So you've decided to invest in gold and silver bullion coins. With gold currently trading well above $900 per ounce, this is a great move. My top suggestion is to store your gold collection in your safe deposit box. Safe deposit boxes are safe and secure and allow you to sleep at night. You already have so much value in your house including your computer, electronics, clothing, furniture, and so much more. Why not diversify your risk and keep your gold assets safely in the bank vault?
©iStockphoto.com – sweetym
Still Want To Keep Coins At Home?
So you've read my advice but still want to keep your coins at home? One final suggestion: Why not keep a very small percentage of your gold coins at home but store the majority in your safe deposit box? This will give you the best of both worlds. You will have some bullion on hand in case you need quick access to it and also can sleep well at night knowing your fortune is protected. There are a few benefits to this hybrid model:
- I believe gold coins are good luck. Keeping a small number of coins on hand will likely bring you some good fortune.
- What if there is an emergency and you can't get to the bank or the bank is closed? Keeping a few coins at home is great insurance.
- What if there is another gold confiscation like in 1933? It would be terrible to see your safe deposit box confiscated and lose all of your hard earned gold.
While I think the pros of keeping all your gold in a safe deposit box outweigh the above three cons, the remainder of this article is devoted to clever ways to safely hide your gold coins at home. Moreover, these tips are not only for gold coins but also for your cash, jewelry, silver coins, and other valuables.
Hide Your Gold Through Diversification
Let's say you've decided to store a handful of gold coins at home. A great way to mitigate the risk of theft is to diversify where you store the coins. Don't place them all in the same hiding spot. Rather, spread them around. A thief is a lot less likely to find all of your coins if they are hidden in multiple locations. In the unfortunate event of a robbery, you will most likely only lose some (or even none) of your coins if they are well hidden in a diversified manner.
Assume A Potential Thief Will Have A Metal Detector
Thieves are smart these days and you need to outsmart them if you want to keep your gold. Assume that thieves have metal detectors. They will leverage these metal detectors to find your gold stash. The solution: Hide your gold in a place that would already set off a metal detector. For example, perhaps you could store your coins in the kitchen drawer near your metal silverware but hidden under a towel or taped against the top of the drawer. The thief would not see your coin and would assume the silverware set off the detector.
Your House Extends To Your Car and Your Person
In the spirit of diversification, why not store some of your coins in your car or on your person? That way if your home is robbed, you will mitigate the downside. Moreover, gold coins are good luck and are more likely to pass along their good fortune if they stay close to you at all times. This is one reason to always keep a gold coin in your pocket, briefcase, or purse. If you are going to the carwash or the car dealership for a service, always remember to remove your gold coins from your auto.
Hide Your Gold By Thinking Outside The Box
The key to hiding your gold coins is to think outside the box. Again, thieves are smart and know all the cliche hiding strategies such as in the freezer and fireplace. Basically, any specific strategy you have read on the Internet is probably worthless because it is already out there. That is one of the reasons I am giving few specific examples in this article and trying to keep things high level. Use your intelligence. I'll assist this general discussion with two more specific examples to help spark some creativity: Bury a gold coin or two in the soil of your favorite plant on your balcony. Gold is very resistant to the elements and will do just fine in some soil that gets water. Would a thief ever think to go on your balcony and dig through dirt? Probably not. Another great one: Check out this soda can that can be used as a gold coin safe. The great thing about the soda can is it blends in so well and is an aluminum can so it would already set off a metal detector, making it more difficult for a thief to uncover your hidden coins.
Tell Nobody About Your Gold
If you never get robbed, you never have to worry about hiding your coins well. Gold is an exciting topic and it's ok to talk about it in general. However, there are a lot of people out there who want your money. Keep quiet about your gold bullion coins and you will not have to worry as much. Start telling your friends and word will spread that you have a gold hoard. This only invites trouble. As a closing thought, life is all about diversifying away risk. In your general gold storage strategy, think about how you want to diversify.
