Storing your PMs

[jim4silver]

Storing your PM's

This issue has come up here a few times over the past few years, and I always see folks say how storing PM's at the bank are the worst place to store them. Then I see a story like I linked below that tells me these naysayers are wrong. The anti SDB storage proponents usually base their view on an often stated (but NEVER proven) tale that when Roosevelt banned gold ownership, G-men went to EVERY safe deposit box and examined its contents before the owner could get his/her stuff. But even if such a tale were true (and I believe it is not, except in cases where a specific individual or business was targeted by the Feds), there are many more stories I have read about (and seen personally in divorce and delinquent children/family matters) where home storage was the worst place and the owner got his money, jewels and PM's taken from a "trusted" loved one.

Sure, if a person owned lots of land and could bury or otherwise secure their stash that might be ideal, but for us city dwellers who rent (landlord has a key to your place), bank storage is the best option (although I do worry from time to time about those tales the pundits spout out on the internet, even though I don't believe them). Granted, if I did own a house I would really want to store them there if I could come up with a plan where they metals were hidden, locked up and secured from fire/tornado, etc, at the same time.

Just know that safes might be good to stop crack heads and such, but if one has legal access to the house, opening them is quite easy. I saw a case where a disgruntled spouse cleaned out the safe (with a locksmith) when the other spouse was on a "business" trip. The spouse who took the goods then left and filed for divorce. There was no way to prove what was in the safe and since it was marital property, the wife got into no trouble legally.

PS I know there have been recent cases where a bank improperly seizes a box because they thought the owner didn't pay it, etc. But in these cases if the owner was up to date on payments and the bank wrongfully seized it, the owner would have a great case against the bank to recover.

Utah man stole gold and silver from parents | The Salt Lake Tribune


Just my opinion.


Jim

 

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[pepperj]

Sad that gambling has no real physical evidence that a person is addicted.
Bank's SDB are great if a person deals with an institution that has its depository boxes above ground.
Last year the bank was flooded from a rain/contractor/city sewer/water break/plugged drain and the safety deposit box vaults got flooded, and I recieved a black, mouldy mess back 45 days later when they popped the box open and poured out the sewer water, and handed it back to us with a so-sorry.
Compensation was decontamination of the paper work and contents after the story hit the press, and they really tried to cover up the mess. I just looked at the hundreds of boxes and thought of all the stored valuables that sat in this mess for 45 days, anything besides actual paper would have reduced greatly in value. Imagine there was stamps, graded coinage, currency that was of a collectors value, I'm thankful my watches and other good things were at another branch above the ground level. All the banks in Canada are responsible for is to give the unused portion of the rental back to the renter of the box.
I believe the safe keeping of a dead fish at some institutions would be of great justice.

 

[skeeterd]

I keep most of my stack in a SDB. I also keep some at home in a safe and some in a friends safe. I live in a rural area and I'm looking into convenient and secure methods of keeping part of my stack buried. I'm a big believer diversifying how I store my PMs.

 

[Jason in Enid]

The problem I have with SDB isn't for me, it's for my heirs. Banks immediately seize boxes upon learning of an owners passing and will not release it until a court order. This can take months or even years. In the end, the bank isn't even required to give the actual contents over. They are free to liquidate the contents as they see fit and only pay the dollar amount they feel was proper.

 

[jim4silver]

The problem I have with SDB isn't for me, it's for my heirs. Banks immediately seize boxes upon learning of an owners passing and will not release it until a court order. This can take months or even years. In the end, the bank isn't even required to give the actual contents over. They are free to liquidate the contents as they see fit and only pay the dollar amount they feel was proper.

Laws may differ by state, but in many jurisdictions if there is a co owner on the box they can access it after the death of the other co owner.

What you said is correct if a sole owner dies. I don't know about the liquidate part you mention if there are heirs contacting the bank about the stuff. In some states the personal representative (executor) will inventory the box in the presence of a bank worker for the inventory for probate. In many areas the personal rep can take the contents after proper inventory, etc., and have them appraised if the items are to be sold, etc. so the funds can go into the estate to be distributed as required.

Just my opinion.

Jim

 

[Marchas45]

ENOUGH SAID.

 

[Jason in Enid]

ENOUGH SAID.


View attachment 1095045

You've really got to stop posting pics of my property like that. Everyone is going to come dig up my place looking your stockpile of silver! LOL

 

[jim4silver]

Looks like another poor "it's better to keep PM's at home rather than at the bank SDB" soul has learned the hard way. I guess that large safe is his garage was a bit of a give away?

A well hidden and not disclosed to anyone safe in the home is great and is the best way all things considered, but many seem to think that a big, fancy looking gun safe is gonna keep out determined thieves, even if it is in your garage that anyone can see when the door is opened. Even a half-a$$ed locksmith or one who has been trained as such can get into the average home gun safe fairly easy, either by picking the lock or maybe with a torch (not even counting carrying the safe away).

Yes I know, back in '33 they allegedly made you open your SDB and removed the gold (I have NEVER seen any real proof of this and I did research this issue quite a bit a few years ago). I am sure since '33 the number of home safe thefts is multitudes more than the times a bank wrongfully seized a SDB's contents.

Just my opinion.

http://www.wsmv.com/story/27975056/coins-valued-at-100k-stolen-from-murfreesboro-home

Jim

 

[skeeterd]

A law enforcement officer told me that most big fancy gun safes, are only good for fire protection. Anybody with an ax can break into one in a few minutes.

 

[jim4silver]

Interesting web site.


NCIC


Jim