4 Common Gold Storage Mistakes and How to Avoid Them

Some people estimate that as many as 25 million people owned gold as of 2017. That works out to over 8% of the population, though others seem to think the number is much lower, possibly even one percent or less.

Regardless of how many people are invested in gold, most of us can agree that a certain amount of care must be taken with gold. Unlike most investments, gold bullion is a solid object rather than a slip of paper with an acknowledgment of investment written on it.

This means that proper gold storage is important. We’ll discuss some gold storage mistakes in this article.

1. Low-Effort Storage

While there’s no set-in-stone rule for where to store your gold, many agree that storing gold at home is a good choice. However, throwing your gold in any old closet or jewelry box is a bad idea. 

Gold and other valuables attract thieves, and since you can’t keep the whole world from knowing about it, you’ll need to find a good hiding place. The best hiding places are those that take time to find because thieves will be trying to get out as quickly as possible.

One good hiding place, for instance, would be in an old shopping bag. After you’ve put the gold in that bag, find a cardboard box. Put the bag into the cardboard box along with random items, and then stow the box behind a few other boxes.

2. Talking Too Much

We’ve mentioned that you can’t stop the world from knowing if you own gold. However, you can limit the number of people you tell.

The more people who know about your investments, the more likely someone is to gossip. The thing about gossip is that it’s not some catty behavior that only a few nosy people engage in. Most people gossip, and most of them probably mean no harm, but it only takes one person to act in bad faith.

3. Not Leaving Decoys

Sometimes, all you need to do to get rid of a thief is to leave a decoy. Try to leave something that isn’t valuable in a poorly-concealed hiding place to trick the thief into thinking they’ve found something worth stealing.

Many people turn to a safe for safe gold storage, but this comes with risks. Safes, while secure, are also noticeable. That being said, a safe can make for a great decoy.

Keep in mind that gold investments can be diverse, and each type has its advantages. Storing gold coins is easier, but gold bars tend to be more affordable.

4. Showing Off

If you’ve made money on your investment, you have every right to spend it, but be careful. If you suddenly start making big purchases, people will catch on.

Nothing attracts curiosity like flaunting money. Try to space out or scale back your spending so you don’t seem too wealthy.

Avoiding Gold Storage Mistakes

Avoiding gold storage mistakes is often much harder than it sounds. That’s why we’ve offered some advice on how to safely store gold in a place where you, and only you, will get to it.

If you want to know more about investing in precious metals please visit our site. Feel free to contact us if you’re thinking about getting into precious metals and want some advice.