Sunday, February 26, 2012
Best place to store gold
That can depend on a few factors. How secure do you want the storage to be? How convenient and easily accessible? Importantly, how much will it cost?
Storing gold at home or in the office can be a problem; Gold is heavy and awkward to move around. If you have a lot of it then you need a security firm to cart it around for you and some where safe to store it. Taking a few bars of purchased gold home in a car and storing it in an attic or basement is not the way to go. Most unsafe and no insurance company is going to insure such a valuable commodity under those circumstances.
One country that is opening its door to easier storage of gold is Singapore. Singapore is a major international finance centre and is going through an expansion in terms of a place to invest and do business in Asia. Possibly due to its low regulations, corruption (I wonder if there is a correlation between the two?) and the tax structure being more friendly to businesses than the overbearing western systems.
Currency buying gold in Singapore carries with it a 7 percent GST (Goods & Services Tax) except at the Freeport facility near the Airport.
However the Singapore government has just released the next budget documents and this included waiving the GST on investment grade gold and silver among other precious metals.
Together with good prices for gold and good storage costs, this will place Singapore up with the best of them in terms of less cost at purchase from the 1st of October when the budget is introduced.
In addition the Cisco Certis secure storage facility, is highly secure, fully insured, and you can get a secure box for as little as around 77 USD per year.
Storing gold overseas can be a smart strategy for anyone interested in international diversification, particularly if you are worried about potential gold confiscation.
Another excellent place to store gold is with GoldMoney. Here the gold is actually stored for you in places around the world from London to Switzerland to Hong Kong. With GoldMoney you hold and own the allocated metal in your name, in contrast to ETFs and certificates. Gold Money maintains a one-to-one ratio of metal in the vault and their database. It is easy to buy gold and store it this way. One simply opens a holding account, funds it with enough money to buy the gold and then buys the gold from GoldMoney who then store it in the country of your choice. London, Switzerland or Hong Kong. It is fully insured, audited and. One can 'draw' on any quantity of the gold anytime by simply selling the quantity you want to sell back to GoldMoney and taking the cash. This means you do not have to cash in all your gold. You can also buy any quantity of gold anytime.
There is a storage fee but when you consider the safety and security, not to mention the convenience and value of your asset continuing to increase, it is a small price to pay.
When you buy gold it is important you have the best place to store gold for your future and to protect your asset.