Silver being both precious and weighty presents a challenge as to how to best store and care for 100 ounce bars. Location options include your primary residence, secondary home or farm, office space, and bank or depository. Although burying silver has been, anecdotally, a preferred practice of safe silver storage for millenniums, it is not recommended. We can find some better options these days.
The most common storage place for silver investors just starting out is in their homes. Typically, people like to have some of silver’s weighty wealth at their fingertips, and their home is a simple storage solution. For 500 ounces or less, this makes sense, but for greater, more significant positions, other options will look more favorable, due to weight and insurance considerations.
Without a doubt, having a personal safe at home is a top pick for investors. However, it is important to note that homeowner’s insurance policies regarding precious metals can be complicated. And, some people do not want to share their precious holding information with anyone, including their insurance agents. That said, the 6 main safe categories include Gun Safes, Jewelry Safes, Burglar Safes, Floor Safes, Wall Safes and Fire Safes. The cost of safes ranges from about $1,000 to $10,000 based primarily on size and crackability (or time necessary for fire or burglars to get inside). Obviously, the more time it takes to render contents at risk, the more secure a safe’s “safety rating” will be. In all safe applications, the security of a safe is only as good as how securely it is bolted to a foundation. Burglars are known to drag jewelry safes out of houses as if they were heavy luggage without wheels. Therefore, large, heavy and professionally anchored safes are best.
*Learn more about how to protect your silver investment in this insightful article.
The typical burglary, rather than an inside job, has a restrictive factor of speed. Burglars have a pattern of getting in and out quickly, so they tend to focus on the master bedroom. (See Worst Storage Ideas below). Because burglary time is limited, unlikely storage locations are preferred. For example, a kitchen, dining room or library are more favorable areas to escape burglar focus.
Quite likely the best safety measure for home storage of silver is a home security system, especially if it alerts the authorities. Although a burglar is faster at his task than public sector security services are at theirs, the fear of alarms triggering proves to drive demand next door, or to the path of least resistance. Most importantly, conspicuously publicize your robust security alarm and its automatic connection to the law. Take caution that an inside job can minimize the effectiveness of a home security system.
If you don’t have a safe, your choice is to hide silver bars discreetly or hide in plain sight, or both. As long as you keep track of your silver, you don’t have to put all your eggs in one basket. And, it will be fun to brainstorm innovative solutions for silver storage. To discreetly hide silver, think false, faux, and uncommon.
A top candidate for silver storage is a wardrobe armoire, where you can lay several of the relatively thin 100 oz silver bars and cover them with a false bottom. The thickness of 100 ounce bars is about an inch or less. Weight does not matter as this furniture does not move and it is sturdy. If you have concerns about an inside job, a few drops of super glue on a nicely fabricated 2nd flooring can foil a housekeeper or derelict nephew. Furthermore, you likely won’t forget where the silver is, accidentally trash it, or have someone haphazardly come across it and claim it as their own.
The next practical storage solution is a bookshelf or trophy shelf, which are two subject matters that burglars ought to be disinterested in. Because of the weight of silver, these locations might have limitations compared to other places. For a kitchen storage solution, a stock pot tucked away can make a very nice and sturdy container, as long as the cooks in the kitchen are limited. Also, out-of-reach decorative pots can be a candidate for discrete storage.
Generally, a garage or separate storage structure is not a preferred location because of perceived security deficiencies – thieves are not restricted by their self-imposed time limitations. That said, as to hiding in plain sight, the favored approach in the late 20th century was storing significant amounts of silver in several 2-gallon paint cans. Toilet tanks would be promising, but water, like dirt, is not the favored environment for silver.
Due to risks of robbery, the overall poor place to store silver is in a master bedroom, unless within a large expertly anchored safe. We highly recommend that you do not store your coveted silver bars in these 5 places:
Personally stored silver alternatives are copious based on individual preferences. Considering all this and insurance concerns, you may just want to leave your storage needs to the professionals, those that are in the business of high-security and caring for significant deposits, meaning a bank or depository. And for other care considerations see Protecting Silver Bullion. At Monex, you always have someone to talk to. Contact us today for more information about silver bar investing, particularly the coveted 100 oz silver bullion bar.
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