Silver, much like other precious metals, is used as a way to potentially safeguard your assets and help hedge against economic uncertainties. However, properly storing silver is an important part to ensuring your assets maintain their utmost quality. You can choose to store silver at home or through a professional precious metal storage service.
While there’s no one best way to store silver, both at-home storage and professional services offer certain benefits. Still, one should examine all options before deciding which silver storage method may work best for them.
Handling silver bars and coins
When it comes to handling silver coins, do not touch the coin’s face. Keep to handling coins and bars by the edges with clean hands or use soft cotton gloves as your skin’s natural oils and fingerprints can be corrosive to precious metals. It’s also best to avoid using rubber bands on silver items. Rubber contains sulfur, which can lead to excessive tarnishing. It’s also important that you keep gold and silver separate, as keeping them together may cause damage or tarnishing. Properly handling your silver prevents the risk of damage and preserves the condition of your assets. This is particularly important if you choose to store your silver at home.
Storing silver at home
Storing silver at home should be done thoughtfully. Not only should you handle any silver assets with caution to prevent damage, but also to ensure that any assets are stored in a secure area. Similar to other precious metals, silver should be stored in areas without humidity which do not experience temperature fluctuations. Airtight containers work best for at-home storage. However, if you prefer to keep your coins in albums, make sure to avoid using plastic or PVC. Plastic and PVC release acidic gasses which may cause damage to your coins.
Once your silver is in the proper container, it’s time to focus on finding the best place to safely store it in your home. No matter the container they’re in, high-value assets should be kept in a secure, hidden place. Safes are great options for this. If you decide to purchase a safe, consider one that is fireproof and waterproof to best protect your silver and other valuables against any potential damage. Ideally, your safe should be attached to the floor as an added security precaution. You may also want to look into specific insurance policies covering precious metals.
For those who may not want the stress and added responsibility of storing precious metal assets at home, a professional storage service may be a better option for you.
Storing silver with a professional service
There are essentially two options for professional precious metal storage: banks and third-party storage facilities or depositories. Some numismatists prefer to use depositories as they more often insure the precious metals within their facilities. This means your silver assets are safe against theft or natural disaster. Depositories are also highly secured and guarded with around the clock surveillance and alarm systems.
You can also store your silver at a bank in a safe deposit box. However, according to The New York Times, banks are not required to compensate you if your silver is stolen or destroyed. This would require you to insure any silver that is in your safe deposit box.
Regardless of the type of professional service you choose, there are a few things you should consider before choosing a facility to store your silver.
- Security: Ensure that the facility is secured and your silver bullion is protected against theft and other damages.
- Accessibility: Look into whether the facility allows you to access your silver bars and coins at any time and that you can withdraw them if needed.
- Protection: Check that the facility protects the condition of your silver to prevent contamination or tarnishing.
How should I store my silver?
While one storage method may present more benefits to individuals over another, you should thoroughly research all options before making a decision. Whether you choose to keep your silver at home or to store it with professionals, it’s important to keep your silver safe and secure to receive the most potential benefits.
Silver bars, bullion, and coins can be used as a way to potentially help in safeguarding one’s assets. As with choosing a storage method, it’s important to thoroughly research your options for purchasing silver of any kind. Rosland Capital proudly provides buyers with a wide array of silver coins and bullion bars, including coins curated through special collaborations with organizations such as Formula 1® racing, the British Museum, and the PGA TOUR.
Get more information about buying silver.