When storing silver, it is important to be mindful of how you store your items. Silver is a precious metal that can easily be damaged if not stored properly. Therefore, it is essential to take the necessary steps to ensure your silver is kept in pristine condition when storing it. The three top things to consider when storing your silver are condition, space, and security.
Condition
To begin with, a priority while considering storage options is always ensuring your silver will remain in good condition. The best way to do this is by storing your silver in an area with low humidity levels. High humidity can result in tarnish or corrosion on the surface of your items and should be avoided as much as possible. You can also store your silver in bags designed for storing silver, as these will help protect it from corrosion and tarnish.
If storing multiple pieces, it is a good idea to keep them separate from each other as they may scratch or damage each other if stored together. It is also best to store your silver away from gemstones and other hard materials that could potentially cause scratches or damage on the surface of the metal.
It is important to note that silver should never be stored in polyvinyl chloride (PVC) bags or containers, as this may cause damage and discoloration due to its chemical composition. Also, storing silver in PVC environments has been known to corrode the silver over time. To ensure the condition of your silver remains intact, storing it in cotton or a tarnish-resistant cloth is necessary.
An important way to ensure your silver’s condition while storing is picking quality storage containers. While there are plenty of options for containers, not all storage containers are equal in composition. Consider the material’s quality and durability because these storage containers will remain in close contact with your silver for years to come. APMEX offers a variety of storage containers and supplies that our expert staff has vetted and approved.
Space
Space and security go hand-in-hand as you ideally want to choose a secure space for your precious metals as well. If you decide to store your silver at home, find an area that is not exposed to temperature extremes, humidity, and direct sunlight. An ideal place would be a space with enough room for storing your silver away from the elements.
The next factor to consider when storing silver is space. Silver should be stored away from other metals or items that may scratch or damage the surface. It’s best to store it in an area with ample room and ventilation, such as a cabinet or drawer with dividers and soft liners.
Once you have taken stock of the available space in your desired storage area to fit your collection best, develop a system to store your silver in the allotted space. Most collectors and investors will utilize their space strategically while storing and stacking their storage containers. When storing at home, it is important to choose a space that won’t be too crowded and ensure your silver remains easily accessible.
Security
Finally, security should always be taken into consideration when storing silver items. The best way to ensure your silver is secure is by storing it in a secure location, such as a safe or lock box. This will prevent any accidental damage or theft that could occur if the items were stored in an unsafe area. Additionally, taking pictures of all your items before storing them can help you keep track of their condition and serve as proof of ownership in the event they are ever lost or stolen.
Various storage options provide security to your investments, including in-home storage or a third-party location. However, these options are not equal in terms of safety, accessibility, and capacity. Some of the options available to you include:
In-Home Hiding Spots
Some in-home hiding spots could include hiding silver in drawers, basements or attics, hollowed-out books, etc. Although some silver enthusiasts swear by this solution, it can present risks and vulnerabilities easily avoided with other affordable solutions – such as theft or environmental damage like moisture and humidity. Ultimately, while in-home hiding spots may be convenient and easily accessible, they can also be insecure, forgettable, and open to damage. Consequently, other solutions should be sought out when possible.
Home Safes
If you want to store your silver at home, home safes are your best option for easy access and cataloging. Home safes are not always advisable despite easy emergency access because they can introduce space constraints and possible theft. When deciding on a home safe, consider the space, capacity, and security options you have available.
Third-Party Security Storage
Third-party security storage is typically the most advisable solution because it guarantees your silver is always accounted for, stored securely, and remains safe from the elements. When trusted professionals guard your silver, you can rest assured that it will always remain in good condition. With third-party security, measures are often taken to ensure your security and privacy, such as storing the silver in a dedicated facility with 24/7 video surveillance, digital recording systems, access control systems, and other advanced security measures.
We recommend storing your silver with Citadel Global Depository Services if you are considering a third-party storage facility. Citadel provides a maximum-storage solution backed by Brink’s, one of the world’s leading security companies, so you know your silver will always be protected. Citadel also offers additional services, including a system to keep track of your investments stored with them so you always know what you have stored and the current valuation of your silver.
The Bottom Line
When storing your silver investments or collection at home or through third-party storage services, always make sure you have insurance on your items. This will provide peace of mind and cover any potential losses or damage.
No matter how you choose to store your silver, it is essential that you understand the level of security and protection you will receive when storing items away from home. With careful consideration of condition, space, security, and accessibility, you can store your silver with confidence.
