Storing gold in vaults vs keeping gold yourself? Advantages & disadvantages?

Question

I checked the rate on GoldMoney and GoldBullion. The rate on GoldMoney is lower. GoldMoney charges monthly fee for services and storing gold. Is it worthwhile to pay them monthly charges? Isn't it more economical just to buy gold and store it yourself? This way, you don't pay anybody anything. One disadvantage is that someone might steal it or whatever. However, if the gold trading company goes bankrupt, how are you going to get your gold back if the company stores your gold for you......?? Thanks for answering

Answer 1

Yes, you laid it out yourself.  If you have someone else store it for you, not only does it cost you money, but you may not be able to get it when you want it.

If you keep it yourself, you have to worry about it being stolen.  A safe is helpful in this regard, particularly if it cannot be picked up and  carried away.  The best arrangement is a floor safe sunk into the concrete foundation of your house.  If that is not practical, locate the safe in the back of a closet and bolt it to the floor.

And of course, tell no one that you are keeping gold, and resist the temptation to show people.  No sense inviting thievery.

Gold Bug

Answer 2

yeah, i think you have answered your own question--keeping it yourself and you risk a theft, keeping it in storage is trouble if they go under, even though you no doubt have "proof" of your asset in storage, it could be awhile before you "see" it again. Plus, if it's in storage and you need it "now" you won't have it. If it were me, i'd keep it at home and hidden carefully and i wouldn't tell a soul--not the parents, not the wife/hubby--no one.