Investors should avoid taking physical possession of their gold or silver unless they believe there is an emergency. It's much safer to store your ingots in a secure vault, or even consider investing in a Gold IRA account. It's also much easier to sell metals that are stored in a secure vault because the chain of custody doesn't break. In reality, there are only three ways to store your gold: keeping it at home, using a bank's safe, or paying an outside storage company, such as a Gold IRA account. This is one of the first options that come to mind when we think about where to store gold safely.
If your purchases are for a self-directed IRA, your storage options are limited. IRS regulations prohibit keeping gold and other precious metals at home that are part of your IRA. Like standard monetary IRA deposits, your precious metal deposits must be subject to controlled access to track and tax distributions. Independent non-bank storage companies have grown in number and popularity like gold, and other precious metals have grown in popularity.
These companies work with precious metals brokers and IRA custodians to make shipping and storing their investments safe and simple. Many of these companies have insurance available or are included in storage plans. Gold should be an important part of a diversified investment portfolio because its price increases in response to events that cause the value of paper investments, such as stocks and bonds, to fall. Although the price of gold may be volatile in the short term, it has always maintained its value over the long term.
Over the years, it has served as a hedge against inflation and the erosion of major currencies and is therefore an investment worth considering. Gold storage is a simplified term for the storage of physical reserves of gold and other precious metals, either in the form of a coin or ingot.