Watching a movie set in the medieval era can help one better understand the evolution of business transactions as well as the value of gold and silver. Gold bars are delivered in chests (thus the famous term treasure chest) through carriages and are secured with heavy-duty locks. Then these chests are put in a secured place.
Fast-forward to the present, gold bars are not transported through chests, but prices of gold bars are still on the rise. Not to mention, Atkinsons Bullion notes that they are still as valuable. People don’t store them in wooden chests anymore. So how do owners keep their bars safe?
There are three ways to do so, and your choice of storage would most likely be based on your personal preference.
Store it yourself
This is the most common method to store gold bars. After all, what better way to keep an eye on your belongings than watching it over yourself, right? But the rise of theft and break-ins have people worrying regarding the safety of their bars. Thus, owners install safety deposit boxes in their homes, or even underground to help increase their gold bar’s security.
Store it in the bank
People storing their gold bars in banks have significantly decreased over the years. Aside from the fees that you have to pay every year, your access to your gold bar is limited to the bank’s opening hours. One is at risk of being locked away from their own safety deposit box and their contents confiscated.
Ask a third-party depository
A third-party depository can protect your gold bars with minimised risk of theft and you being locked out of your possessions. It is insured, plus, you can have access to it, 24/7. The only downside is unlike storing it at home; you would have to pay fees for your gold to be protected.
So how should you store your gold bars? It ultimately lies to your own choice and preference.