Yes, you can keep gold and silver in a bank. But keep in mind that, according to The New York Times, there are no federal laws regulating bank safes. In addition, a bank is not required to compensate you if your gold or silver is stolen or destroyed while they are in a safe, reports the Times. In reality, there are only three ways to store your gold: keeping it at home, using a bank's safe, or paying an outside storage company.
This fact, and the IRS ruling that allows the presentation of some limited precious metals in self-managed IRAs as assets, have led to a substantial increase in investment in gold and other precious metals. Many investors also like to keep their gold and silver relatively intact, so a gold-backed debit card wouldn't serve that purpose. While a debit card linked to precious metals undoubtedly solves problems related to the lack of liquidity of gold and silver, whether you really should get one depends on whether you are actually going to use it. Gold storage, like storage for the purchase of other precious metals, is necessary because of the high value of gold ingots and ingots.
Louis Palafoutas, a Morgan Gold gold bullion dealer who has been in the gold industry for three decades, says that while some buyers choose to store gold in a safe at home, others ask to open accounts at Brink's or Delaware Depository, where the Comex and the Internal Revenue Service keep their gold. However, before moving your gold home, you should also consider its disadvantages, especially if you want to be able to sell your gold easily when the price rises. Users can make purchases and deposit funds to their gold debit card through the application, which only charges a nominal amount. Because of its fees and minimum deposit, Euro Pacific Bank is the best bank for more experienced precious metals investors who need the level of service it can offer.
The precious metals broker can trust that the gold transferred to him for sale will have the promised quality when it arrives. When considering storing gold in a deposit, Clark says investors should always ask if their investment is kept on or off the parent company's balance sheet. Gold storage is a simplified term for the storage of physical reserves of gold and other precious metals, either in the form of a coin or ingot. This inconvenience could be a problem if you plan to market your gold and precious metals to the market later on and need access to materials quickly.
In addition, whether or not you would actually use a gold debit card depends on your investment plan. Regardless of the storage option investors choose, most agree that peace of mind is worth its weight in gold. In addition, anyone new to investing in precious metals should check out my tips for buying gold to help them get started. As investors look for ways to increase the liquidity of their gold and silver assets, some banks and companies have created simplified services where users can open a bank account, buy gold and silver, and then receive a debit card linked to their precious metal assets.