Never Store Your Bullion at the Bank
Gold and silver bullion are popular investments for those looking to diversify their portfolio and protect themselves against market volatility. But when it comes to storage, many people are tempted to store their gold and silver at the bank. However, this is a risky proposition, and there are several reasons why you should never store your bullion at the bank.
- First: the most important reason not to store your bullion at the bank is the risk of theft. Banks are prime targets for criminals, and it is not uncommon for burglars to break into banks and steal valuable items, including gold and silver bullion. Furthermore, many banks offer lax security measures for their vaults, which can make it relatively easy for thieves to break in and take your bullion.
- Second: storing your bullion at the bank can also be risky from a legal perspective. If your bank were to go bankrupt, the government could potentially seize your bullion in order to pay off creditors. This is a real possibility, and it could leave you without any of your investments.
- Third: storing your bullion at the bank can be costly. Most banks charge fees for storage, and these fees can add up over time. In addition, banks may also require you to purchase insurance for your bullion, which will further increase your costs.
- Finally: storing your bullion at the bank can be inconvenient. Banks are only open during certain hours, and you may find it difficult to access your bullion when you need it. Furthermore, the bank may also require you to sign paperwork in order to access your bullion, which can be a hassle.
As you can see, there are several reasons why you should never store your bullion at the bank. It is far safer and more practical to store your bullion in a secure and private location, such as a safe deposit box, or a secure storage facility. By taking these steps, you can protect your bullion from theft and legal action, save money on storage fees, and have easy access to your investment when you need it.
Reference: Author: BullionBulldog.com 11-09-2023 All rights Reserved – This Article May Not Be Reproduced Without Prior Written Permission from The Author.