The Comprehensive Guide to Storing, Preserving, and Handling Your Precious Metals | MintedMarket

Free insured shipping on all orders over $299 CAD or $199 USD.

Recherche

The Comprehensive Guide to Storing, Preserving, and Handling Your Precious Metals

The Comprehensive Guide to Storing, Preserving, and Handling Your Precious Metals

The Comprehensive Guide to Storing, Preserving, and Handling Your Precious Metals

The Importance of Proper Storage and Handling


As the prices of gold and silver continue to rise, existing investors profit more, and new investors become increasingly interested. Although investing in precious metals might seem daunting for first-time investors, these assets are guaranteed to retain inherent value over time, regardless of how long you hold onto them. However, proper storage is crucial. The only threat to their enduring value is improper storage leading to loss or damage. Gold and silver lose their value only if they are lost or damaged, making secure handling and storage essential knowledge for precious metal investors.


Certain gold or silver coins or bullion items may lose some of their resale value if damaged. While they will always retain their inherent value due to their metal content, cosmetic damages can affect their resale price. Scratches, dents, or other forms of physical damage can make bullion less attractive to buyers, thereby reducing the amount resellers are willing to pay. Therefore, proper storage and handling techniques are vital for investors and collectors to preserve the value and integrity of their bullion.


Best Practices for Handling Bullion: Preventing Damage and Tarnish


The rule of thumb when handling bullion is to minimize direct contact unless absolutely necessary. This is especially important when the metal is outside of its packaging. Avoid touching bullion with your fingers directly; instead, wear soft gloves, preferably made of cotton, to prevent contact with the oils on your skin. Avoid using latex or plastic gloves that are coated with powder, as they can introduce contaminants that may damage the metal. If you don't own cotton gloves, you can use a soft towel or plastic tweezers to handle your bullion.


If you must touch the gold or silver with your bare hands, lift the metal by its edges to avoid damaging the designs on the obverse and reverse of the coin or bar. Before handling any gold or silver, sanitize or wash your hands thoroughly to reduce the natural oils on your skin. Remember, once bullion is tarnished or damaged, restoring it to its original condition can be difficult, so preventing damage is easier than cleaning or repairing it. Always opt for preventive measures rather than reactive ones.


Cleaning and Maintaining the Shine of Your Precious Metals


Precious metals are known for their unreactive nature, meaning they do not rust or tarnish. Bullion will naturally shine without any human intervention. The prevailing advice regarding cleaning bullion is that it is generally unnecessary and carries the risk of damaging the metal's finish. In most cases, cleaning bullion will not increase its value; instead, it can decrease the metal's resale value. If cleaning is necessary, opt for a very superficial wash. Gently clean the bullion with mild soap and water, ensuring all soap suds are thoroughly washed off before drying the metal with a soft cloth or towel. Using a coarse towel or sponge can scratch the surface, diminishing its value. Ensure your gold or silver is completely dry before storing it in an airtight container to prevent any potential damage from trapped moisture. Proper storage after cleaning is essential to maintain the integrity and value of your precious metals.


Exploring Storage Options for Your Precious Metals: Home vs. Third-Party Storage


Before storing your precious metals, confirm the metal is contained in an airtight container or capsule to prevent outside contaminants from affecting its surface. An airtight seal is crucial, as trapped moisture within the container can be potentially harmful to your bullion collection. When it comes to storing your precious metals, physical investors typically choose between home storage and third-party storage, each option having its own advantages and disadvantages.


Home Storage


Home storage may be considered the simpler of the two methods. In addition to its simplicity, with home storage, you can be certain of your metal's whereabouts. For investors with a relatively manageable amount of gold and silver in their collection, this option may prove to be a more cost-effective method. However, for investors with a sizable collection, this option carries relatively more risk and capital investment. To protect your investment, this may prompt the purchase of a safe, an alarm system, and perhaps even an insurance policy to protect against theft or damage. After surpassing a certain threshold of investment, many choose to entrust a third-party storage facility for peace of mind. These institutions are designed with security in mind and offer more protection against theft and damage. The decision between home and third-party storage ultimately depends on your individual circumstances and risk tolerance.


Third-Party Storage


The second option is to utilize a third-party storage facility, which offers enhanced security and insurance coverage. Metals kept in third-party storage facilities are usually insured against damage or theft. Additionally, because they are locked behind industry-standard safes, third-party storage solutions provide a higher level of security compared to home storage. Depositing a large quantity of metal in such facilities provides peace of mind that your wealth won’t be stolen in the event of a break-in. However, this method has its drawbacks. Storage fees are required, and accessing your bullion promptly can be inconvenient, as investors must arrange times to withdraw their bullion. Furthermore, there is no direct access to your gold or silver, so if you prefer to physically see your investments, this option may not be suitable. 

