The way you store anything of value depends on many factors. Many people find it very easy to set up safe, private, and locked storage areas in the home. For me, though, it was a new concept.
Before I began investing in and taking possession of silver, I simply didn't own anything that held more value than other things you generally keep at home, perhaps simply locked behind a door or within a safe.
How to Store Your Silver
Silver storage, in the context of purchasing coins as investments, is relatively simple. One of the beauties of investing in silver (and gold) coins, and perhaps the primary reason that these metals have been used as money for thousands of years, is that they do not change, decompose, spoil, metamorphose, or transform into anything else over time. Simply put, silver does not lose its core properties as it ages.
While silver will certainly tarnish over time due to its particular chemical relationship to oxygen, the tarnish never damages the metal's unique performance properties. And, of course, tarnish can polished away very easily.
Storing bullion—silver rounds, eagles, bars, and even 90% junk coins—need not be complicated. Putting into place a proper silver storage system is a rather simple step that will give you added confidence in the value and security of your investments.
A fireproof and waterproof safe is a must, and the use of multiple locks is advised.
Of course, the silver storage methods I refer to here are intended for silver coins that have been purchased as investments. Read more about investing in silver here.
How Much Will It Cost?
Essentially, you will want to spend about 1% of your total silver investment amount on storage.
My first silver coin purchase was 1000 ounces. This fits pretty nicely in a small safe (waterproof and fireproof, naturally) that can be purchased just about anywhere, including Costco. Most safes this size are typically priced between $100 and $200, which, in my case, was well below the 1% guideline described above.
I do, however, think it’s also a good idea that the safe be either bolted down or dead bolted behind another door. This would add another $100 or so to your total storage cost, depending on how you go about it.
Frankly, considering the costs associated with other common forms of silver investment, the cost of storing silver coins yourself is actually quite reasonable. Transaction, administration, storage, and shipping typically add to the cost of investing in silver in most other forms. In my opinion, though, the benefits of owning any form of silver now far outweigh the need to make a small additional investment in order to ensure that it’s safe.
Keep in mind, however, that as the masses begin to catch on to the current silver shortage, 90% silver coins may be your best, or only, option. In this case, you’ll need more room to store them since coin bags tend to take up more space.
Click here for David Morgan's overview on how much space a silver investment actually consumes.
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