Is Your Gold Safe? Storing $100k Onsite

so an unnamed person emails me out of the blue and asks me if i'd be comfortable storing a hundred thousand dollars worth of gold at my house and then goes on to ask what kind of security i have so [Music] okay so we're going to talk about how safe your gold is and not in terms of price stability not in terms of value we're gonna talk in terms of the risks that you run securing precious metals whether that's at your home or somewhere else and what kicked this off is a relatively innocent email from somebody that i don't know looking for advice on storing metals on site and it was actually uh like what do you do kind of question involved and i mean we do some strange things to be on youtube every internal alarm bell in me is going off of course but i'll bite at least i'll give a little bit of general information i've touched on this in an earlier video but i'm not really sure that i've put it all together before so we're gonna give it a shot now i can't even start this video off without first pointing out the obvious anomaly of my personal situation i'm on the internet showing you all that i have gold in the first place so i'm an outlier or a dummy depending on how you want to look at it but this is not about one person it's about all of us so let's just ignore the fact that i'm personally breaking the first rule of gold ownership which of course is that you don't talk about your gold but we'll come back to that and one more quick note before we jump in because the original question asked about storing a hundred thousand dollars or more on site i'm going to try to lean into that a bit now i do some things differently if we were talking about six thousand dollars the ideas are the same but the scope changes i wouldn't spend thousands of dollars on a safe to hide a few coins for instance but like i said ideas are the same i just wanted to point that out to make sure that this doesn't get weird and as i'll tell you in a minute i don't actually keep a hundred thousand dollars worth of gold at my home but i'm gonna try to keep that number in mind as we work through this i i've talked a little bit about what i do in the past and i know i've talked about common issues with insurance carriers but i'm going to lay it out here and tell you some specific issues and some specific solutions that i have in place without i don't know drawing a map for any would-be villains so let's start in with physical precious metals that are stored in your home and i think there are clear benefits to vaulting gold and even benefits to holding positions and market derivatives and even digital allocations that all depends on your situation and i'm sure that some of you already have your mind made up on why there's really only one way to hold precious metals but i'm holding metals a number of ways and i can at least tell you the pros and cons to me i can also clearly see the benefits of any of those three approaches for different people again depending on their situation now in your home most people are safe simply through anonymity if you don't talk about it nobody will know to look for it and if you have a few ounces of gold hidden in a creative way you might even be covered now i don't think that i'm covered so i'll just get into a few of those details i don't feel comfortable first off hiding thousands of dollars in coins in a dummy single gang electrical box or in say an old paint can and that's just the kind of thinking that i go through first where could i hide it and i'm sure that one of you out there is thinking to yourself right now man this guy just gave away my hiding spot but i can guarantee that anyone brave enough to break and enter with that kind of intent and smart enough to actually pull it off well they probably already know about those ideas you're going to need to get a little bit more creative than that or just run with it knowing that even if a person is aware of those kind of ideas it's still going to be very difficult to find your coins anyway okay so this whole idea of simply hiding gold and in some cases just hiding it in plain sight is an idea that makes me nervous personally i don't want somebody throwing out a bunch of paint cans without me knowing or an electrician innocently discovering a stack of coins in the wall now i will say that i do have some hidden with no further physical security than that and i doubt that anyone would ever be able to find them even if they sack my place top to bottom but here's the problem with that in general or a few problems really there are feasible reasons that you might need to get your metals quickly natural disaster call it a flutter a forest fire tornado whatever where you have to grab and go you're not going to have much time to run around the house with a screwdriver finding all your gold stashes so i'll let you use your imagination for other situations where you might want quick access to your metals i'll just say there are plenty of them now i already mentioned the cases of accidental discovery accidental disposal now we have the logistics of what it takes to scoop up all your scattered coins with any real speed in an emergency and even though gold has an extremely high melting point in the event of a fire it's a good bet that anything that you didn't get to even though it'll probably still be there you won't be the first person on the scene to recover it so that leads to the more secure central spot to store your metals safe just feels safer to me i don't mean the two foot by two foot fire resistant sentry safe that walmart had on sale last weekend to me those little cube safes they're worse than storing your metals in a froot loops box there's just simply no way that a would-be villain is going to see a safe like that and then leave without it they're conspicuous they're hard to hide and they're easy to carry off and the run-of-the-mill gun safe it's not much better at least now you're dealing with something that can't be carried off but anyone with a good bar or two and enough time is turning that safe on its side and they're busting it open if you can bolt that safe down though now you're getting somewhere a person can't use their full weight to pry open a standing safe now the next thing to look at is the quality of the barrier itself and the locking mechanism i am not a security expert here i should have said that at the outset we're just kind of walking through an experiment here but a tl15 or a tl30 safe well now we're talking about a serious safe tl means tool resistant i'm not sure what the actual abbreviation there means but a tl15 safe has at least a solid inch of steel that a person would have to drill or cut through the door will be harder to pry open as well so this is serious stuff now 15 means you have 15 minutes for those tools to break through the 30 means 30 and 15 minutes might not seem like a long time but that's for a pro and i don't want to be a fatalist here but if somebody knows what you have they know where you keep it and they don't care about the laws of society well they have ways of getting that gold regardless of your security so let's just look past that for a minute a bolted down tl15 safe to me is the entry point for a good safe if that's your storage strategy now i'll just tell you that you can get a tl15 safe built into a wall you can get it built into the floor and that can