Gold worth €30,000 is a temptation for burglars and a problem for contents insurance. Which storage suits which amount and what it costs.
In short
- At home only small amounts: contents insurance usually covers gold up to 20 to 30 percent of the sum insured, without a safe often only €1,000 to €3,000.
- Bank safe deposit box from around €60 a year, often with waiting lists, check insurance separately.
- Bonded warehouse in Switzerland or high-security storage for holdings from €50,000, with delivery entitlement.
- Never reveal the location, photos only for insurance, keep purchase receipts separately.
At home
Convenient, free and risky. Burglars search bedroom, desk and kitchen first; a wall safe is known to them. Whoever stores at home needs a safe anchored in the floor or wall with security grade at least EN 1143-1 grade 0 or I, from €600 upwards, and must inform the contents insurer. Without a safe, valuables are limited in most policies to €1,000 to €3,000, with a recognised safe to 20 to 30 percent of the sum insured. Whoever has €30,000 of gold needs a sum insured of €150,000 at 20 percent. Advantage at home: immediate access, no running costs, no counterparty risk.
Bank safe deposit box
Costs €60 to €300 a year depending on size, with waiting lists in big cities. The box is protected against burglary and fire, but the contents are not automatically insured. Many banks offer insurance up to €10,000 or €25,000; above that you take out extra cover. Disadvantage: access only during opening hours, and in case of bank insolvency or account freezes access can be blocked temporarily. The contents remain your property and do not fall into the insolvency estate.
Bonded warehouse and high-security storage
For holdings from about €50,000, precious metal dealers offer storage in high-security vaults in Germany, Switzerland, Liechtenstein or Singapore. The gold is booked as segregated property with serial number in your name, is fully insured and can be delivered or sold directly at any time. Costs 0.5 to 1 percent of the value a year. Bonded warehouses have the advantage that silver can be bought and stored there without VAT; the tax only falls due on delivery.
The mix
A small reserve at home, most in the box or vault. Whoever sees gold as crisis protection wants part of it within reach; whoever sees it as an investment wants it safe and insured. Sensible is a split that hands neither a burglary, a bank nor a state the whole.
Discretion and documentation
Tell nobody except your partner where the gold is, not tradesmen, children or friends. Photograph the pieces with serial numbers for the insurer, store the images encrypted, keep purchase receipts separately from the gold, because they prove the purchase date for tax exemption after one year. A will or a note for heirs prevents a safe deposit box from staying undiscovered after death.
Try it yourself
Gold CalculatorWeight, fineness, gold price: the material value of jewellery, bars and coins, also as a buying range.Insurance CheckLife situation, job, family, possessions: which insurance you need, which is optional and which you can skip.Frequently asked questions
Do I have to report gold in a safe deposit box to the tax office?
No. There is no reporting duty for physical gold in Germany. Only gains from a sale within one year are taxable.
Is a DIY-store safe secure enough?
Furniture safes under 100 kilos without anchoring are simply carried off by burglars. Insurers only recognise safes under EN 1143-1 with anchoring.
What happens to the box on death?
Heirs with a certificate of inheritance or a power of attorney beyond death get access. The bank does not automatically report the contents to the tax office; heirs must declare them in the inheritance tax return.
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