As Gold Thefts Soar, Experts Advise On How To Keep Your Valuables Safe This Winter

There has been a notable rise in gold thefts, with police urging people to be extra vigilant as the longer nights approach1. Asian families in particular have been targeted among these break ins2, although reports indicate that there’s a rise in general

Many of these thefts have been linked to the recent rise in gold prices, where experts have established

Gold is a more attractive target for criminals, with many thefts linked to organised crime and premeditated break-ins3.

With this in mind, the experts at The Gold Bullion Company have put together a useful guide on how to store gold securely and prevent it from being taken this winter season.

Rick Kanda, Managing Director at The Gold Bullion Company comments: “Whether you choose to store your gold at home or in a professional vault, it’s essential to consider both security and environmental factors. Home storage offers convenience and control, but professional vaults provide unparalleled security. For those keeping gold at home, investing in proper security measures and tailored insurance is crucial.

“Ultimately, your choice will depend on how much accessibility and peace of mind you need.”

The Pros Of Storing Gold At Home:

• Immediate Access: Having gold at home means it’s readily available if needed, offering peace of mind in uncertain times.

• No Ongoing Fees: Vault services often come with recurring costs, while storing at home is essentially free after the initial investment in security.

• Control: You control how and where your gold is stored, ensuring no third party is involved.

The Cons Of Storing Gold At Home:

• Security Risks: Homes are often more vulnerable to theft than professional vaults. Even with high-end security systems, the risk of burglary remains a concern.

• Insurance Costs: Insuring gold stored at home can be expensive and might require specialised coverage, particularly if its value exceeds typical home insurance limits.

• Climate Sensitivity: As temperatures drop, it’s crucial to consider the environment in which your gold is stored. Humidity and condensation can tarnish bullion over time, which is a hidden risk during colder seasons.

Why Professional Vaults and Safe Deposit Boxes Offer Added Security:

For those looking for additional layers of protection, professional vaults and safe deposit boxes might be a better option. Here’s why:

The Pros Of Safety Deposit Boxes:

• Enhanced Security: Vaults are often housed in high-security facilities, with multiple levels of protection and constant monitoring.

• Lower Insurance Premiums: Insurance for gold stored in professional vaults is generally more affordable than home insurance for the same amount.

• Climate Control: Gold stored in vaults is kept in optimal conditions to prevent tarnishing or other damage.

The Cons Of Safety Deposit Boxes:

• Limited Access: Getting to your gold may not be as easy or quick compared to having it at home, particularly if stored in a secure vault that requires an appointment.

• Storage Fees: Depending on the vault or safe deposit box, there may be ongoing fees, which can add up over time.