Gold is worth more than ever. A metals dealer shares 3 tips to keep your stack safe.

"A recent rally in gold prices has made collectors' stacks of the yellow metal more valuable than ever, bringing fresh urgency to the question of how to keep it safe. For starters, most collectors aren't taking their gold to a bank. "About 95% of our customers want personal possession," said Stefan Gleason, CEO of Money Metals Exchange, a large precious metals dealer in the US."

"The spot price of gold topped more than $3,700 per ounce on Tuesday. It dipped following Wednesday's rate cut from the Federal Reserve, but is still up more than $1,000, or 38%, this year. Two years ago, the price was roughly half of what it's worth today. It's a pretty remarkable increase for something that could easily slip into your pocket, slide to the bottom of a sock drawer, or otherwise go missing."

"At the same time, it's important that the secret hiding place isn't too secret, even if it's as simple as burying a box of bars and coins in the backyard. "If they're going to hide it, they need to have a trusted person who knows where it is, because people die and people don't know where things are," Gleason said. "Leave information with a trusted relative or relatives of where it is.""

Gold prices have surged, pushing spot above $3,700 per ounce and markedly increasing the value of personal collections. Most collectors prefer to retain physical possession rather than use bank custody. Small holdings can be stored at home, but visible safes may attract thieves and overly secret hiding places can be problematic if nobody else knows their location. Owners should leave location information with a trusted relative. Homeowners' insurance often provides very limited coverage for gold, which increases the risk of significant uninsured losses for large in-home holdings.

Read at Business Insider