Why Storing Precious Metals in Your Home Is a Seriously Bad Idea
It’s comforting to keep your cherished pieces of bullion and jewelry in your own home. When no one is looking, you can pull out your platinum, gold or silver items – maybe some of which also contain gemstones – and enjoy looking at them or wearing them.
But frankly, those are about the only good reasons why it is good to keep valuable items in your home. Why? Because your home could be one of the riskiest places to store your most valuable, small possessions.
Here are some of the reasons why.
They Can Be Stolen
That’s obvious, of course. But you have to remember that home break-ins are not the only way that valuable possessions are lost to thieves.
For example, a man who lives in New York suburbs opened his desk drawer one day and discovered that his Rolex watch was gone. Thinking back, he realized that no fewer than three contractors had been in his home since the last time he had worn his watch. One of them was probably the culprit, but which one? And when had the theft taken place? He had very little way of knowing.
Thieves often count on that kind of thing happening. They know that if they steal something, it will probably take weeks or even months before the theft is discovered.
The least the man could have done would have been to keep his watch in a locked, heavy safe that was bolted down. But even that carries risks.
If You Hide Precious Items in Secret Places, They Could Be Lost Forever
Granted, you know that you have hidden those bullion bars or other precious items very cleverly in your home, where no one is likely to find them. But if you have, chances are pretty good that members of your family won’t be able to find them if you become ill or, God forbid, pass away.
Okay, you say, you can provide documentation to your family or heirs about where you have hidden valuables, and that could be true. But have you considered that some of your relatives might not be 100% honest? That troubled relative – the one that is in financial trouble or who has a substance abuse problem – could steal your precious items if you leave documentation about where they are.
That’s not pleasant to think about. But let’s face the reality that bad things happen.
Your Home Could Burn Down, Taking Your Precious Items with It
That’s another possible event that is not pleasant to think about. But unless you keep your precious items in a fire-resistant safe (which is absolutely necessary if you are using a safe), they could be lost in the event of a fire. The bottom line is that if you hide jewelry or other precious possessions behind a false wall or under a loose brick, they are likely to be lost if a fire occurs. Have you ever looked at the remains of a building that has burned down? It is often little more than a pile of rubble.
Smarter Ways to Store and Protect Your Precious Metals and Other Valuables
Put them in a safety deposit box at the bank. This is one of the best ways to safeguard what you own. Just be sure to provide documentation to your relatives about where to find the box, and what is in it. One good way is to attach a letter to your will, and have your attorney safely store a copy in his or her office files. In the event you pass away, your heirs will know where your valuables are stored. And because that letter will be opened in the presence of your attorney, it is likely that your possessions will be accounted for as part of your estate and divided among your heirs as your will specifies.
Have Specialty Metals Smelters and Refiners process and store your precious metal scrap. We have been doing this for years for our clients. We will process your scrap, provide you with full documentation about what it is, and safely store it for you. When your precious metals are stored with us, they can’t be stolen, can’t be destroyed by fire, and can’t be released to anyone, except according to your instructions.
Call Us at 800-426-2344 to Learn More
Do you have precious metals in your home? Are you certain they are 100% secure and safe from theft, fire or other calamities?
If those questions cause you to worry, we urge you to think about the issues we raise in today’s post. If you have questions about recycling or storing your precious metal items, remember that we are here to answer them.
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