People buy gold for all kinds of reasons. Perhaps most relevant is the fact that gold holds its value far more than some other investments do. If you don’t trust the banks as much as you used to, the idea of purchasing gold might be quite appealing.
However if you have some gold at home – regardless of the form it is in – you must be able to store it safely and securely. That’s what we’re going to look into here.
Many people will have some gold jewellery at home. While some pieces may be worn and enjoyed on a day-to-day basis, heirlooms and more expensive pieces may have been bought purely as an investment. This type of gold jewellery needs to be stored appropriately. To this end, a safe is the best option.
Don’t just buy any safe though. Just as you invested in gold, you need to invest in an appropriate safe to protect it. The type of safe you need is called a security safe. These are easy to identify as they have cash ratings. This rating refers to the amount an insurer will cover with regard to what is inside.
Cash ratings are very important. If you look at the Eurograde range of safes, you’ll see they have cash ratings from 0 to 7. The 0-rated security safe offers a £6,000 cash rating, whereas the 7-rated safe offers up to £250,000. As such, size is not the only important aspect here. You need to consider the value of your gold jewellery and choose appropriately. If you buy a 0-rated safe but you have gold valued at a greater amount than that, you won’t be covered for the full amount.
Gold bullion refers to gold that is sold by weight rather than by piece. It normally comes in bars or ingots. This should also be stored in a safe with a cash rating. The Eurograde safes also have a so-called valuables rating. This ranges from £60,000 to £2.5 million of valuables. Even if you only have a few bars of gold to store, they can take up some space, so you have to bear this in mind when considering the internal dimensions of any safe.
Before you purchase your safe, make sure you know how much your valuables are priced at. Take into account anything you may buy in the future as well, so you can buy something with a more generous valuables rating than you currently need. A bigger safe will also give you the option to buy more and have space for it without having to buy another safe at some point.
Gold bullion can also be purchased in the form of coins. Coins are easier to store safely than gold bars, purely because of their size. However it does of course depend on how many you have.
Before you buy the best safe for your current and future needs, you should think about where you are going to put it. Hiding the safe from view means no one can walk in and carry the safe away, and worry about how to break into it later. Ideally you want to be sure no one can do this – and if you are smart, you can have a safe no one even knows is there.
Wall safes can be inserted into any wall that has the depth to accommodate it. As such they are not as deep as other safes can be, which you should bear in mind. A lot of wall safes are around 150mm deep, although some fall either side of that measurement. Oftentimes people will hang a picture over the safe once it is in place, but you could be more creative than that. You could install your safe in the wall behind a kitchen cupboard for example.
Another option is to get a floor safe. These are much deeper and bigger than wall safes and even more secure, since they are required to be installed in reinforced concrete. Even if someone were to find your safe, they wouldn’t be able to walk away with it. In this case you could hide it under loose floorboards or a rug so no one could see it.
As you can see it isn’t just the security rating of the safe that is important when you want to store gold at home. You also have to think about where you are going to put the safe.