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 Gold $1,914.80   $-9.90  Silver $23.49   $-0.20  Platinum $1,009.40   $-11.20  Palladium $1,654.50   $1.50

There are many stories of miners, prospectors, and treasure seekers burying gold to keep it safe and hidden from prying eyes. Of course, most of these tales date back to many years ago. As for whether or not 21st-century San Diego gold and bullion collectors should bury their gold, keep reading to find out if this is still a viable option that makes sense.

It’s Perfectly Fine to Bury Gold (on Your Property)

There’s nothing specifically illegal about burying gold as long as you do it on your own property. If you bury it somewhere else, there are possible legal issues you may encounter. For instance, if you bury your gold out in what you assume is the middle of nowhere, like they did in old classic western movies, you run the risk that the property actually belongs to a private company or the state or federal government. In this instance, if you go to retrieve your gold and someone in charge of that land sees you, you could end up facing some legal challenges when it comes to who actually owns it. For example, the state could argue you abandoned your gold and claim ownership.

Know the Risks of Burying Gold

Even if you bury gold on your property, there are certain risks to be aware of. For instance, there’s the risk someone could take your gold if he or she knows you’ve buried it. There’s even the possibility of someone accidentally digging it up if you need to have underground pipes repaired in your yard. There’s also the risk of leaving it behind if you move, especially if it’s been buried for many years and pretty much forgotten about, or you could pass away without anybody knowing you have gold buried in your yard.

Consider Safer Gold Storage Options

Fortunately, there are safer ways to store your gold today that don’t involve the risks associated with burying it, such as contamination from dirt and other underground materials that could damage your gold. For instance, you could store it at your local bank. Other possible gold storage alternatives include:

• In a safe securely installed in your own home
• At an off-site facility or storage center—insurance is often included with this option
• In a locked drawer

Whether they’re looking for expert advice on storing precious metals or they’re looking for the best San Diego gold coin dealers, collectors should work with trustworthy experts who offer high-quality service and have years of experience. Call on the industry-leading professionals at First National Bullion when you’re ready to invest in precious metals, including gold, silver, platinum, and palladium. Give us a call today at (858) 304-7580.

The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion. 

By |2022-12-18T21:53:09-08:00December 19th, 2022|Miscellaneous|0 Comments