Long-time readers of Offshore Safe Deposit Boxes might remember an April 22, 2014, blog post mentioning Mike Maloney of GoldSilver.com, a global leader in gold and silver sales and one of the world’s most highly regarded investment education companies since 2005. The founder and owner had just come out with a video in which he warned precious metals are not safe being stored in a bank safe deposit box.
These days, Maloney and gang are out with a new “how-to” video which readers might be interested in viewing. In “How To Store Silver Bars And Coins At Home,” senior precious metals analyst Jeff Clark and Mike Maloney tackle the following questions:
1. “So how do we store our silver bullion both efficiently and safely?”
2. “And should it be stored at home anyway?”
Storing silver in bank safe deposit boxes and at private, non-bank vaults is also addressed. From the video:
Should We Use a Bank Safe Deposit Box?
Easy, simple, and relatively inexpensive- those are the advantages to using a safe deposit box at your local bank. But, consider the drawbacks:
-Your access is restricted. You can only get to the bullion during regular banking hours. No evening, weekend, or holiday access. In fact, during 9/11, some banks were closed for a period of time.
-No insurance against robbery or disaster. Think about the customers whose safe deposit boxes were washed away with the tsunami in Japan in 2011.
-Lack of privacy. If the government or an aggressive attorney comes after you, they’ll thank you for the generous clue you provided them of where some of your assets are stored.
-Also, silver takes up so much space that you’d likely be forced to pay for a larger box. And it might not be an option at all. A monster box of silver is too big for most bank safe deposit boxes.
Remember, one reason we own physical bullion is to protect against the banking system. If you go this route, be aware of the risks and only place a small portion of your metal there.
What About a Professional, Third Party Vaulting Service?
Once your stash starts to grow, I recommend you consider professional storage. Your risk grows as you accumulate more metal. You don’t want to be wiped out if something happened to your stash at home.
The keys to professional storage are that your metal be held:
1. Outside the banking system
2. Fully segregated or allocated in your name
3. Fully insured, and
4. Easy online access…
“How To Store Silver Bars & Coins At Home- Mike Maloney”
(Bank/private vault discussion begins at 11:36)
A nicely-done production by Clark and Maloney.
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)
(Editor’s note: The mention of entities marketing themselves as precious metals dealers/educators 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 taking any action- financial or otherwise- based on information found in this weblog. If this recommendation 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.)
Maloney’s book on gold/silver investing…