Gold – dig a hole in the garden or keep it in the bank?

“Hi Barry

I keep all my gold with Bullion Vault but in the Newsletter you say it is best to take physical possession. However, I feel my gold is safer in BV than in my house which is not very well protected”

A good question and one that comes up a lot at the seminars. The key to your question is in your last sentence – “I feel it is safer there than in my house which is not very well protected”. Looking after your gold is all about where YOU think it is exposed to the least risk. Do you prefer to let someone else look after it for you or do you prefer the knowledge that it is in your possession? Where is the greater risk for you?

When it comes to looking after your gold your risk analysis should look like this:

  1. Advantage of Bullion Vault (or similar “paper’ ownership of gold)  – you believe it is safer there than at your house.
  2. Advantage of physical gold – You think your gold is safer at your house. You have possession so there is no risk of not getting your gold when you ask for it. There is also no paper trail if governments start to interfere by increasing taxes or confiscation. Apart from your will and a loved one you should tell no one where you gold or silver is hidden.
When it comes to security at your house, a simple safe will often do the job but many people with safes will still prefer to hide their gold under floorboards or in their lofts where even a seasoned thief would never locate it. There are many solutions such as safes hidden in an electrical socket, a hollowed out beam in the loft or a secret compartment in the bottom of a wardrobe – the modern house offers so many ways of hiding gold.The answer to the question, “where do I hide my gold” will vary from person to person. We all have different issues. For example, the very fact that I promote gold in my Newsletter makes it obvious that I am a collector myself. Being high profile like this means that I obviously cannot store any of my own gold at my house. To this end I have to pay for my gold to be stored – although the cost is minimal. For most readers who have the sense to keep quiet about their gold, this will not be a problem.

Spreading the risk is the name of the game so if in doubt, have some “paper” gold and take some physical as well which is spread across two or three locations. basic stuff when you think about- but most people are “too busy” to think about important issues like this.

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