How to Store Gold in a Safe Deposit Box

by Joshua Smyth ; Updated July 27, 2017
...

Items you will need

  • Rental fee
  • Rental contract
  • Gold
  • Airtight bag
  • Box key

A safe deposit box is a locked box that is secured inside the vault of a bank branch, protecting its contents from anyone who might be able to break into a private home. Placing valuables inside a safe deposit box also protects them from the after-effects of a disaster, such as a flood or fire. Safe deposit boxes are an excellent place to store gold, as it is easy to steal and then resell.

Step 1

Rent the safe deposit box. This will require you to go to a bank where you would like your gold to be stored and fill out a rental agreement. Most banks will require a signature that matches that on the agreement before you can access the box. There is a rental fee. Check that the box is big enough to hold your gold; if it isn't, you may need to rent two boxes.

Step 2

Add to the contract the names and signatures of any other people, such as family members, who would have access to the box. You can also appoint an agent while in the presence of the bank staff and guards; this allows more of a guarantee that your agent is legitimate than a power of attorney form would grant.

Step 3

Pack your gold into an airtight plastic bag to protect it, then take it to the bank during regular business hours.

Step 4

Indicate to bank staff that you wish to access your box. You will sign in and be accompanied by a guard who has a second key that is necessary to open the box.

Step 5

Place your gold in the box, close it and lock it. You can then access it at any time the bank is open.

Warnings

  • The contents of safe deposit boxes are not covered by federal deposit insurance. You should be able to access them if the bank goes out of business, but if they are stolen you will need homeowner's insurance coverage to be reimbursed.

    If you fail to pay your rental fee for a significant period and the bank cannot find you, the state may sieze your property. You can later claim it back, or it least claim the value, once you are reinstated.

About the Author

Joshua Smyth started writing in 2003 and is based in St. John's, Newfoundland. He has written for the award-winning "Cord Weekly" and for "Blueprint Magazine" in Waterloo, Ontario, where he spent a year as editor-in-chief. He holds a Bachelor of Arts in political science and economics from Wilfrid Laurier University.

Photo Credits

  • letter boxes image by Vladislav Gajic from Fotolia.com