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Thread: Physical gold ... storage.

  1. #1
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    Physical gold ... storage.

    I’m looking at buying some physical gold, I’m not interested in gold ETFs or paying someone to store my gold.

    So, I want to either store it at home or in a safety deposit box.

    I’m thinking about £40k.

    Anyone got any experience of this and what the insurance issues are?

  2. #2
    Master Skyman's Avatar
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    Door stop. That is what I do with ingots.

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    Grand Master Mr Curta's Avatar
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    In the fridge, looks like novelty chocolate

  4. #4
    Bury in garden.

  5. #5
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    Hmmm.... any useful input?

  6. #6
    Master Skyman's Avatar
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    Quote Originally Posted by 1680 View Post
    Hmmm.... any useful input?
    Mine was.

  7. #7
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Skyman View Post
    Door stop. That is what I do with ingots.
    Must be pretty big ingots!!
    It's just democracy.

  8. #8
    Seriously, as long as no-one knows you have it, burying it is as good as anything.

  9. #9
    Call your insurance company and ask?

  10. #10
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by 1680 View Post
    Iím looking at buying some physical gold, Iím not interested in gold ETFs or paying someone to store my gold.

    So, I want to either store it at home or in a safety deposit box.

    Iím thinking about £40k.

    Anyone got any experience of this and what the insurance issues are?
    Well if you add it on to your contents insurance they'll probably put your premiums up. And probably want it in a safe. Might even specify an alarm.

    Or tell nobody and leave it in a shoe.
    It's just democracy.

  11. #11
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    Quote Originally Posted by Kingstepper View Post
    Seriously, as long as no-one knows you have it, burying it is as good as anything.
    My point exactly.

  12. #12
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Kingstepper View Post
    Seriously, as long as no-one knows you have it, burying it is as good as anything.
    Treasure trove?
    It's just democracy.

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    Quote Originally Posted by Skyman View Post
    Mine was.
    Do you insure your doorstop?

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    Quote Originally Posted by 1680 View Post
    Do you insure your doorstop?
    No. Nor my ingots.

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    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by 1680 View Post
    Iím looking at buying some physical gold, Iím not interested in gold ETFs or paying someone to store my gold.

    So, I want to either store it at home or in a safety deposit box.

    Iím thinking about £40k.

    Anyone got any experience of this and what the insurance issues are?
    Just wondering, why are you thinking of 40k in a lump of gold. Why not 40k of premium bonds or 40k in shares?
    It's just democracy.

  16. #16
    Most banks stopped providing the service back in the mid-90's, so I mounted a safe in the floor of our house and which paid for itself in 4 years over the cost of a safety deposit box.

    R
    Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.

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    Quote Originally Posted by oldoakknives View Post
    Just wondering, why are you thinking of 40k in a lump of gold. Why not 40k of premium bonds or 40k in shares?
    How dull. If you have those already? Why not diversify?

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    If it works for cheese it'll work for gold...

    Sent through the ether by diddling with radio waves

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    Quote Originally Posted by oldoakknives View Post
    Just wondering, why are you thinking of 40k in a lump of gold. Why not 40k of premium bonds or 40k in shares?
    Diversification.

    Quote Originally Posted by ralphy View Post
    Most banks stopped providing the service back in the mid-90's, so I mounted a safe in the floor of our house and which paid for itself in 4 years over the cost of a safety deposit box.

    R
    Metro Bank offer reasonable rates on safety deposit boxes.

    How does the safe work out with the insurance companies?

  20. #20
    Quote Originally Posted by oldoakknives View Post
    Just wondering, why are you thinking of 40k in a lump of gold. Why not 40k of premium bonds or 40k in shares?
    Maybe he's got already 400k* in premium bonds and 400k in shares and is diversifying.

    *Or whatever max is.

    Edit: beat me to it!

  21. #21
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    We are talking less than 33 1oz gold Brit sovereigns. Not exactly the Royal Mint.

  22. #22
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Kingstepper View Post
    Maybe he's got already 400k* in premium bonds and 400k in shares and is diversifying.

    *Or whatever max is.

    Edit: beat me to it!
    50k premium bonds. Each if you have a partner!
    It's just democracy.

  23. #23
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    Quote Originally Posted by oldoakknives View Post
    50k premium bonds. Each if you have a partner!
    Dull.

