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Next Degussa Numis Day To Take Place March 30, 31

Rare numismatic coins often find their way into safe deposit boxes.

And Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website:

The Next Numis Day

We appreciate and appraise your treasures- in Zurich and in Geneva

Coins tell of great civilisations; they bring history to life. And they are of enduring value. Do you wish to put a lovingly curated collection or individual items in the best of hands while benefiting from the extensive expertise of a renowned precious metals trading house? Then you have come to the right place. A simple phone call is all it takes to arrange an appointment at our next Numis day.

Location:
In our showroom in Quai du Mont-Blanc 5 in Geneva
Date:
On March 30, 2017 from 9 am to 5 pm.

Location:
In our showroom in Bleicherweg 41 in Zurich
Date:
On March 31, 2017 from 9 am to 5 pm.

We provide comprehensive advisory service.

Our coin expert Robert Eberlein will be there all day to evaluate your pieces and give you tips. He looks forward to discussing the finer points of numismatics with you.

You can rely on us to provide a fair market value determination, and, on top of that, to offer other marketing options: If you wish, you can sell directly to us at a fair price on Numis Day. Or we can consult with you and jointly determine the best marketplaces for your special treasures, for example, international coin auctions or prestigious Internet platforms.

Are you interested in coins as an investment? If so, our experts will also be happy to advise you on Numis Day. Numismatists have been collecting historical coins for centuries, and the popularity of this pursuit has not waned. If you wish, we can also represent you at auctions worldwide.

Do you wish to sell old gold?

Numis Day is all about historic coins.

Please arrange a separate appointment with us if you wish to evaluate and sell gold jewellery, old gold or silver.

For more information about Degussa’s next Numis Day or the company, visit their website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Related Reading: London’s Sharps Pixley Spotlighted By The Spectator Magazine

Monday evening I read an interesting article about London, England-based precious metals showroom/safe deposit box service Sharps Pixley (first blogged about here). Margareta Pagano wrote on the website of The Spectator (UK) this past weekend:

When the going gets tough, the tough go shopping. And when the going is seriously tough- as it may be when Trump and Putin really start stirring global trouble- they shop for gold.

And where could be more convenient to do so than at Sharps Pixley in St James’s Street?…

You can go straight for the one-kilo bars, about the size of an iPhone, at £33,130 each. [Sharps Pixley CEO Ross] Norman gives me one to hold; it’s cold and heavy, its shininess like the golden wrapping of a chunky caramel chocolate bar. You see why the Egyptians called it the ‘breath of the gods’; there’s something primal about holding the bullion in your hands.

Some shoppers take the bars home in bags, but most store them in safe-deposit boxes in the shop’s vaults. There are more than 200 gold and silver products for sale here. Real roses dipped in pure 24 carat gold, from £100, are a bestseller…

(Editor’s note: Bold added for emphasis)


“Why Gold Is A Safe Haven Investment”
Sharps Pixley’s London facility featured (Feb. 2016)
YouTube Video

You can read the entire article here on The Spectator website. For more information about Sharps Pixley, head on over to their site here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Economist Martin Armstrong Warns Of Storing Assets In U.S. Bank Safe Deposit Boxes

We’re back after a short break. And to jump start the continued discussion about asset protection outside the United States, I’d like to point out a February 25 blog post by economist Martin Armstrong on his company’s website. Regular readers of Offshore Safe Deposit Boxes know that Armstrong brings up bank safe deposit boxes from time to time, and the head of Armstrong Economics penned the following while I was away:

Keep in mind the government can close all banks for there is precedent. Whatever you have in a safe deposit box can also be seized and inspected.

There is no precise law against storing metal or cash in a safe deposit box. But law is malleable in the hands of any judge. He can seize the money or gold under the pretense of money laundering hiding it from the government. Under Civil Asset Forfeiture, they can assume the money is guilty of a crime being even tax evasion. It then is your burden to fight in court to get it back if you can hire a lawyer…

(Editor’s note: Bold added for emphasis)

Keep in mind that Armstrong is referring to safe deposit boxes in U.S. financial institutions here, not secured storage containers located in private vaults outside the American banking system.

That being said, the economist sees a “global trend” in the seizure of assets through claims of money laundering and tax evasion. I blogged back on June 6, 2016:

Martin Armstrong… has chimed in on the new HSBC safe deposit box regulations in Hong Kong. He issued this warning on his company’s blog Friday:

Governments are targeting safe-deposit boxes to look for cash that is hiding from taxation. HSBC, a U.K. bank, is now moving against claimed financial crimes by altering conditions for safe-deposit boxes. This is becoming a global trend. Anything of value that is stored in a safe-deposit box is now considered money laundering. Governments want their taxes and all the laws are changing to ensure they get their money.

(Editor’s note: Bold added for emphasis)

“Anything of value that is stored in a safe-deposit box is now considered money laundering”

Does that include legally-purchased and owned precious metals (with receipts to boot also showing taxes paid when applicable)?

Once again, these are bank safe deposit boxes Armstrong is talking about.

To date, I haven’t encountered anything by Mr. Armstrong about boxes in private, non-bank vaults.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Source:

Armstrong, Martin. “Is it Safe to Store Gold in a Safe Deposit Box?” Armstrong Economics Blog. 25 Feb. 2017. (https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/is-it-safe-to-store-gold-in-a-safe-deposit-box/). 7 Mar. 2017.

