Last Updated on Apr 8, 2020 by James W
Gold bullion is obviously a very valuable commodity, and certainly not something you can keep in a shoebox under the bed. There are basically two requirements for the owner, firstly, they want to have access to the gold, and secondly, it should be as least vulnerable to theft, loss, or destruction, as possible. For those who are looking for some advice regarding gold storage, here are some important points to bear in mind.
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Do Consider Your Options Carefully – One could install a safe at home and store the gold there, as it will always be in close proximity, yet what would happen if you were to die and the combination was not known to anyone else? It might also be a concealed safe, and if immediate family are not aware of its existence, you could lose the gold forever. There are specialist companies that have the resources to correctly store gold bullion; and if you happen to live in Australia, there is excellent and affordable
gold storage at Australasian Vaulting Industries, who have a state of the art facility just west of Sydney.
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Do Include Details In Your Will – Wherever you decide to store your gold bullion, it makes sense to include the details of its location, as well as bequeathing it to a specific person. If you do this and the worst happens, your chosen executor would inform the beneficiary, and with the right authorisation, the vault storage company would accept the new owner. If you are not yet convinced that writing a Will is an urgent priority, there is some further reading on the subject you can find online.
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Don’t Be Complacent – The high value of gold should be sufficient to convince anyone that great care should be taken when storing gold. It is easy to convince oneself that concealing it in the house would be fine, yet in all honesty, gold needs to be under lock and key. Trusting third parties is also risky, and perhaps the best solution is to source a reliable company that offers high value storage facilities, and in doing this, you are ensuring that this valuable asset is always accessible and as safe as it could be.
- Don’t Advertise – Telling others that you are in possession of a substantial amount of gold is never a good idea, and it should be approached on a need to know basis. If, for example, you have rented a safety deposit box at a secure facility, then the only person who needs to know, aside from you, would be your partner or one other trusted person. It is necessary to have details of the location and amount in your Will, and if the worst should happen, the executor will be able to administer your estate as laid down in the Last Will and Testament.
One should never be complacent when it comes to storing valuable items, especially gold, and with a few select companies that offer high security storage facilities, you can be sure the items are in safe hands and can be accessed at any time.
