Keeping a proper record of what you hold takes an hour and matters in three situations: making an insurance claim, selling, and someone else dealing with your holding if you cannot.
Most people do none of it, and the cost only becomes obvious at the worst moment.
What to record
For each item, note the metal, the product name, the weight, the fineness, the quantity, the serial number if it has one, where and when you bought it, and what you paid.
Serial numbers matter most. For an insurance claim, being able to identify specific bars is meaningfully stronger than describing a general quantity of metal.
A simple spreadsheet is entirely adequate. The format matters far less than the fact it exists.
Photographs
Photograph each item, including any serial numbers and packaging. For a collection, photograph groups as well as individual pieces.
This takes very little time and gives an insurer something concrete to work from. Written descriptions of bullion are easy to dispute. Images are not.
Keep the paperwork
Purchase invoices establish what you bought, when, and from whom. Keep them together and separately from the metal.
That last point matters. Records stored alongside the bullion are lost in exactly the scenarios where you need them, whether that is theft, fire or flood. Keep a copy somewhere else, digital or physical.
Insurance
Standard house contents policies rarely cover precious metals to a useful value without a specific declared endorsement, and many cap unspecified valuables at a figure well below a serious holding.
Speak to your insurer directly. Ask what the limit is for unspecified valuables, what a declared endorsement would cost, whether specific items need individual listing, and what documentation is required for a claim. The answers vary between insurers and between policies, so a general rule is not much use.
An undeclared holding is very likely an uninsured one, and finding that out after a loss is the wrong time. Our storage guide covers the security side.
Keep it current
A record is only useful if it reflects what you actually hold. Update it when you buy and when you sell. If you add to a holding regularly, an annual review catches anything missed.
Someone else needs to know it exists
This is the part people avoid thinking about.
Bullion held privately, in a safe nobody else knows the contents of, with no record anyone can find, is invisible. If you are the only person who knows what you hold and where, then in any circumstance where you cannot tell someone, the holding is effectively lost.
You do not have to tell anyone what you own. But at minimum, someone you trust should know that a record exists and how to find it. Discretion about the contents and total secrecy about the existence are different things, and only one of them is sensible.
Frequently asked questions
What should I record about my bullion?
Metal, product, weight, fineness, quantity, serial numbers, purchase date, source and price. Keep photographs alongside.
Does house insurance cover bullion?
Usually not to a useful value without a specific declared endorsement. Check the limit for unspecified valuables with your insurer.
Where should I keep my records?
Separately from the metal, so they survive the events where you need them. A copy somewhere else is the point.
Why do serial numbers matter for insurance?
They identify specific items rather than a general quantity, which makes a claim considerably easier to substantiate.
Should anyone else know what I hold?
Someone you trust should at least know a record exists and where to find it, even if they do not know the contents.
Buying and record keeping
Every purchase comes with documentation worth keeping. Browse the range or visit the showroom at 124 Peterborough Street, Christchurch.
This article is general information about record keeping and is not insurance, legal or financial advice. Speak to your insurer and, where relevant, a qualified adviser about your own circumstances.