Investing in Precious Metals: Storage and Security Options
We’ve created this list of tips to ensure that your valuable assets do not depreciate in value because of hazardous care.
When you invest in gold, silver, or other precious metals here in Canada, you want to be sure that your own actions do not devalue, or make you lose your precious metal investment. Whether your property is susceptible to thieves or if you use toxic chemicals in an attempt to clean them or if your loose lips lead to a family member discovering your no-so-secret stash, there are many ways that your actions can do more harm than good.
Royal Bull recommends that you take time to properly care for and secure your investments to ensure the longevity of your gold, silver and platinum bars and coins.
Keep Your Precious Metals Protected
When you buy gold, silver and platinum products from Royal Bull, do not change their condition in any way. This includes removing cases and cleaning the surfaces of the metals. Leave them alone!
If you have multiple pieces in a single box, you may wish to wrap them each with a cloth to ensure that the surfaces do not scratch each other or somehow jostle free.
When you use your hands to pick up the coins and bars, do so with care. Be sure you’re delicate and do so over a table or other hard surface, with a cloth laid out to gently cushion them.
Some investors choose to clean their products after purchase to ensure that they are shiny and ‘clean’. In many cases, this is a very bad idea. Some metals damage easily and even chemicals that we find gentle are too harsh for precious metals. Silver, for example, is easy to scratch and tarnishes very easily. It oxidizes and should be kept in airtight containers to limit its exposure. Gold too should be kept in airtight containers if and when possible.
Many mints take great care to ensure their customers have an easier job keeping their precious metals protected and sell their products already in airtight containers. It may be tempting, but resist the urge to remove the containers.
Keep Your Precious Metals Secure
There are many different ways that you can help to ensure the security of your precious metals. Whether you are storing your investment at your home or your business, there are practical and relatively inexpensive ways to stop theft.
Of course, use your comfort level. In today’s age, setting up a security system that links with your mobile phone can be yours for less than $100. An exterior and interior security lighting system has proven valuable at dissuading thieves.
A steel safe also works. Not only can even small safes be extremely heavy for one or two thieves to lift, but they can be stored in places that unscrupulous individuals would least expect it. Use your imagination, and be sure that you still have somewhat easy access – what fun is an investment without every so often taking a look at how it’s doing?
Those with larger investments may seek out the services of a local bank, credit union or other private vault business. These often have exceptional safety records and a larger capacity to provide security for your investment than you can ever do on your own.
According to the movies, no place can be ‘100% secure’ but by taking practical steps you are greatly diminishing the chances of thieves from winning out.
Keep Your Precious Metals Investment Quiet…In Moderation
One of the greatest aspects of collecting and investing in precious metals is the ability to share with others about your products, and showing them off with pride. Who wouldn’t want to share with fellow Star Wars enthusiasts about your new silver Star Wars coin? We get it – it’s exciting!
But just beware about who you speak with about what you own and where you keep it. Many common crimes happen to those who know each other, such as neighbors, family, friends and colleagues. Watch what you share. And be cautious of particularly inquisitive individuals.
Especially in these days of overwhelming social media usage, anyone can access information if you share it online.
Be sure to keep your coins and bars in stunning condition, keep them safe from prying eyes and watch what you say to others. By working together, we can help to reduce the chances of your new investment becoming just another sad statistic.
If you ever have questions about caring for your precious metals, reach out to the Canadian professionals at Royal Bull today.