Suppose you are one of the millions of Americans waking up to the potential of silver bars as an investment and wealth parking vehicle. You might be actively looking into buying some silver, or you may have already taken the leap and bought one or more bars already. Since you likely bought these bars to help get you and your family safely through rough times or times of economic or even civil instability, you want to make sure they stay safe so that they are right where you need them to be. Whether that need comes in 11 months, or 11 years, there are certain considerations when you are deciding how to store silver bars.
This means your method of storage for your precious metals will be necessary. One of the main reasons it’s going to be important is that the safety of your investment will directly impact your peace of mind regarding your investment. Having them in a place that makes them susceptible to loss, theft or damage can mean your investment may not be there when you need it. Here are some ideas for safely storing your poured silver bars.
Safe Deposit Box
Many people initially think about storing their valuable physical metals like silver bars in safe deposit boxes in banks. While this seems like a solid solution on the surface, it starts to lose its appeal when you think about it a little deeper. The bank is far more secure than your home, but it is also a commercial enterprise and has its operating hours.
This means your access to your investments is limited not only by the workweek but also by the bank operating hours. This means you lose access to your assets periodically, and for a significant portion of time, you are physically prevented from getting access to your silver. This means you cannot access them during holidays or natural disasters. What if an event prevented the banks from opening, but which necessitated you getting to your silver?
Additionally, while accounts at banks are FDIC insured, safe deposit boxes are not. You can insure them separately, but that can be pretty costly and can negate the benefits of investing in silver bars in the first place. Since safe deposit boxes are not very private, they are also visible easily to government officials and aggressive attorneys. Silver is also considerably more significant than other investment vehicles and may require a larger, more expensive box.
Your home safe will likely be one of the best places for you to store your growing silver bar collection. Safes are considerably more secure than simply hiding your bars in some unsecured location, and the access is limited to only those that have access or permission to use the safe. The main hurdle is that you want a safe large enough that stealing it will not be a viable option if your home is invaded and you are robbed.
This means you want a safe of at least 400-500 pounds, and heavier is better. This often won’t be too big of a challenge since anyone planning on investing heavily in silver will also need a considerably large enough place to store it all. Since the cost per ounce is so much lower than gold, investors tend to have a much greater volume of silver around, requiring larger storage space.
Remember that no safe is entirely secure and that they are only meant to buy time. Keylock safes should have the key stored securely away from the safe in a separate location. Combination safes should have the combination safely stored somewhere else, but be aware that the criminals will likely try to force you to give them the variety in a robbery situation.
Vault Storage Or Depository
Once you begin to have substantial investment and volume of silver, it may be time to consider private storage services, like vaults and depository companies. They will have the real estate to store your investment securely, but they are also specially insured if anything ever happens to your bars.
The best vaulting services will offer the investor several features or benefits that you can count on. Your silver should be held outside of the conventional banking system. It should be completely segregated from other assets and stored in your name so that your bars always remain your bars, and you aren’t simply getting silver bars of the same weight that you deposited. It would help if you were given an easy way to manage or access your assets online.
If you are going to store your silver bars at home, but not in a sealed environment like a safe or other closed and secure containers, you will need to consider where and how you store them. Don’t forget that silver bars will tarnish over time, so they should be in sealed containers, then kept away from heat and humidity.
Be sure that the bars are stored somewhere cool and dry and not wrapped in the newspaper since the ink can discolor the silver bars and lower their value. Smaller bars should not be rubber-banded together, as the rubber band can break down over time and stick to the bars, leaving residue. Bars should be stored wrapped in a soft cloth in their container to slow tarnishing.
Safely Storing Your Poured Silver Bars
No matter your investment level, risk tolerance, or budget, there is a safe place for you to keep your silver bars. Whether you are collecting 100 ounce silver bars or fractional silver, safe storage is essntial! Remember that the hydrogen sulfide from the air will eventually cause tarnishment or discoloration to appear on silver that is not sealed or enclosed (Sometimes this look is desirable!). Take some time to thoroughly consider your viable storage options and pick the solution that meets your needs while still giving you access to the assets you want.