3 Reasons Why You Shouldn't Keep Your Silver Coins In A Bank Safe Deposit Box
Posted on: 20 May 2015
If you have invested in silver coins, you probably want to keep them in the safest location possible. You might be interested in keeping them in a safe deposit at a bank, for example, but this isn't always the best idea. It's generally best to keep your silver coins in a safe location on your own property if at all possible; these are a few reasons why.
1. Bank Safe Deposit Boxes Are Not Insured
There are a few reasons why people feel safe keeping their money in the bank. One of these main reasons is because money that is stored in a bank account is insured by the FDIC, so if something happens to the bank, you can still get your money back. Although you might think that this insurance is a good reason to also store your coins in a safe deposit box at the bank, this simply isn't the case. According to the FDIC, items that are kept inside bank safe deposit boxes are not insured. This means that if the bank is robbed or destroyed, you will lose your coins with no compensation.
2. You Never Know When You Might Need To Sell
If you want to make as much as possible off of your investment, it's important to keep a close eye on silver coin prices. Then, you can determine when the price of silver goes up, and you can always sell your silver coins and silver bars when the prices are high. Since prices can change by the minute, you never know when this might be. If your silver coins are in a safe deposit box at the bank, you could have to wait until the next business day to gain access to them, which could cause you to lose a good sale.
3. Silver Bars Can Be Handy In Emergency Situations
You never know when an emergency might strike. Whether you are a survivalist or simply like to ensure that you and your family are prepared for anything, having silver coins on hand can always come in handy when there is an emergency. You never know when one of these emergencies might strike, so it's important to keep your silver coins close at hand.
As you can see, a safe deposit box at the bank simply isn't the best place to keep your silver coins. Instead, consider installing a safe in your own home and keeping them there.
Share