Abstract: An in-ground storage system for storing valuables includes a cylindrically shaped outer container having a bottom, an annular upper rim and a substantially continuous side wall extending from the bottom and terminating at the annular upper rim, a cylindrically shaped inner container having a bottom, an annular upper rim and a substantially continuous side wall extending from the bottom and terminating at the annular upper rim, and a lid assembly including an outer sealing member having an outer lip portion with a substantially vertical outer wall, at least one gasket, and an inner sealing portion having a substantially vertical inner wall. A method for storing valuables using the storage system includes the steps of placing the outer cylinder into the ground, inserting valuables into the inner cylinder, securing the lid assembly to the inner and outer containers; and concealing the underground storage system from view.