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Considered to be one of the more stable financial investments in modern times, gold is never far from being the metal of the moment. But once you've purchased a few blocks of this precious metal, how do you go about keeping it safe?
Use this guide to get clued up on how to choose the right type of gold storage for your needs.
If you choose to invest in gold, you'll need somewhere to store it. A gold storage facility is one that provides a safe place for you to keep your bullion, eliminating the need to worry about its whereabouts.
Outside of your home, there are two main ways you can store gold: in a safe deposit box or with a bullion dealer.
A quick Google search should reveal a number of gold storage options in your local area. Here are a few that, at the time of writing, had received plenty of positive reviews from gold owners:
There are several different ways you can store your gold. Here's a quick overview of how each type of storage facility works:
If you'd like to keep an element of privacy with your gold, you can opt to deposit your bullion into your own safety deposit box at the bank. To do this, you simply fill in an application to rent a safety deposit box at your nearest branch. However, as banks continue to move out of the gold storage business, this type of storage is becoming trickier to find.
Opting to open a safe deposit box with a private company has the same advantages as a bank deposit box. Except for this time, there's no connection with the – potentially – unstable banking system.
Most bullion dealers across Australia also offer storage facilities. A bullion dealer is someone who usually buys and sells gold, but may also have a storage facility too. Your dealer will take care of the delivery, storage and trading of the gold, lessening the risk of transporting bullion.
Bullion dealers offer two different types of storage. These are:
Once you've decided which storage option will be best for you, you'll need to consider the cost. It's important to note here that there's no industry standard for fees associated with storing gold. So, it's worth comparing a few different companies to see how they can help you.
When you choose to store your gold with a bullion dealer, you can deposit as many bars as you'd like. It's only when you are working with safe storage boxes that you'll need to know how much space you'll need.
Every service provider has a different range of storage sizes, so it's best to consult your local branch for precise sizing. We compared a few different companies on the market and found that the following are typically available to rent:
It's worth noting that boxes usually range between 56cm and 70cm long.
Once you've chosen the type of storage you'd like, it's then time to start comparing different companies in your area. As they'll be storing something very valuable, it's important to take time to research different providers near you. Here are some key points to consider.
It's also worth taking your research to the next level and delving into the small print of your contract. Gold storage facilities vary considerably when it comes to access, privacy and security. Be sure to check the following:
Storing your gold at home | Using a safe deposit box at the bank | Using a bullion dealer | |
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Aside from gold storage, here's a rundown of some of the leading storage providers in Australia:
While you can choose to store your gold at home, there are lots of security risks in doing so. Also, you may also struggle to get insurance cover. Alternatively, you can rent a safety deposit box at a bank or private company, or contact a bullion dealer in order to store your gold safely.
There is no limit to how much gold you can own in Australia, and you do not need to declare your stash. You will, however, need to pay capital gains tax if your bullion is worth more when you sell it, compared to when you bought it.
That's up to you to decide. If you're looking at gold as an investment, then you may prefer to opt for 24K gold. 22K gold is around 91% pure gold, whereas 24K gold is closer to 99% purity.
There are many different ways to store your gold. Some are as easy as going to your local bank, while others involve striking up a relationship with a bullion dealer. What matters is that you understand what each type of gold storage facility can do for you and choose the right one for your needs.
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