  24. #24
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Skyman View Post
    How dull. If you have those already? Why not diversify?
    He never said he had. Seemed silly hiding pieces of gold under the carpet if you could earn something with it.
    It's just democracy.

  25. #25
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    I keep mine under a loose floorboard,I dare say first place they'd look.😱

  26. #26
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Skyman View Post
    Dull.
    Why?

    It's just another way of storing money, 100k with the opportunity of winning a large amount. Hardly dull when you get a nice little amount very month. Which we do. Dull is sensible investments which finance regular income.
    It's just democracy.

  27. #27
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Dr.f View Post
    I keep mine under a loose floorboard,I dare say first place they'd look.
    Does it creak?
    It's just democracy.

  28. #28
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    £40k is about 1 kg of gold, which is roughly the same physical size as an iPhone if purchased in bar form. I work in the gold industry and, personally, would much rather exposure to precious metals through ETFs or relevant mining stocks but if you insist on physical delivery of such a small quantity Iíd just find a hiding space and only tell the Mrs (or mistress) where Iíve stashed it I think!

  29. #29
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    Quote Originally Posted by oldoakknives View Post
    Why?

    It's just another way of storing money, 100k with the opportunity of winning a large amount. Hardly dull when you get a nice little amount very month. Which we do. Dull is sensible investments which finance regular income.
    No, dull is dull. £100k should be fun. Not sensible. That is what the remaining £1m plus is for.

    - - - Updated - - -

    Quote Originally Posted by Peck View Post
    £40k is about 1 kg of gold, which is roughly the same physical size as an iPhone if purchased in bar form. I work in the gold industry and, personally, would much rather exposure to precious metals through ETFs or relevant mining stocks but if you insist on physical delivery of such a small quantity Iíd just find a hiding space and only tell the Mrs (or mistress) where Iíve stashed it I think!
    The door stop!

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    Quote Originally Posted by oldoakknives View Post
    He never said he had. Seemed silly hiding pieces of gold under the carpet if you could earn something with it.
    I have other investments, the gold is a hedge diversification.

    Figured others may have solved the storage issue, itís a small physical size so plenty of options for hiding it but that seems risky. Iíd rather have it insured.

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    Quote Originally Posted by oldoakknives View Post
    He never said he had. Seemed silly hiding pieces of gold under the carpet if you could earn something with it.
    It appreciates.

  32. #32
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    well as the op asked about storing gold and no how to best to invest 40K :-), some I have at home no more than 5 k in value ( mainly collector & slabbed coins) for insurance purpose had to have a safe , some I have in secure private storage in leeds ( £100 ish per year) , as said you don't need a vault just a small box even for 40 K!

  33. #33
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Skyman View Post
    No, dull is dull. £100k should be fun. Not sensible. That is what the remaining £1m plus is for.

    £100k premuim bonds is fun seeing each month what comes back.

    It's not the only fun thing.
    Last edited by oldoakknives; 6th February 2020 at 00:00.
    It's just democracy.

  34. #34
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by 1680 View Post
    I have other investments, the gold is a hedge diversification.

    Figured others may have solved the storage issue, itís a small physical size so plenty of options for hiding it but that seems risky. Iíd rather have it insured.
    Hey look, only asked as didn't know why you wanted it. Skyman just jumped in on his usual Stanley trip is all.
    It's just democracy.

  35. #35
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    Quote Originally Posted by oldoakknives View Post
    The remaining £1m plus is sensible.

    £100k premuim bonds is fun seeing each month what comes back.

    It's not the only fun thing.
    No, not convinced. PBs are dull and unimaginative. Each to their own.

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    Quote Originally Posted by oldoakknives View Post
    Hey look, only asked as didn't know why you wanted it. Skyman just jumped in on his usual Stanley trip is all.
    No problem, if figured the discussion could turn to why buy gold etc.

    Itís going to be part of a diversified investment portfolio that includes property, equities and bonds.

    Just not sure the best solution for storage and insurance.

  37. #37
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    Quote Originally Posted by oldoakknives View Post
    Hey look, only asked as didn't know why you wanted it. Skyman just jumped in on his usual Stanley trip is all.
    OAK, please, no stupid comments if you will.

  38. #38
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by 1680 View Post
    No problem, if figured the discussion could turn to why buy gold etc.

    Itís going to be part of a diversified investment portfolio that includes property, equities and bonds.

