Gold should be stored in an area protected from high humidity and temperature fluctuations. A lockable jewelry box or a safe are great investments for storing and protecting jewelry and other small gold valuables. Safety deposit boxes are also a popular option for storing metals such as gold. If your purchases are for a self-directed IRA, your storage options are limited.
IRS rules prohibit keeping gold and other precious metals at home that are part of your IRA. Like standard monetary IRA deposits, your precious metal deposits need to be under controlled access for distribution tracking and taxation purposes. Independent non-bank storage companies have grown in number and popularity as gold and other precious metals have grown in popularity. These companies work with precious metals brokers and IRA custodians to make shipping and storing your investments safe and simple.
Many of these companies have insurance available or included in their storage plans. Yes, you can store gold or silver in many hidden places in and around your home. You can bury it in the backyard. Or tuck it under the mattress.
Or put it in a garbage box in the basement. Or even hide it in the freezer. In reality, there are only three ways to store your gold, keep it at home, use a bank's safe, or pay a third-party storage company. Secret storage is the simplest and most economical method for storing gold or silver.
This storage method is ideal for customers who own collections of precious metals from small to medium size. Simply find a safe hiding place in your home or on your property and store your valuables. This prevents others from knowing your whereabouts, while providing your owners with easy access. Common practices for hiding precious metals include hiding them in a hollow book or burying them in the yard.
Safe deposit boxes within bank properties also raise another concern, since the location of the box is within a bank's premises, the location could become inaccessible should banks remain closed during a financial crisis (think Cyprus in 201, or fall under dictatorial government directives that the contents of safe deposit boxes would be accessible due to capital controls (think of Greece in 201.