The United States government stockpiles around 8,100 metric tons of gold.
Governments don’t require gold to back their currencies any longer, but they do keep it. They keep gold for the same reason people do, as a means to protect against hyperinflation. They also store precious metals against a possible economic catastrophe.
If it’s a good idea for the government, it’s a good idea for you. Here are some tips about storing precious metals internationally:
1. Not All Countries Are Equal
Not every country is an excellent place to store gold and other precious metals. Depositories specializing in precious metal and gold storage are governed by the laws of the nation they operate in. Do your research to determine which country you want to store your gold in.
Some countries have laws where specific amounts can be seized in the case of emergencies. Others have various tax schemes associated with the withdrawal or sale of gold. New Zealand, Switzerland, and Indonesia are some of the best nations worldwide for storing precious metals.
2. Where Should It Be Stored?
Whether you’re dealing with gold bars or silver coins, you need to find a precious metals depository. If you don’t want to go that route, you can also use banks. One of the most common methods is using a safe deposit box.
Take advantage of insured locations. Once you buy gold, you don’t want it stolen. If it is, and the bank or business has insurance, you can get your money back. This is why insurance and the backing of the nation’s federal government are important points to look out for.
It may be attractive to store gold and precious metals in a less developed country, but that is often a big mistake. Any country that is high in corruption and low in the rule of law is not a place to store precious metals.
3. Leave It Stored
There are a lot of legal and tax regulations that come into play if you move precious metals from international holding to domestic. There are even regulations as to the maximum amount of gold you can own in some areas and countries. You don’t want to run afoul of any laws with your precious metals.
One good thing to do is to find a broker that whom you purchase metals from and also store them with. A high-quality, reputable broker will be able to help you deal with the hassle of keeping your gold safe. You might try a website like sprottmoney.com so you know your investment is safe.
Keep Your Precious Metals Safe
Precious metals are sought after by anyone who is hedging against inflation and wants security. Businesses, private investors, and governments all look to precious metals as a safe haven in a troubled world. Make sure that you take full advantage of what you can, and keep your money safe and sound.
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