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7 tips to store your gold safely

By Finserv MARKETS - Aug 1,2019
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7 tips to store your gold safely

In India, gold is more than just a monetary possession and an investment option, it is a major part of our culture and tradition. However, with the joy of possessing comes the fear of losing it. There is a lot of risks associated with keeping valuables at home. Jewellery insurance, which can also be insured as a part of home insurance policy, is a good option in that case, as it provides cover in case of any theft, mishap or damage.

Although gold sovereign bonds are a lucrative option available at various intervals at the banking window, gold ETFs require prior knowledge of the market as well as a trading account, which works like a current bank account and a Demat account, which acts more like a savings bank account. Investment in precious metals like gold comes with many challenges. As mentioned above, purchasing physical gold has its own drawbacks given its maintenance, storage and safety. One gold investment option that eases the pain is digital gold.

What is digital gold?

Gold is a universal means for investors to protect and preserve riches against emergencies like inflation, market collapse, currency fluctuations, among others. Buy digital gold online and that will give you a more secure and cost-effective way of investing in physical gold by using digital speed. Digital gold method allows a person to buy and sell gold in fractions at their own convenience.

The problem with investing in gold is that most people have to wait for their savings to be enough to make the desired purchase. But with the advent of digital gold investment, one can buy the yellow metal in low denominations, for example, Rs 100 and so on.

7 tips to store your gold safely

  • Secretive storage or safes are the easiest options:

Secretive storage facilities are one of the least expensive options for storing gold and other valuables. This is convenient for small and medium-sized preservation as well. Safes, on the other hand, require either a digital code or a combination to operate. Storing gold and other valuables in less obvious places is advisable when keeping them at home. While keeping gold in secret spaces can help customers avoid storage fees, allowing easy instant access, this can also increase the chances of damage. However, safes are heavy and their cumbersome weight makes them very difficult to move or steal. They can also steal your reserves in case of fire or any other natural disaster. The price of a safe will vary along with size and whether it is manually or electronically operated.

  • Banks can fulfill storage needs in order to avoid theft and burglary at home

It is understandable when people feel unsafe with the idea of keeping valuables at home, as it increases the risk of potential threats like theft and burglary. A bank is a preferred option for their storage needs in this case. In this case, customers feel relieved as they turn to a third party storage facility in order to store their valuables. On top of that, banks also offer high internal and external security. There are two ways to store valuables at banks:

  1. Bank vault – these are for customers who do not mind storing their wealth with other people.
  2. Safety deposit boxes – these are reserved for the private use of an individual customer.

However, customers have to pay a minimum for storage services at banks.

  • Metal depositories

Metal depositories provide enough station larger collections. They also have special facilities for controlling moisture that ensures better storage environment for your precious metals. These are also safeguarded by constant surveillance and security.

Entry into these restricted facilities is often monitored and recorded.

  • Buying digital gold as an alternative to physical gold

While digital gold is a relatively new concept in the market, it is simple and transparent, and most importantly, it pushes aside the menace of storage. Digital gold allows small investments, it allows you to buy gold investments in fractions of grams. This encourages people with a limited amount to invest in it. Physical gold has so many security issues, digital gold investment gives a person freedom from long-term expenses and storage issues.

Digital gold offers liquidity, as in order to sell the gold, you need not visit a dealer. A person can buy or sell the gold at any place and at any time. Digital gold investment is a safe option because each gram of accumulated gold in one’s account is actually backed and supported by physical gold. Buy digital gold online and sell them anytime, even on bank holidays. That’s the kind of flexibility a person has with digital gold.

  • Selective storage

Though superficial, the idea of this is to put gold where nobody would think of. Building secret components in the walls, fake air vents, air conditioning ducts or false piping that is not connected to a water source and appears to be simple plumbing and other less explored places. The fact that gold is non-corrosive, one can also store it inside fish tanks. Selective storage demands creative minds. It is the least expensive way to hide your gold from others. The only drawback is sometimes people lose track of their own hiding places. Also, if someone else finds it, might steal it away. Hence, it loses all its purpose.

  • Leaving the gold with a trusted third party

Some have trusted family members or some associated attorney trustee who has secure storage capabilities to keep the gold. The only problem is that when you trust someone with your valuables, one tends to give up some control.

  • Offshore gold storage

When you talk about real financial privacy, one must agree that it does not exist in the conventional banking sector anymore. Moving your valuables out of your country makes sense because when you keep your wealth within a nation, you tend to be at the mercy of that country’s exchange controls, bureaucracy, litigation and tax confiscation. But this is a costly process and everyone cannot afford to do this.

One can also go for bullion storage facilities in case of large holdings.

Conclusion

As everybody is in the fray of the modern-day gold rush, it is not worth losing your sleep over safe storage of your gold. That is the benefit of investing in digital gold via Finserv MARKETS. The gold is safely held for you in storage at a secure location. If you wish to sell your gold, you can do so online without taking physical possession of the gold, enabling you to invest in gold without the hassle of storage. Investing via Finserv MARKETS also gives you an assurance on quality since the gold is certified pure by a competent authority. Moreover, there are no hidden charges and the buying/selling process is quick and efficient.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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