Your Silver Storage Guide

Silver’s affordability comes with a catch—as you accumulate silver over time, you’ll soon find it takes up quite a lot of space. 

Instead of hiding your silver under your mattress, invest in proper storage space. After all, silver is your financial backstop—it needs to be stored wisely, so you can adequately safeguard your investment. 

Here are a few of the most popular options for efficient and safe silver storage:. 

3 Methods of Silver Storage

Below are three silver storage methods to consider. Use them to help determine the best course of action. 

1. Home Silver Storage

Storing your silver in a home safe is ideal for protecting yourself and your family during emergencies. A home storage box provides easy access when you need your silver most.

But you don’t need to store all your silver inside your home. For your safety, we recommend storing just enough at home to help you get through a personal or national emergency. The rest of your silver should go into a third-party vault where it is protected by armed guards. 

Consider getting insurance for your home storage in the event your assets are stolen. You may be able to add it to your homeowner’s policy, but there are critical things to keep in mind before you do so. We’ll delve into this later.

2. Bank Deposit Box

You can also store your silver at a bank. But there are some things to keep in mind: 

There are no federal laws that govern safe deposits at banks. The bank is not required to compensate you if your silver is stolen or damaged. Therefore, you will need to purchase separate insurance. And banks are notoriously bad at keeping track of safe deposit boxes, many simply go missing and their contents are not recovered. 

Many banks go out of business each year. Thus, a bank deposit box may not be a suitable long-term storage option. 

3. Third-Party Vault 

The professionals who work at a depository are experts in handling precious metals and can provide your assets with lasting protection. This involves security measures such as:

• Highest-rated, strongest vaults
• Armed security guards
• 24-hour surveillance
• Metal detectors
• Bulletproof doors
• Biometric scanners

Better yet, by relying on a third-party vault, you likely will not need to acquire your own insurance policy—the depository is usually responsible for this and insures your metal for replacement value. 

At GoldSilver, we offer affordable vault storage that come with insurance and security audits and round-the-clock liquidity – sell online anytime, or add to your holdings.  

3 Tips for Storing Your Silver 

Here are a few essential tips to keep in mind as you store your silver. 

1. Keep the Location Private 

You should only tell one person you trust (family member or friend) about the location of your vault in the event something happens to you. The more people who know, the higher risk your silver is in. 

This designated person, along with the required parties involved (insurance agent, third-party vault professionals, etc.), should be the only individuals who know about your storage location. 

2. Use Anti-Tarnish Tools

Silver tarnishes over time. Thus, take the right precautions when handling your storage space and silver: 

• Use protective, anti-tarnish linings or bags when storing your silver. These items can help protect your silver against structural damage and oxidation. If you store your silver at a third-party vault, the professionals should already have these precautions in place.
• Wear lint-free cotton gloves or use plastic tweezers while handling your silver. The oil on your hands can expedite the tarnishing process. Moreover, touching your silver with your bare hands can leave unwanted fingerprints on them. 

3. Take the Right Precautions with Insurance

If you decide to store silver at your home, and you want to take the precaution of  insuring your precious metals by adding it to your homeowner or other existing policy—there are things you should carefully consider

• Your level of comfort. Are you comfortable sharing your information with your insurance agent? Do you trust them? You’ll need to assess the level of protection your silver will receive, which brings us to our next point. 
• The level of security. Who (insurance agents, appraisers, corporate officers, etc.) has access to information regarding your silver? Make sure you know who the involved parties are. Acquire documentation on this whenever possible. 
• The cost. Insurance plans for precious metals can be expensive. Most of the time, you need to have a serious silver investment for the insurance costs to be worth it.

Again, the more people who know about your silver, the higher the risk. Therefore, to ensure the safety of your silver, we recommend relying on third-party vault storage where you will have access to high-level security measures and professionals. 

Store Your Silver with GoldSilver

GoldSilver make storing your silver in guarded, third-party vaults very easy.. We offer affordable security vault options that come with 24/7 surveillance, armed guards, independent  audits,  full replacement insurance and best of all, you can monitor your holdings held inside the vault online and sell in a few clicks if necessary. Learn more about our vault storage services today.