Would you leave your precious at a storage unit?

[Guest]

My silver collection is growing in size and I'm not going to sell any soon. At the same time I'll have to downsize my current accommodation, which means I'll have to move some of my belongings at a storage unit (haven't decided which yet).

I thought I could kill two birds with one stone by leaving my heavy silver collection at a storage unit. 

What are your views about it? Would my gear be safe? Usually these storage units have a security guard and plenty of CCTV. 

 

[BackyardBullion]

Possession is 9 tenths of the law...

I would always want it in my possession in case there was an emergency and I couldn't get access.

A 24 hour access unit close by maybe?

[mondy41]

That's the problem with silver it can be difficult to store large amounts -  gold not so much of an issue.

I have a safety deposit box for my small amount of gold and other articles of value however I don't feel a safety deposit is practical for silver in large amounts - maybe consider cashing in some of your silver for gold.

I do know some people who store precious metals in storage units but it wouldn't be for me - I just wouldn't feel comfortable however the storage units in Ireland are a joke - I wouldn't trust them - I presuming you are in the U.K. so I would expect a better standard of security and if so why not - much safer than your house anyhow.

[Kman]

Sell it and swap it out for gold  

 

[Guest]

7 minutes ago, Kman said:

Sell it and swap it out for gold  

 

No, I can't. I'd lose too much money. I started buying last year, so I'm well below the break even. Plus, I really like silver! 

[Stu]

Wouldn't trust a storage unit myself. Lots of ways to be creative around the house unless you've got thousands of ounces to store? 

[Guest]

8 minutes ago, Stu said:

Wouldn't trust a storage unit myself. Lots of ways to be creative around the house unless you've got thousands of ounces to store? 

Thousands no, but a few hundreds, yes. And it starts to be too big to hide anywhere. I get the idea that storage units are not the safest option, but I'm running out of ideas now. Like I said, I'll have to move in 6 months, one year time, and my new place will probably be much smaller. I rent, and what I'm paying is atrocious! Buying silver started as a way to store savings in order to buy a property later on, but this is not going to happen, unless prices crash or I manage to save more. 

[Augustus1]

not my idea of secure storage  no matter how many cameras, just so you can see who stole your stash! not sure how effective guards on min wage  would be in stopping determined robbers. and I doubt over would be available  but may be if you have to  you can enquire about insurance cover while its there?

I would put less valuable's in storage making room  and keep the silver close .

dean.m

[FlorinCollector]

Do you not trust any family mate?

[Moi]

I wouldnt. Storage doesn't have too many positive connotations . Don't want heavy D bidding up on your stash. If it came to it, bury and draw a map pirate style keep an air of mystery. Perhaps some swaps into semi numi might slim it make more portable. Nice problem to have through.

[Paul]

Use what works for you, just dont have all your eggs in one basket and have everything in one place  

 

 

[tbone]

My fear would be some accounting/paperwork error at the Storage place and they put your unit up for sale.  And...its gone!  A bank or credit union would have much more accountability on safe deposit boxes.

[KDave]

There is always room for silver mate just depends how much you want physical.  The risks can be reduced easily by spreading it around and/or getting some insurance.

If it really is getting too much then sell what you can at break even in the next 6 months, use eBay sell for a quid when they come up or arrange private sales. Buy vaulted silver with the proceeds or an etf. If you want a physical savings vehicle then gold is far far ahead of silver on premiums liquidity, spread when selling and storage.

[Guest]

What's the minimum investment for an ETF? I know ETFs are frown upon, but how do I get into that? 

[KDave]

Look into a stocks and shares ISA. ETF's are not frowned upon by most people but they do have third party risk and costs a fee, but is highly liquid. If you are going to pay a third party for storage of your physical I would consider an ETF or allocated instead personally.

Allocated silver through a bullion vault is another way to do it, fees involved again but highly liquid and no VAT if you don;t take delivery. This would be the nearest thing to what you are thinking of doing with your own physical, in that you trust someone else to look after it in a vault, only you can sell any time you want without having to go get it, and arguably its much safer. 

Have a look into both options. Holding physical is still the least risky if you do it right, but it comes at a cost, space being one aspect of that cost. 

[Pete]

I am sure the best commercial storage units have an option for insurance but I doubt insurance would cover a PM stack.
Having said that, people moving overseas for say a year will store their stuff and that might include valuable furniture, musical instruments, works of art etc.
However coins might fall under the category of cash and that might not be covered.
If you can conceal your coins in food containers inside suitcases and other containers wrapped in bubblewrap, newspapers etc then that should suffice but there would always be risk I guess especially if anyone knows.

Assuming you cannot get insurance then do you have a close friend that you could trust to look after your stack ?
There are strong lockable cases on the market that might hold your stuff and if you tell your friend (?) that they contain old books or something he / she wouldn't be tempted.
Just don't go for a place in a cladded high rise.

 

[Guest]

@Pete

I have a friend who has a loft where I've occasionally left some of my stuff,  but I'd never tell him I have precious metals with me. @KDave  I'll look into allocated silver. Thanks.