Importance of Storage Security
After buying gold or other precious metals as an investment, the next most important aspect to research is how to store it securely. The statistics say it all. In 2010, it had been reported that there had been a 51% increase in precious metals that had been stolen from the previous five years. In 2019, the BBC reported more than £140m of gold had been stolen in the UK in the last five years. This demonstrates the importance of storing your investments.
There are many storage options available. Let us go through them….
Gold Storage Options
Many first time gold investors may think first about using a bank locker to secure their gold or silver. This can end up being very expensive and not as flexible as other options. For example, if there is a change in the market on a Friday, you might not have the opportunity to access your gold at a bank until after the weekend and by then prices would have changed. The bank also requires you to make an appointment which could be days later depending on their availability. They also charge an administration fee for every time you access. This is the reason why many banks are no longer offering this service and many people choose not to store their precious metals this way.
Another option is to store your precious metals at home. You would know exactly where it is kept and could you access it at anytime. This option is very risky, and you should keep this information extremely private, even from friends and family. If you are burgled it is very unlikely your home insurance company would pay out which means you would suffer a substantial financial loss which contradicts the whole idea of the investment. This option should never be recommended to anyone.
The securest option is to store your precious metals in a safety deposit box situated in a certified vault. In a vault, your precious metals are secure, accessible, and more liquid. Your assets will be accessible from one place. At Coventry Safety Deposit Centre you are able to access your box 7 days a week. Your safety deposit box contents can be insured up to £500,000 offering you complete peace of mind. Access to your valuables can only be achieved after passing multiple layers of security, these include biometric and digital verification. Our pricing starts from £2.50 per week (£130 per year) and there are no additional charges when you want to access your box.
Coventry Gold and Coventry Safety Deposit Centre are situated at the same office. Which means you will be able to buy and sell your precious metals and store them from the one central location.