    Just not sure the best solution for storage and insurance.
    In that case it just depends on personal preference for storage. If it's buried in the garden it's pretty safe and probably wouldn't need insurance! If it's in the house and could be found then insurance seems sensible. It's one of those situations where there is no correct answer really, only the one that appeals to you the best. ;-)
    It's just democracy.

  39. #39
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    Quote Originally Posted by 1680 View Post
    No problem, if figured the discussion could turn to why buy gold etc.

    Itís going to be part of a diversified investment portfolio that includes property, equities and bonds.

    Just not sure the best solution for storage and insurance.
    Holding physical gold carries an inherent risk. Itís small, portable and easily stolen / sold. That will make insuring it pricey in a residential property. Could I just ask - why are you not interested in physical gold-backed ETFs?

  40. #40
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Skyman View Post
    OAK, please, no stupid comments if you will.
    Thats classic given your earlier efforts.
    It's just democracy.

  41. #41
    Grand Master Mr Curta's Avatar
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    Fashion it into a hare shaped piece of jewellery and bury it somewhere in the UK with clues to the location hidden in a picture book.

  42. #42
    Quote Originally Posted by 1680 View Post
    Diversification.



    Metro Bank offer reasonable rates on safety deposit boxes.

    How does the safe work out with the insurance companies?
    Good call, Metro Bank do have a branch in the Bristol & the OP is Bristol-based. My insurance company had no issues with me insuring the contents of my (Lloyds) box and fwiw when I transferred to my in-house arrangements the premium stayed the same.

    R
    Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.

  43. #43
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Skyman View Post
    No, not convinced. PBs are dull and unimaginative. Each to their own.
    Go on then. Whats your 'exciting' and 'imaginative' home for 100k?
    Last edited by oldoakknives; 3rd February 2020 at 02:02.
    It's just democracy.

  44. #44
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    Quote Originally Posted by oldoakknives View Post
    Thats classic given your earlier efforts.
    Apologies, I am not sure what you mean my friend.

  45. #45
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    Quote Originally Posted by Peck View Post
    Holding physical gold carries an inherent risk. Itís small, portable and easily stolen / sold. That will make insuring it pricey in a residential property. Could I just ask - why are you not interested in physical gold-backed ETFs?
    To be fair that may end up the best option. Any recommendations?

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    Quote Originally Posted by ralphy View Post
    Good call, Metro Bank do have a branch in the Bristol & the OP is Bristol-based. My insurance company had no issues with me insuring the contents of my (Lloyds) box and fwiw when I transferred to my in-house arrangements the premium stayed the same.

    R
    Interesting. Who do you insure with?

  47. #47
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    Quote Originally Posted by oldoakknives View Post
    Go on then. Whats your 'exciting' and 'imaginative' home for 100k? Racehorses already covered btw.
    At the end of the day, put simply it is not a lot of money. So, watches, cars, pm ingots, start up punts, currency speculation, vinyl records, antiques - to name but a few. Premium bonds? Dull.

  48. #48
    Grand Master oldoakknives's Avatar
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    Quote Originally Posted by Skyman View Post
    At the end of the day, put simply it is not a lot of money. So, watches, cars, pm ingots, start up punts, currency speculation, vinyl records, antiques - to name but a few. Premium bonds? Dull.
    "At the end of the day, put simply it is not a lot of money." That's why it's fun to see the returns each month without worrying about it. Just another bit of fun.

    Vinyl records and antiques sound sooo exciting!
    It's just democracy.

  49. #49
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    Quote Originally Posted by oldoakknives View Post
    "At the end of the day, put simply it is not a lot of money." That's why it's fun to see the returns each month without worrying about it. Just another bit of fun.

    Vinyl records and antiques sound sooo exciting!
    Then perhaps you need to diversify, my old oaked friend. You clearly have no interest beyond watching the pennies.

  50. #50
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    Quote Originally Posted by Skyman View Post
    At the end of the day, put simply it is not a lot of money. So, watches, cars, pm ingots, start up punts, currency speculation, vinyl records, antiques - to name but a few. Premium bonds? Dull.
    Quote Originally Posted by oldoakknives View Post
    "At the end of the day, put simply it is not a lot of money." That's why it's fun to see the returns each month without worrying about it. Just another bit of fun.

    Vinyl records and antiques sound sooo exciting!
    Not sure what is going on here but can you take it aside and only post on this topic if you have something to contribute.

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