be hidden you just cover it up with that oil painting of grandpa ferdinand easy so i'm not going to get specific about what i have exactly just look up tl15 safe or tl30 safe you'll find lots of examples you'll also find that they're very expensive i have some of each summer in plain sight some are hidden i'm not going to tell you what's in any of them but at least one of them really only has documents and i'd be really mad to lose those i also think a villain would be really mad to find them i don't want to spend too much time on home security here because there's still the whole idea of off-site storage that we need to get into but i'll just say that it's really easy these days to do a few things starting with wi-fi cameras now i have them on every door you can't approach my house without being on an exterior camera you can't be in my house without being caught on an interior camera and i have two kinds of cameras the hardline kind they write to a server there's a box in the house and then the wi-fi cameras that you can pick up at best buy they store everything to the cloud you can look at what's happening on your phone the hard line system was installed by a pro that wasn't something i could do myself it also has motion detection throughout the house it has window operation detection it has glass break detection i couldn't even tell you how that works but i know that it does i accidentally triggered it anyway the whole system has a typical passcode keypad like you'd expect and then that has a monitoring service like adt now if that sounds like a lot of work i'm with you i would never do that myself but i personally think that the cameras the wi-fi cameras the kind you can pick up at best buy well they take care of a lot of it and they're a quick do-it-yourself installation so what's next dogs okay so i have dogs but since you can't just install a dog i won't say much more but if you want a redundant security alarm and get yourself a loud dog or three okay so i'm also going to skip past personal protection i think people should have certain things and i think they should know how to use them i can comfortably check both those boxes but since i know there are times and i'm not going to be at the house it only goes so far and i also know a few ways to break a wrist but there again we need to be pretty close to pull that one off okay so let's get a quick recap of what we've covered so far these are just the bullets you have obscurity don't let the bad guys know what you have don't let the good guys know what you have for that matter you have concealment get creative hide your stuff you have safes get yourself a good one get yourself four you have home security everything from cameras to barrier alarms you have additional noise makers dogs cats goats what have you and then you have the threat of pain for unwanted visitors things that go boom and other means of dissuasion i thought that we could do this relatively quickly but it's not feeling that way we're just going to keep at it though so again i'm an anomaly here i can spread my metals out across a few locations so that's just me not keeping my eggs in one basket and even though that i know that's not realistic advice to give because it's just not convenient for everyone to do that if you have that option i do think that it's smart i don't like to keep more than 20 ounces of gold at any one place period unless i'm making a video again i'm i'm a dummy so up to now this has all been about physical metals being stored on site at your home at your business whatever another option though that i use is a vaulting service this is a hard one to give general advice on but if you look up gold repository you'll probably find a physical vaulting service in your area they're not particularly common services at least not where i live but there is a great vault about five hours from my home so that's not convenient to get to but that's a positive in this case beyond a certain point i just don't think that i need quick access to everything i have i started with that service right before i started making these videos that had a lot to do with it that made me a little bit more comfortable talking about it but i think the idea of keeping gold off-site makes a lot of sense for different reasons to different people the vault that i use has allocated storage options and that effectively allows me to declare and then physically check in middles from there you have managed ira services and some other options that i'm really not good at explaining but i have an account i can see what's there they can see what's there also that's going to trigger some people but it gives you better insurance options and then it also opens up some lending options that's a whole other topic so for this you're going to pay a storage fee based on the amount of gold you have there i think i'm at like 50 a month they also have i guess what you'd consider a safe deposit box option that's completely off the record but it's not insured because of that the same way that the allocated gold is now people like to rattle off all the reasons why you shouldn't use a bank safe deposit box for metals but a vault is not a bank another option and maybe the easiest option of all is to just use an online dealer like jm bullion they just kicked off a service with cyber medals and that's gonna let you buy gold or silver whatever that you aren't taking immediate possession of so you can look at it like a layaway program or just an easy vaulting service since your payments are all directly backed by physical gold but you don't take receipt and then go check it in so then if you do want to take receipt you jump onto the website jam bullion in this case you figure out what bullying you want and then you pay to take receipt pretty straightforward if you're just nervous about having physical metals in your home or again like if you want to use it like a layaway service where you just set x number of dollars every month and then when you get to a certain point you i don't know grab that american gold eagle so this is a new service and i'm definitely fuzzy on the details but i have been talking with them to try to get a little bit better understanding if you're interested right now though just hit up their website set up an account they have a few introductory promos going on right now you don't have to wait for me but i do plan to take a closer look okay i'm looking at the time and yeah this is a long one so at the end of the day nothing is completely secure all you can do is make an effort to keep it quiet and keep it locked up or just keep it off site to begin with that's totally up to you but let's call it good there we can fill in any gaps in the comments if you have general tips that you'd like to give well let us know there nobody's gonna expect specifics and then also if you just feel compelled to tell me how reckless i am discussing this topic in the first place feel free i can take it if you found any of this interesting be sure to hit that like button also be sure to subscribe if you enjoy the topic in general and if you're still here thanks again for watching i always appreciate your time take care [Music] you

Channel: 2 is 1

Views: 198,702

Keywords: gold storage, storing gold at home, how to store gold at home, gold stacking

Id: zw29iLS-ltc

Length: 15min 6sec (906 seconds)

Published: Tue Apr 12 2022