The idea of owning physical gold, instead of some form of derivatives or gold hedged fund is that you must have physical control over the gold, and that it should be independent from the financial system.
I can start by pointing out that the only way you can keep your gold so it is covered by any insurance is in safe deposit boxes at the bank. Do it. The exception is someone that has 1-2 gold coins, then the home insurance would cover it.
Even if the bank goes bankrupt, it is still your gold there in the locker, and you will soon get access to your tray through bankruptcy nominee.
However, there are drawbacks, such as the bank reports that you have a safety deposit box to the Tax Agency. So gold is not protected against the state. Another disadvantage is that the bank is open 9-15, 9-17 maybe some day. If by some reason you will need your gold during other hours, if you suddenly need to leave the country or by some other reason you will need to leave the gold behind.
Another variant is keeping gold in a safety deposit box abroad, where you then can escape to, and which thus Tax Agency does not find out that you have either, if they do not buy stolen data from SMB Swiss bank.
As for silver, the problem is that silver takes more space. Larger amounts require many large safe, but tells anecdotes about those who used 100 oz-ingots (3.11kg) as paper weights and had burglaries without them being stolen. At least the former silver fairly unknown to the thieves, flat-panel TV is more interesting.
But my recommendation is a bank safe deposit box. If the authorities are after you, or if it starts to feel like society perish within a few days, maybe you should consider spreading the risk a little.
Safes are not very expensive and can also be used to backup hard drives of the household gathered information, important photos and important documents.
To secure a safe it should be bolted to the ground to further prevent theft. It's also a good idea to choose a model that is really heavy.
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