You might have just added some physical silver to your portfolio. Amidst all the excitement of making your purchase you accidentally overlooked one very important aspect. How do you store the stuff? Lucky for you I’ve been through the same process and learned a few lessons along the way. In this article I’m going to share with you a few tips that will save you some time and possibly headache in the future.
There are a few items and simple skills you need to be fully prepared to stow silver for long periods of time.
- 1. Buying a safe.
- 2. Think thoroughly about where you place your safe.
- 3. Prevent tarnish and future headaches by taking preventative action.
- 4. Always store silver inside 3 airtight containers. A zipkock baggie then tupperware container or mason jar, finally inside the safe.
- 5. Never use pvc products such as rubber bands to bundle silver, it will cause tarnish wherever it touches
1. Buying a safe
The first and most obvious step is buying a safe or a lockbox, some people even use old ammo boxes. There are literally endless options on the internet for purchasing a safe that suits your needs. If your plan is to only store silver in the safe then a smaller one should work just fine. If you decide on a safe take time to read the details to make sure your satisfied with the specifications. The option to anchor and fireproof construction are two important qualities to look for. If a value option is what your looking for then check out this list of eight cool safes under $100.
2. Think like a bulgular
Next figure out where your going to place the safe. Ask yourself where a thief or bulgular would look and place the safe somewhere different. Also keep in mind that disasters such as fires and earthquakes do happen so keep the safe in an area least likely to be damaged.
3. Avoid tarnish and future headaches
My great grandmother lived by the old adage that ‘an ounce of prevention is worth a pound of cure.’
I about had a panic attack the first time I accidentally left a silver eagle in kitchen cabinet for a few weeks. The color was turning copper and it was looking like my great grandmothers old silverware. My first reaction was to clean the coin with a brush, soap and water. After diving into that I looked online and found that I could have avoided this by properly storing the coin in the first place. Be thorough in your preparation, acquiring the coins is only half of the battle.
4. Store in multiple containers
A Russian Matryoshka doll is a wooden doll that contains a smaller wooden doll, inside that doll yet another smaller doll, and so on. By storing bullion inside multiple layers of protection you keep tarnish to a minimum. For example:
- 1. Place the silver inside a Ziploc baggie
- 2. Place the baggie inside a mason jar or Tupperware container
- 3. Place the jar or Tupperware in your safe or lockbox.
5. Things to avoid
If you do decide to get into silver as a hobby then at some point you will encounter a tarnished coin or bar. A few things to keep in mind are:
- Never use rubberbands to bundle bullion it will tarnish quickly
- There are many ways to clean silver but using baking soda or old fashioned soap and water work the best
- Do not clean old coins that have value other than melt value. By cleaning ‘constitutional silver’ you are usually limiting your return to penny’s on the dollar.
Now your better prepared to store your silver for the long haul. Are you enjoying our content? Check out another article- 8 unbelievable real life heists that you would think were movie plots