You may have considered burying your gold or money in the backyard, but there are other options for storing your precious metals and cash at home. You can hide it under the mattress, in a garbage box in the basement, or even in the freezer. However, if you have a self-directed IRA, you must follow IRS rules and store your gold and other precious metals with an independent non-bank storage company. Investors are drawn to gold for many reasons, such as its perceived store of value and its ability to act as a hedge against inflation.
Before you move your gold home, you should contact your homeowner's insurance provider to make sure it is covered. A survey by Magnify Money found that one in six people have invested in gold or other precious metals since May, and about half of Americans are seriously considering it. Your precious metals broker or IRA custodian can provide you with a list of reputable gold storage companies that they work with. These companies often have insurance available or included in their storage plans.
Gold storage is necessary because of the high value of gold bars and coins. Gold futures are a good way to speculate on the rise (or fall) in the price of gold, and you could even receive physical delivery of gold if you want. However, if you come to the conclusion that more than one confidant may know that you own gold or think you may be a natural target, you may want to have less gold in the house or at least reconsider your home storage plan. Many of the country's largest gold traders work with some of the safest gold storage facilities in the world. Gold bars are much more accessible than the gold owner can imagine, so they can have full confidence that a simple transaction will take place and that their gold will be safe.
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