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How To Keep Your Gold And Silver Safe

Updated on November 28, 2016

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 not only having their assets stolen, but in the process endanger their lives.

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 easily and without spending a single cent.


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

The first thing to do when you buy gold and silver is to keep it a secret. Period. Secrecy is the first line of defense. You should always strife to let 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 you know. These people may not have any bad intentions themselves, but they may inadvertently tell someone else who could have them. Someone with criminal intent may also overhear people talking about what they own or what they bought.

These criminals can use this information to find and target you. It is best to keep this information hidden as best as possible. Ideally, you should be the only one to know what you have and 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. The contents are only to be opened in the event of your passing.


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

Once you've acquired quantities of gold and 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 at the same time.

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

  • Your gold and silver assets need to be separated significantly 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, some remote location if you live in a rural area and so on.
  • It is 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 not all of your gold and silver is 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.


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Pay attention to where you are storing your gold and silver

Before you decide where you want to keep your gold and silver hidden, keep in mind what the pros and cons are. 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 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 really don't 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 the gold and silver that you thought you had hidden away, has been stolen without you knowing about 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 what you own.


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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 at 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 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.
  • Don't just store everything in one location. Use a decoy to store a portion of your gold and silver and store the rest in your main location.
  • Both should be well hidden, but the main one should be harder to find than the decoy. Don't arouse suspicion that there may be another location.
  • If you decide to buy safes, don't buy and install them using the same person. Use different people so that one doesn't know about the other and can't provide tips to thieves.
  • 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.
  • Criminals are more likely to leave you unharmed if they've gotten what they came for. You will still lose something, but will retain most of what you own.


Finally, always remember that your life is more precious than all the gold and silver. 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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    • 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!

    • johntsang profile image
      Author

      johntsang 4 years ago

      Hi Marcy,

      Glad you liked it!

      Thanks and regards,

      John

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