How to Safely Store Gold, Silver and Platinum
Taking Care of Coins and Bars
Bullion is not bought for its appearance, but for its intrinsic gold value which won’t be affected by any damage. In fact, some bullion coins may have slight imperfections. However, you won’t want to cause any damage to your gold – and it’s also possible that damage to Royal Mint Bullion coins may affect their resale value, so it’s important to avoid it.
Handling Gold Bullion
The main way to protect your gold coins or gold bars is not to handle them unless it’s necessary – but sometimes you might want or need to. Gold is soft, so to prevent your bullion from being damaged by a hard surface when handling it, put a soft, clean towel or cloth on the surface where you want to place it. Also put something soft on the floor in case it falls.
Wear cotton, lint-free gloves to handle your gold. Don’t use latex gloves as the lubricants in them can damage the metal. If you don’t want to wear gloves, always make sure your hands are clean – use sanitiser to remove oil that can cause decay. Be careful when you handle your gold, and pick up coins at the edge.
Cleaning Gold Bullion
You don’t need to clean gold bullion – in fact, doing so may damage a Mint finish. Gold doesn’t corrode or tarnish so it will stay bright forever. However, don’t store gold with silver or with any tarnished metal – it can cause damage. In terms of storage, keeping your gold in airtight containers or capsules can help protect it.
Where to Store your Gold Bullion
Finding the right place to store your gold is an important part of keeping it safe. You have two options.
Storing your Gold Coins and Bullion at Home
Storing your gold bullion at home in a safe gives you access to it whenever you want it. However, it will be up to you to protect your gold from theft. You will also need to consider the effect on your home insurance premium – you may need to take out a special policy if your bullion isn’t covered by your normal home insurance.
If you are going to store your bullion in a safe, there are a few things to think about:
- Size – the safe needs to be big enough for your gold bars and coins. It shouldn’t be free-standing.
- Location – you might want to put your safe in a place that’s not too obvious. It also needs to be in the right environment away from any damp.
- Security – it makes sense not to tell people that you’re storing gold at home
Storing your Gold Coins and Bullion with a Third Party
If you’re going to store your bullion in a vault, you need to check out issues such as security and protection from contamination. You will also want to know if you can access your gold whenever you need to and how you can be sure of keeping possession of your specific gold.
Storing your Gold with The Vault™
If you buy Royal Mint gold bars or Royal Mint gold coins, such as the Sovereign or Britannia, you can have them delivered to you or stored at The Vault™.
The Royal Mint’s secure, confidential bullion storage service is guarded by trained security staff 24 hours a day, 7 days a week, 365 days a year. Your bullion will be given a serial number and be fully allocated to you.