Storing precious metals safely
Anyone who buys physical gold must also think about the storage of their precious metals. If you decide to store your gold at home, it is advisable to invest in a good safe. We have summarized for you what you should look out for:
Choosing the right safe
The disadvantage of a good safe for your own home is probably the high purchase cost. A simple safe from the hardware store is usually not recommended. Any semi-professional burglar can open such a model in just a few minutes. YouTube is full of videos on how to do this.
Therefore, you should rather rely on a brand-name product, which, with a new price of about 2000 - 4000 euros, hits the budget significantly more, but reliably provides security and is also recognized by your insurance.
Good brand safes are available from Wertheim, Putz or PRIMAT from Slovenia.
Used safes & own brands
Many dealers of safes and vaults cover up the actual manufacturer's name with their own brands. With a short search on the web, however, the actual manufacturer can often be found out.
One way to save money on the purchase without sacrificing security is to buy a used safe. On the various online platforms, you can find used safes much cheaper (between 200 - 1000€) - even if they show signs of wear.
However, when buying used safes, also consider transport, statics and clarify your insurance in advance! Otherwise, a bargain on the Internet can quickly turn into a price bomb or a pipe burst. It may be that a new purchase including delivery is cheaper than a used safe with self-organized transport.
The heavier a safe, the more secure?
When choosing your safe, look for a solid design, but also consider the statics of the planned installation site. You also need to plan how the safe will get to its place (Will it fit through all wall openings? Can it be transported by elevator? ...)
Thanks to new filling materials, modern safes weigh considerably less than older safes of the same class while maintaining the same degree of resistance and can therefore also be installed on upper floors.
Up to a weight of about 600 kilograms, however, the safe should then be firmly anchored in the floor by a professional craftsman, who is ideally liable for it in writing, so that burglars cannot simply carry it away completely.
The safe transport is delicate, dangerous & therefore expensive
It is usually not necessary to hire a professional safe transport company for every safe. Even with weights of less than 500 kg, 2000 euros can quickly become due.
In the case of simple transport routes, a lift in the staircase or a ground-level location, a heavy-duty removal company or a piano transporter can also take over the transport for 25% of the price.
However, if transporting a safe yourself could be tricky for any reason (crane insertion, necessary road closures, lots of stairs, no elevator, old building, etc.), you should definitely hire a full professional. Keep in mind that a sliding safe can break through walls! Always make sure the company has insurance for damage, covering transport routes, floors, etc.
The insurance coverage also depends on the design of your safe and its security class. But be careful! - The VDS/EN classes of old safes often no longer correspond to the current standards; in most cases, they must now be classified one class lower.
Also ask how much % your insurance will cover in case of investment gold (not gold jewelry) and have it written down in the policy. The safe size should correspond to the insured value of the contents and, if necessary, a higher coverage should be negotiated with the insurance company.
Also, keep in mind that the fluctuating price of gold can change the value of your vault contents and the sum insured may need to be adjusted from year to year.