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Thoughts On Safe Deposit Box Article By The Straits Times

Yesterday I came across an article on The Straits Times (Singapore) website entitled “Time to part ways with safe deposit boxes.” Business editor Lee Su Shyan wrote Sunday:

Growing up, having a safe deposit box symbolised financial adulthood, even more than scoring that exclusive credit card.

But that’s not a view shared by many nowadays. I did a casual check among friends and colleagues whom I met over the Chinese New Year period and only a couple owned up to having a box. Others said: “I don’t, but my mother has one.”

It’s probably the hassle that has contributed to the decline in popularity. Access is only at limited times, although the hours are certainly longer at non-bank locations such as that of Certis Cisco.

Then there is the issue of the rental rate. Even if it’s not a large sum, it’s still a few hundred dollars annually.

Banks, too, are apparently none too keen on encouraging customers to have one. They take up precious space and offer a poor return on capital.

A couple of years ago, a report by the Swiss authorities highlighted the growth of non-bank safe deposit box companies, with some quarters questioning their rapid expansion. Apparently, many customers were using them for stashing gold and valuables. Since the contents are known only to their owners, these boxes could pose a money-laundering risk…

Some thoughts about the piece:

1. Longer operating hours are indeed often found at private safe deposit box facilities. Certis Cisco in Singapore, for example, is open 365 days a year and up to 12 hours a day according to their website.

2. “Banks, too, are apparently none too keen on encouraging customers to have one.” The Times’ Rachel Boon reported on April 22, 2015, that “banks cut back on safe deposit box services in land-scarce Singapore,” with HSBC and DBS Bank closing a number of safety deposit boxes on the island nation.

3. The article stated:

A couple of years ago, a report by the Swiss authorities highlighted the growth of non-bank safe deposit box companies, with some quarters questioning their rapid expansion. Apparently, many customers were using them for stashing gold and valuables. Since the contents are known only to their owners, these boxes could pose a money-laundering risk

(Editor’s note: Bold added for emphasis)

I believe the report being referred to here was produced by Switzerland’s Federal Department of Finance (FDF) and released to the public on December 14, 2015 (blogged about here). From the accompanying media release:

The report also explains the money laundering and terrorist financing statutory framework in terms of safe-deposit box rental and the relevant rules of professional conduct. Moreover, it sheds light on the potential risks and actual abuses.

Although a potential risk of abuse does exist for certain categories of safe-deposit box, there is little evidence of actual abuse and thus of a real danger according to the report

(Editor’s note: Bold added for emphasis)

4. The Times’ business editor concluded the piece with:

At this rate, it looks like I will have to part ways with that box. The money I save from the rental of the box won’t get me a fancy piece of jewellery – but it will go some way to buying a sturdy safe.

(Editor’s note: Bold added for emphasis)

I don’t know how it is for Singapore, but the Spartanburg Journal-Herald (South Carolina) just noted in a February 11 article on their website:

A residence is almost 20 times more likely to be robbed than a safe deposit box in a bank.

(Editor’s note: Bold added for emphasis)

I believe the source of this U.S. statistic is Elgin, Illinois-based Safe Deposit Box Insurance Coverage (SDBIC), a provider of safe deposit box insurance.

You can read that entire Straits Times article on the paper’s website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

Source:

“Money Talk: Security for a safe deposit box in an insecure world.” Spartanburg Herald-Journal. 11 Feb. 2017. (http://www.goupstate.com/news/20170211/money-talk-security-for-safe-deposit-box-in-insecure-world). 13 Feb. 2017.

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Next Degussa Numis Day To Take Place February 23, 24

Speaking of numismatics this morning, Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website:

The Next Numis Day

We appreciate and appraise your treasures- in Zurich and in Geneva

Coins tell of great civilisations; they bring history to life. And they are of enduring value. Do you wish to put a lovingly curated collection or individual items in the best of hands while benefiting from the extensive expertise of a renowned precious metals trading house? Then you have come to the right place. A simple phone call is all it takes to arrange an appointment at our next Numis day.

Location:
In our showroom in Quai du Mont-Blanc 5 in Geneva
Date:
On February 23, 2017 from 9 am to 5 pm.

Location:
In our showroom in Bleicherweg 41 in Zurich
Date:
On February 24, 2017 from 9 am to 5 pm.

We provide comprehensive advisory service.

Our coin expert Robert Eberlein will be there all day to evaluate your pieces and give you tips. He looks forward to discussing the finer points of numismatics with you.

You can rely on us to provide a fair market value determination, and, on top of that, to offer other marketing options: If you wish, you can sell directly to us at a fair price on Numis Day. Or we can consult with you and jointly determine the best marketplaces for your special treasures, for example, international coin auctions or prestigious Internet platforms.

Are you interested in coins as an investment? If so, our experts will also be happy to advise you on Numis Day. Numismatists have been collecting historical coins for centuries, and the popularity of this pursuit has not waned. If you wish, we can also represent you at auctions worldwide.

Do you wish to sell old gold?

Numis Day is all about historic coins.

Please arrange a separate appointment with us if you wish to evaluate and sell gold jewellery, old gold or silver.

For more information about Degussa’s next Numis Day or the company, visit their website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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