How about the storage of precious metals?

once you have your precious metals, the next question comes up: How about the storage of precious metals? How and where to store them? Storage of precious metals

storage of gold

First of all store them on your own and let NOBODY know, where! Avoid facilities for the storage of precious metals provided by third parties, otherwise you end up in the same position from where you started, with paper only and nothing but liabilities… Storage facilities, bank deposit boxes and precious metals dealers’ vaults will be the first targets when it comes to gold confiscation by our Government. You need direct, discrete and immediate access to your precious metals. … I really mean it!

Storage of precious metals:

Temperature: Precious metals like the same moderate temperatures and low humidity that we like. That’s why the attic and the basement are ruled out as places to keep your coins. Your storage media will suffer as well. If you have coins in holders of flips containing PVC, heat will speed up the PVC damage. An important point is to not only dispose of plastic flips that contain PVC, but get rid of the plastic-vinyl album pages that contain the chemical. Fumes from PVC will seep into your neutral plastic holders stored in a PVC-laced vinyl page. As a general rule, most flips that contain PVC are soft and pliable, while most Mylar and other safe plastics are stiff and hard. A closet shelf may come crashing down under the weight of the coins, and those under the bed will catch a lot of lint for the cat to play with. It’s amazing how much a small box of coins will weigh. Don’t put them in a freezer, as crooks have learned that is the first place to look. A wall or floor safe, securely bolted down is one option, but you will probably have to compromise on a burglar proof safe, as the fire proof safes may contain chemicals that will damage your coins. Try and find a storage place that isn’t that obvious, which also rules out the back of the closet. Think out of the box. For example, a box buried under old clothes in a clothes hamper is not likely to draw unwanted attention. Use your ingenuity. Storage media is a hot topic.

Storage media: Store any coin of substantial value to you in an inert, hard plastic holder. These are somewhat similar to the holders (slabs) used by the grading companies. They provide maximum protection, especially for proof or uncirculated coins. “Always use products specifically designed for coins.”

For a pot full of cents, or dozens of dimes, the next best things are inert plastic coin tubes. A glass prescription bottle may hold a handful of coins, but drop it and you’ll be picking up glass splinters for days. The hard plastic holders give the coins the best possible protection. Oddly enough, an exception to the rule are plastic bags used to hold various foods for human consumption.

Next come the plastic 2×2 coin flips and the matching paper ones. Make sure that you get rid of the PVC plastic. Mylar Flips will replace them, but can damage coins if they are moved in and out frequently. The plastic and paper flips should not be used for long term storage – more than six months. Under exceptional conditions they will protect your coins over a longer span, but the big problem is that they are not air tight. The same is true for the cardboard 2×2 holders. They have a Mylar window so that you can see both sides of the coin. These can be stapled shut, again with the warning not to get the staples or the stapler too close to the coin. To keep the coin safe the 2×2 needs to be stapled on the three open sides. Again the reminder to use your pliers to flatten the staple legs so they don’t damage an adjacent coin. Staples will rust, but there are stainless steel staples on the market.

Next come coin folders and coin boards. These have holes for each date and mint, and in some cases the outstanding minting varieties, such as overdates. These are what you most likely will use to start your collection. The folders have a paper backing, so you can see only one side of the coin. They expose the visible side to the atmosphere and any pollution, contamination or fingerprints. Our recommendation is that you use them for circulated coins that will not show problems.

Your uncirculated coins need special protection and proof coins should be left in their packaging. The album pages allow seeing both sides of the coin, usually held in place by plastic strips. This type of album should also be used for circulated coins, as the plastic strips can scratch the coins as they slide back and forth. There are also albums designed to hold the coins in inert plastic holders, such as those used by the grading companies. These of course can be used for proof coins and uncirculated grade coins. Coin folders are the basis for many, if not most collections, because they provide several collecting aides. There is a hole for coins for each date. Under the hole is the mintage figure, which tells you the relative rarity. Canvas mint bags are among the poorer storage media. They obviously are not immune to water or contamination. Plus, every time the bag is moved the coins rub and scratch each other. At the very bottom of the list are paper wrappers and the plastic tubes used by the Mint to ship coins. The paper wrappers offer only a bare minimum of protection. They tear easily, offer no protection from water damage and are easily penetrated by contamination. The “shotgun rolls” have the two end coins exposed. The soft plastic tubes also offer limited protection, with open ends. As with the paper wrappers, they should not be used for upper grade coins. The odds are that you may have stored some coins in aluminum foil. This is something you need to immediately change. Any moisture will result in the metal-to-metal contact corroding the coin. Every coin had suffered damage that no collector would want. If you are using a shoe box for coin storage, you are running the risk of contamination. Trade it in for a plastic bin with a tight fitting lid, which will keep out anything in the air.

Storage facility: As mentioned before, store it on your own without having to rely on any third party in between. When you will suddenly need your coins for bartering or selling, you want to make sure you have direct access to your coins. This is the reason why Gold Souk does NOT offer storage – in opposite to many other precious metals dealers.

Vaults: Get two vaults! One with some cash inside in order for a possible burglar to have his success and the other one for your precious metals, jewlery and items that really matter.

Keep paper away: Keep paper (except 2×2 coin flips) such as tissue paper, envelopes and cardboard away from your coins. Paper contains sulfur, which will turn your coins black. Cotton lined flips are relatively safe, but as with the regular flips, they should not be used for long term storage. A reminder again, use products specifically tested and intended for use with coins.
Even with the best of care, your proof and uncirculated coins may discolor or tarnish. In many cases this is from exposure prior to being packaged.

Silence is Gold: Back during World War II they used a slogan to warn against giving information to the enemy: “Loose lips can sink a ship.” Today you can lose your collection to a burglar by bragging about it, or openly displaying it. You need to impress on your relatives and friends that they are a risk to your collection if they talk about it to strangers, or even have their conversation overheard.
 Coin dealers go to great lengths to overcome this problem. Gangs of thieves have been known to follow a dealer for miles when leaving a coin show and breaking into the vehicle when he stops for food or gas. As a collector you are not likely to face this problem unless you display a bunch of gold coins at the show. Use your head.

As you will receive your silver and/or gold monthly you will not need to rely upon an external storage of precious metals, once you hold them in your hands… Here you’ll find another important warning for gold: (read more)

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