks of each option. Your home is familiar to you, but carries the risk of home invasion by armed intruders. There is only so much you can do when there are too many of them and they're too heavily armed.

Banks are more secure, but are not open all the time. Banks can also shut down without any prior warnings. In an emergency or crisis, you may not be able to rely on the bank, especially if mandated by the government. It's also less discrete if you don't really want anyone to know what you own.

Storing precious metals underground in a remote location carries the possibility that someone may accidentally stumble upon the location. You may find out one day that your gold and silver, that you thought you had hidden away, has been stolen without you knowing it.

Using a precious metals account in a foreign country is great if there's a crisis in your own country. However, you may not be able to access your assets right away. Also, there's always a paper trail that can be used to identify you and your belongings. Not good if your intent is to keep secrecy at a maximum.

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How to protect your gold and silver at home?

It is a good idea to keep some gold and silver with you at all times. In a crisis, where you have to leave and time is of the essence, only gold and silver that is immediately accessible is of use to you. In this case, only that what you have in your hands is what counts.

Storing precious metals close to you usually means that you have to store it in your own home. Unfortunately, your home is also the most probable location that criminals will target first. Therefore, you need to pay extra attention to how you store gold and silver at home.

Obviously, you need to have a well protected and secure home, keep doors locked at all times, don't let strangers into the house and so on. Besides all of that, there are a few tips and other guidelines that you can use at home:

  • It's not absolutely necessary to store your gold and silver in a safe. Remember that purchasing a safe is a dead giveaway that you own something valuable.

  • Criminals can use this information to target you. Perhaps with inside tips from a store employee who informs them of people buying a safe.

  • No matter how big or strong a safe is, it can be broken into given enough time and effort. Crooks may just take the safe with them if they have to. Your emphasis should be to on how to avoid discovery in the first place.

  • If you decide to buy a safe, don't buy from and install it using the same person. Use different people so that one doesn't know about the other and can't provide tips to thieves.

  • Don't just store everything in one location in your home. For example, use a decoy to store a third or so of your gold and silver and store the rest in your main location.

  • Both should be well hidden, but the main one should be much harder to find than the decoy. Don't arouse suspicion that there may be multiple locations where you store things.

  • One option is to store the decoy in a safe, but keep most of what you have elsewhere. The contents of the safe is to serve as a sacrifice.

  • In the event that armed intruders break into your house and you are forced to surrender your gold and silver, you can give up the location of the decoy. The other one you keep.

  • If you ever fall into the hands of crooks, your best bet is to cooperate and do as you're told. The decoy can help you appear to be cooperative.

  • Criminals are more likely to leave you unharmed if they've gotten what they came for. You will still lose something, but you'll retain most of what is yours.

Finally, always remember that your life is more precious than all the gold and silver. Don't resist and don't make the criminals angry by arguing. No matter how much it hurts to have your belongings stolen from you, you can always acquire them back as long as you're still alive.

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    • johntsang profile image
      Author

      John Tsang 4 years ago

      Hi Marcy,

      Glad you liked it!

      Thanks and regards,

      John

    • Marcy Goodfleisch profile image

      Marcy Goodfleisch 4 years ago from Planet Earth

      What an interesting topic! I'd never thought about it, but you're right; people who invest in gold or silver, or collect items made of those metals, need to keep their investments safe. Great information here!