New Tips From Gold Why Readers
I work really long hours on this site, oftentimes late at night at the expense of sleep. One of the greatest payoffs of my investment in this site are the wonderful emails I receive from all of you. I really appreciate all of the ideas, tips, and kind words - it means a lot to me! Below, I'm happy be to updating this article with tips that Jason and Steve sent to me recently. Jason and Steve, thanks for the great tips:
"I'm a fan of hiding coins in plain sight. Thieves look for obvious signs of value, such as safes, jewelry boxes, etc. My solution is to place some gold coins in a ziplock bag, then put that bag into a second ziplock. Make sure ALL the air is out of both bags. Then, locate a half-used can of paint which shows signs of use (drips down the outside, etc). Drop the ziplock bags into the paint, and they disappear beneath the remaining paint to the bottom of the can. Reclose the can and store wherever you keep such items...in a utility closet, garage, basement, etc. The metal can will foil metal detectors and who would ever think to steal a half-used gallon of paint?" - Jason
"The other point was about hiding coins. One idea I got years ago was for a "Burglar Bluff Box" placed in a drawer somewhere. i.e. a cash box with the key "accidentally" left in and containing some cash and false gold coins and jewelry. There is a huge amount of gold plated coins, rings etc on Ebay, usually very cheap, but they look so real! You can also print out your own shop price labels to make the burglar's mouth water. A gold plated Krugerrand in presentation case with a 900 euro price tag on it looks better than the real thing to a thief, mainly because gold plated coins are a bit shinier. The point of this is to give the burglar something to find, so hopefully he'll leave there and then, without trashing the place or searching further." - Steve
Buy Gold Coins on eBay
Related Gold Articles
Why Did I Create Gold Why?
Why Buy Gold Bullion Coins?
Why Buy Tacoma Copper Bars?
Why Collect Maui Trade Dollars?
Why Gold Coins Bring Good Luck?
Why Own and Wear Gold Jewelry?
Why Buy Gibraltar Dog Gold Coins?
Why Buy Coins From Pennies.com?
Why Buy Isle of Man Cat Gold Coins?
Why Be Careful Buying Coins Online?
Why Buy Silver Strike Casino Tokens?
Why Buy Johnson Matthey Gold Bars?
Why Buy Gold From Creative Sources?
Why Buy Bullion From Joliet Metal Mint?
Why Give Gold Coins For The Holidays?
Why Buy Fractional Silver Bullion Coins?
Exclusive Interview With River City Coins
Exclusive Interview With Market Harmony
Why Buy Silver Vacation Souvenir Coins?
Exclusive Interview With E Cohen Minting
Why Buy 1/20 Ounce Gold Bullion Coins?
Why Buy Gold and Silver Bullion on Ebay?
Exclusive Interview With The Copper Cave
Why Buy Exotic Bullion From Jetco Minting?
Why Participate In The Gold Why Giveaway?
Why Pay Yourself First In Gold Bullion Coins?
Why Buy 25 Dollar Boxes of Copper Pennies?
Beginner's Guide To Investing In Gold Jewelry
Why Buy Gold and Silver From GovMint.com?
Why It's Not The Right Time For Gold Stocks?
Why Diversify Within Your Gold Coin Portfolio?
Why Vote For Ron Paul? A Gold Bug's Opinion
Why Collect Spare Change From The Ground?
Why Invest In Shares of Gold Mining Companies?
Why Buy Physical Gold Coins Versus Gold ETFs?
Why Store Gold Bullion In Your Safe Deposit Box?
Why Buy Copper Bullion Bars From The Metal Mint?
Why Buy Gold Bullion From Well Known Gold Shops?
Why Am I Hoarding One Dollar (and Five Dollar) Bills?
Why Buy Gold, Silver, and Copper From E Cohen Mint?
Why Buy Gold Versus Silver? Why Buy Silver Vs. Gold?
Why Have There Been No Updates To Gold Why Lately?
Why Buy Gold and Silver From The eBay Bullion Center?
Why Complement Your Gold Portfolio With Other Metals?
Why Protect Yourself Against The Next Gold Confiscation?
Why Subscribe To Gold Why's Exclusive Email Newsletter?
Why Watch The Coolest Gold Collection Ever On YouTube?
Why Gold Is An Important Investment In Our Bad Economy?
Why Buy Gold Bullion Coins From Blanchard and Company?
Why Buy Coins From Shop NBC? Review of The Coin Shoppe
Why Buy Copper Bullion From The Copper Cave by Susquehanna Hobbies?