Bullion and Coins Stored at Home Are Vulnerable to Natural Disasters says Diamond State Depository
A Depository is a Safer Option for Precious Metals in the Event of a Hurricane, Tornado, Earthquake or Fire
Some owners prefer to store their gold, platinum and silver bars, bullion and coins at home because they want immediate access to them. But in a natural disaster, your home and yard aren’t secure. Your valuables could wash away, or they could be scattered, buried or taken by looters.
Precious metal owners go to great lengths to store coins and bars at home in such places as safes under the refrigerator or in the garage or in fake books on a shelf. Others stash them in underground safes in sheds in the back yard. They do what’s called “midnight gardening,” checking on or adding to their backyard holdings in the dark. Some people hope to throw burglars off by having two safes-a decoy with lesser valuables in it and another one containing their pricey gold bullion and coins. Often these home safes are fireproof or waterproof but that’s not always enough in a natural disaster.
After Hurricane Sandy struck last October, hobbyists and others with metal detectors scoured New Jersey beaches and found jewelry and precious coins. Some of those valuables were returned when their owners could be located. But most owners never recovered the gold, silver and platinum items lost in the super storm.
In Hurricane Katrina, homes along the Gulf washed off their foundations and broke apart in flood water. Valuables floated away, never to be found by their owners. After the Oklahoma tornadoes this spring, looters made off with precious and industrial metals items found in the rubble.
“If you buy gold and silver as a long-term investment and a hedge against inflation, you have to decide how to safely store it,” says Mike Clark, president of Diamond State Depository (DSD) outside of Wilmington, DE. DSD is a subsidiary of Dallas-based metals dealers Dillon Gage Metals.
“Your house and yard may be the first place you think of for storing bullion and coins, but they’re also probably the worst place,” Clark states. “A depository or third-party storage firm is your most secure option.”
DSD and International Depository Services of Canada (IDS) near Toronto hold bullion in secure vaults for a nominal fee, he explains. IDS is affiliated with DSD and is also a subsidiary of Dillon Gage Metals.
DSD and IDS are two of the world’s most-modern metals and coin depositories. DSD benefits from its location within the U.S. East Coast business corridor. And Delaware offers the best tax treatment for metals in a depository of any state in the nation.
The Toronto depository is across the border from New York State and benefits from Canada’s position as a top gold-mining nation and a major silver and platinum producer. The Royal Canadian Mint sells gold, silver and platinum Maple Leaf coins to investors worldwide.
Banks, brokerage houses, dealers and refineries all store metals at DSD and IDS. Both depositories are state-of-the-art facilities, equipped with multi-layered security systems. On-site and off-site security specialists monitor them around the clock. DSD and IDS operate with Class III vaults, the highest-rated vaults commercially available. Both depositories offer bulk storage and a wide range of services-including segregated holdings. Metals at both locations are underwritten by a leading global insurer.
“If you want peace of mind when a hurricane or tornado is headed your way, keep your metals in a depository, not hidden at home,” Clark says. “And, of course, they’re also much safer in a depository if your home is ever burglarized.”
Diamond State Depository in Delaware and affiliate International Depository Services of Canada near Toronto offer secure custody and fulfillment services for precious metals products-including coins, bars, powder, sponge and industrial material.
For more information on Diamond State Depository, please visit www.DiamondStateDepository.com or phone 888-322-6150. For International Depository Services of Canada, please visit www.IDSofCanada.com or call 855-362-2431.
For more information on Dillon Gage Metals, please visit www.dillongage.com/metals or phone 800-375-4653. Follow Dillon Gage on Twitter @DillonGage and on Facebook http://www.facebook.com/