When a silver buyer chooses to take personal delivery of 100 oz silver bars rather than store them at a bullion depository, there are steps to preserve their condition. As long as available space permits, a large highly-rated gun safe is the premier choice to protect silver bars. With plentiful space, an investor may retain packing materials, or even augment the packaging with air-tight sealing for ultimate protection. In this article, we explore some common myths and misconceptions to consider after taking ownership of your coveted investment.
Silver won’t oxidize. Oxidation is a chemical reaction where an element reacts with oxygen to form a substance, such as rust on iron, aka iron-oxide. Pure silver does not react with oxygen, and therefore will never oxidize. Like gold and platinum, silver is grouped as a Noble Metal, but not quite as noble, since silver tarnishes, whereas gold and platinum do not. Though silver is safe around oxygen, it is not free from tarnish if exposed to air, which contains sulfur. The darkening of a silver bar, tarnish, is actually silver-sulfide, where the silver has reacted with sulfur that came in contact with the bar. To protect against the dark toning of your silver bar, store your silver bars in an air-tight container that does not contain elements of sulfur.
A silver bar won’t corrode. Corrosion is the gradual deterioration of materials through a chemical reaction such as oxidation. Unlike iron oxide (rust), silver tarnish (silver sulfide) produces a micro-thin layer of protection for the pure silver underneath. Without centuries of time or water agitation, a silver bar will maintain its surfaces intact to the naked eye. After all, in a century, if tarnish toning is unwanted, a coin dip solution can brighten it anew.
It sure will. Pure silver will tarnish and turn dark if exposed to air or packing materials that contain sulfur despite its age. If this dark toning is undesired, take care to package it in an air-tight container with sulfur-free substances.
Temperature and humidity really do not matter when it comes to the safe and secure storage of silver bars. Silver reacts to sulfur, not oxygen or water – so if temperature and humidity do not cause increased flow of sulfur in the air or agitation to the metal, it matters not.
Caution #1 – Rubber bands can have sulfur to improve elasticity, so they can speed tarnishing. We suggest you remove rubber band packaging near silver when storing for extended periods.
Caution #2 – Some paper, plastics and jewelry boxes contain materials that have sulfates in them. If brightness is important, find sulfur-free plastics or cloth to wrap your silver bars for safe storage.
Caution #3 – A favorite storage location due to adequate space and burglar resistance is a gun safe. However, it is important to note that standard gunpowder contains sulfur, and gunpowder residue may accompany the average firearms storage area. Though silver is pretty much bulletproof, it will tarnish if not protected. If tarnish is a concern, try an anti-tarnish cloth bag in an air-tight ziplock.
Whether at home, office or bank deposit box, silver does not come with insurance. At banks,
Federal Deposit Insurance Corp (FDIC) insures cash deposits but does not insure the contents of a safety deposit box. Banks generally won’t insure or take any responsibility for physical contents. The cost to self-insure bullion is likely to be about 1% of the bullion value, depending on location, security measures and policyholder credentials. For most, insurance coverage is impractical and investors rely on self-insurance and discrete personal storage.
From investment research to protecting your precious metals, Monex account representatives are well-versed in all aspects of silver bullion investing. Contact us today for more information about how to invest in 100 oz silver bullion bars or any of our quality-assured products.
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