If you’ve already learned about all the great benefits associated with a gold IRA, then the next question on your mind might be about storage. Just where do you keep all that gold? If you’ve been considering home storage for your gold IRA, then it’s worth taking a few moments to consider all the pros and cons and decide whether or not paying for dedicated off-site storage might be the way to go instead.
Knowing the Risks
Certainly, there are many advantages associated with home storage of your gold IRA. You’ll have the gold right on hand, for instance, and can easily access it for sales and trade should you desire to do so. You’ll also be able to perform those sales and trades without paying the costs associated with shipping and insurance. However, there are considerable risks and drawbacks to be aware of as well. For instance, when you use home storage for your gold IRA, you have no protection against losing your gold to events like theft, fire, or other natural disasters. If a burglar manages to steal your gold, or a fire or flood destroys your home, then your investment could be totally lost in a moment’s notice, and you would have no recourse at all for getting it back.
What Can Dedicated Storage Offer You?
Contrary to home storage for your gold IRA, there’s always the option of paying for storage. When you pay a third party to store your gold for you, you may lose the immediate easy access to your gold, but you gain several advantages at the same time. For instance, gold storage companies can insure against losses to protect your investment, and are also much less likely to be robbed than your house is. Secondly, their facilities are secure and are built to be resistant to disasters like fires and floods. These are important factors to keep in mind when planning on how to keep your vital investments safe.
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