So Idaho has a precious-metals depository. Now what?
By Jayson Arfmann, 7k Metals CEO
The new silver and gold depository Money Metals Exchange has gotten a lot of press this week, and it’s great to have a secure place—even bigger than Fort Knox—for storing precious metals in the state of Idaho. But if you don’t have any precious metals to store, this won’t benefit your life.
This begs another question: How many people own silver and gold, and how many feel confident buying these assets? According to a 2024 survey by Gold IRA Guide, only 10.8 percent of Americans own gold and 11.6 percent own silver. If precious metals are such a hot commodity, why aren’t those numbers higher?
The answer might be intimidation. The reputation for precious metals is that purchasing them is a rich man’s game, and there’s not a lot of good information out there for getting started. But education is key, and here are a few places people should start:
- Understand why you might need gold and silver. Most people have liabilities and don’t know what assets are. So read up on these topics and get squared away on what assets are out there. You’ll learn that gold and silver are the easiest and most affordable physical assets you can start growing. Learn about bullion. Learn about coins. Study and ask questions.
- Make a plan. Assess your financial situation and decide where you can begin with precious metals and how much you’d like to budget for these purchases. There’s no shame in starting small. You may never need to worry about a depository—or maybe you’ll want to store your metals there for safety and security reasons. Growing your gold and silver stack is a personal matter, and having a plan will mitigate a lot of fear and timidity.
- Find people you can trust and work with them. If you know others who have successfully started accumulating precious metals, ask which dealers or companies they worked with. Online reviews can also help. Armed with knowledge, make a small purchase to see if the metal is delivered as promised. That might be all it takes to catch the bug and begin the precious-metals journey.
Next time you hear that gold and silver "protect your retirement funds" or "hedge against inflation," don’t panic. While these statements might be true, they don’t always apply to the everyday individual. Instead, remember that with the right steps, gold and silver can act as a proactive financial tool anyone can access. It’s as simple as that.