The Importance of Proper Storage and Handling


As the prices of gold and silver continue to rise, existing investors profit more, and new investors become increasingly interested. Although investing in precious metals might seem daunting for first-time investors, these assets are guaranteed to retain inherent value over time, regardless of how long you hold onto them. However, proper storage is crucial. The only threat to their enduring value is improper storage leading to loss or damage. Gold and silver lose their value only if they are lost or damaged, making secure handling and storage essential knowledge for precious metal investors.


Certain gold or silver coins or bullion items may lose some of their resale value if damaged. While they will always retain their inherent value due to their metal content, cosmetic damages can affect their resale price. Scratches, dents, or other forms of physical damage can make bullion less attractive to buyers, thereby reducing the amount resellers are willing to pay. Therefore, proper storage and handling techniques are vital for investors and collectors to preserve the value and integrity of their bullion.


Best Practices for Handling Bullion: Preventing Damage and Tarnish


The rule of thumb when handling bullion is to minimize direct contact unless absolutely necessary. This is especially important when the metal is outside of its packaging. Avoid touching bullion with your fingers directly; instead, wear soft gloves, preferably made of cotton, to prevent contact with the oils on your skin. Avoid using latex or plastic gloves that are coated with powder, as they can introduce contaminants that may damage the metal. If you don't own cotton gloves, you can use a soft towel or plastic tweezers to handle your bullion.


If you must touch the gold or silver with your bare hands, lift the metal by its edges to avoid damaging the designs on the obverse and reverse of the coin or bar. Before handling any gold or silver, sanitize or wash your hands thoroughly to reduce the natural oils on your skin. Remember, once bullion is tarnished or damaged, restoring it to its original condition can be difficult, so preventing damage is easier than cleaning or repairing it. Always opt for preventive measures rather than reactive ones.


Cleaning and Maintaining the Shine of Your Precious Metals


Precious metals are known for their unreactive nature, meaning they do not rust or tarnish. Bullion will naturally shine without any human intervention. The prevailing advice regarding cleaning bullion is that it is generally unnecessary and carries the risk of damaging the metal's finish. In most cases, cleaning bullion will not increase its value; instead, it can decrease the metal's resale value. If cleaning is necessary, opt for a very superficial wash. Gently clean the bullion with mild soap and water, ensuring all soap suds are thoroughly washed off before drying the metal with a soft cloth or towel. Using a coarse towel or sponge can scratch the surface, diminishing its value. Ensure your gold or silver is completely dry before storing it in an airtight container to prevent any potential damage from trapped moisture. Proper storage after cleaning is essential to maintain the integrity and value of your precious metals.


Exploring Storage Options for Your Precious Metals: Home vs. Third-Party Storage


Before storing your precious metals, confirm the metal is contained in an airtight container or capsule to prevent outside contaminants from affecting its surface. An airtight seal is crucial, as trapped moisture within the container can be potentially harmful to your bullion collection. When it comes to storing your precious metals, physical investors typically choose between home storage and third-party storage, each option having its own advantages and disadvantages.


Home Storage


Home storage may be considered the simpler of the two methods. In addition to its simplicity, with home storage, you can be certain of your metal's whereabouts. For investors with a relatively manageable amount of gold and silver in their collection, this option may prove to be a more cost-effective method. However, for investors with a sizable collection, this option carries relatively more risk and capital investment. To protect your investment, this may prompt the purchase of a safe, an alarm system, and perhaps even an insurance policy to protect against theft or damage. After surpassing a certain threshold of investment, many choose to entrust a third-party storage facility for peace of mind. These institutions are designed with security in mind and offer more protection against theft and damage. The decision between home and third-party storage ultimately depends on your individual circumstances and risk tolerance.


Third-Party Storage


The second option is to utilize a third-party storage facility, which offers enhanced security and insurance coverage. Metals kept in third-party storage facilities are usually insured against damage or theft. Additionally, because they are locked behind industry-standard safes, third-party storage solutions provide a higher level of security compared to home storage. Depositing a large quantity of metal in such facilities provides peace of mind that your wealth won’t be stolen in the event of a break-in. However, this method has its drawbacks. Storage fees are required, and accessing your bullion promptly can be inconvenient, as investors must arrange times to withdraw their bullion. Furthermore, there is no direct access to your gold or silver, so if you prefer to physically see your investments, this option may not be suitable. 

Comments 

No comments

Leave a comment
Your Email Address Will Not Be Published. Required Fields Are Marked *