Investing in a gold bar is a great way to get started in the precious metals market. Gold comes in both bar form and coin form and many investors will own a variety of both of these styles of gold. For your gold to be secured in a safe location, it is best to invest in a safety deposit box and you can find them at any local bank. Renting your box, storing your gold bar or coins and giving emergency access is essential for anyone who is investing in gold. Take the necessary time to ensure your gold is properly protected and safely stored.
Renting a Box
To rent a safety deposit box, you just need to visit your local bank. Safety deposit boxes are usually located in the back of the bank or below the bank’s main floor. The cost of a safety deposit box will vary but is usually very reasonable for the amount of protection you are offered by the bank storing your valuable gold at their location. To rent your safety deposit box, you will need to bring proof of your identity and your social security card. Your bank will have some forms for you to fill out and sign, they might also request that you set up an automatic payment program so your monthly rental amount is automatically taken out of your checking account.
Storing Your Gold Bars
It is important to store your gold bar or coins in individual cases before putting those cases into the safety deposit box. Individual plastic cases are available for a gold bar and coins of any size. These plastic containers are essential to keeping your coins and bars safe and only cost a few dollars.
When you open your safety deposit box, your bank will ask who else is authorized to get into your box. It is important that you have at least one other person who is able to get access to your gold bar or coins that you store in your safety deposit box. Giving this permission when you first rent the box will make it much easier for your loved one to get access in case of an emergency.
Spending a small amount of money on a safety deposit box is the best way to keep your gold bar investment safe. Your local bank is a secure location that will protect your gold investment better than you could ever do at home.