For the Aussies out there...Hi, I'm new to the PM game and am looking at buying physical gold and silver. I hope I have posted this query in the right forum section...I thought who better to ask than the buyers and sellers of physical PM's. I have done a lot of research about the process and one area that I am still uncomfortable with is 'storage', and it is the only thing that is stopping me from buying. I agree with taking physical possession and not paper trading but how do you store the stuff (especially a large $ value portfolio) with peace of mind. The options I am considering are: 1) Allocated bullion at say the Perth Mint or other bullion facility. Pros: high security and can be insured. Cons: Not in your physical possession and how do you know that your PM's are actually there for you come say a run on the mint due to a significant economic event? Also, I believe you can only store 'allocated' PM's at these facilities if you have purchased the PM's from them. Is this correct? 2) Bank safe deposit box. Pros: More secure that at home. Cons: Not in your physical possession, not insured, and can you trust the bank in the event of a major economic event?? I regularly read articles not to keep your PM's in a banks safe deposit box. Question: Does anyone know if there is cost effective insurance you can get for PM in safe deposit boxes? 3) At home (hidden). Pros: In your physical possession. Cons: not insured, at risk of burglary, fire etc. Also, if you have hidden the stuff and only you and your partner are aware of where they are, what happens in the unfortunate event that both of you are wiped out in a car accident leaving young orphaned children. No one would ever know that these hidden PM's are there...so kissing your childrens inheritance good buy! Any sensible advice would be greatly appreciated (digging a hole out the back and burying it is not an option though!)
if live in country store close to home.if in city private vaulting service outside banking system.eg gaurdian vaults melb.there will always be risk you have to wiegh up odds.remember should always be able to access on short notice
Thanks for the feedback so far. Does anyone know of a vaulting service in Perth WA (other than banking safe deposit storage and Perth Mint)?
That's easy to say but... There is no equivalent private vault I know of in Sydney. Australia doesn't have private vaults of a standard needed to secure bullion in every major city.
What about insurance policies for bullion. I'd probably be happy to get a bank safe deposit box if I could insure the contents. I have asked my insurance broker and he is even stumped!!! First time anyone has asked him if physical bullion +$10k could be insured. I am stumped as to why you could not get cost effective insurance for bullion housed in a bank safe deposit box. You can get artworks, jewellry etc insured but not bullion!
If it was in a banks safe deposit box you would think that it would be covered under their insurance. I don't know if this is correct or not but it is what I would expect if I paid for one
