Tag Archives: United States

Storing Precious Metals Focus Of Numismatic News Article

Yesterday, I pointed out a new “how-to” video entitled “How To Store Silver Bars And Coins At Home” by the folks over at GoldSilver.com, a global leader in gold and silver sales and one of the world’s most highly regarded investment education companies since 2005.

This comes a few weeks after a different piece about precious metals storage appeared on the website of Numismatic News. Back on March 9, Pat Heller penned an article entitled “Hard assets make soft targets?” in which he discussed the advantages/disadvantages of keeping precious metals in bank safe deposit boxes (a number of the “drawbacks” don’t apply to their private, non-bank brethren) and other “storage alternatives” including:

-“Hidden storage on your property”
-“Storage in safe or strong box on your property”
-“Precious metals vault storage”

It’s an interesting read, which you can view in its entirety over on the Numismatic News site here if you didn’t catch it a couple of weeks ago.

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

(Editor’s note: 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.)

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GoldSilver.com Video: ‘How To Store Silver Bars And Coins At Home’

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)
YouTube Video

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…

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CNBC’s Jim Cramer On Storing Gold: “I Want You To Put It In A Safety Deposit Box’

Jim Cramer, co-anchor of CNBC’s Squawk on the Street and host of Mad Money, offered up his thoughts yesterday about acquiring and storing physical gold. From Wednesday’s installment of Mad Money:

CALLER: I got a quick and easy question for you. Everybody knows that we’re going to go into inflation. So how do you feel about investing or diversifying in actual physical metals like gold or silver?
CRAMER: I absolutely love the idea. I think if you put up to ten percent of your money in actual physical gold is great. I don’t want you putting that gold in your house. I don’t want you putting it in your backyard. I want you to put it in a safety deposit box. Make sure, make sure that it’s not in your house. But I do agree. I like it.

(Editor’s note: Bold added for emphasis)


“Cramer’s DIY guide to spotting high-quality stocks”
(Gold discussion starts at 10:59)
CNBC Video

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.)

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Related Reading: Switzerland, Canada, United Kingdom Top U.S. News & World Report’s 2017 ‘Best Countries’ Rankings

Here’s an annual survey one might consider when selecting an offshore safe deposit box location.

U.S. News & World Report just released its “Best Countries” rankings for 2017. Kevin Drew reported Tuesday morning on the American media company’s website:

Switzerland is viewed as the No. 1 overall country, according to a survey of more than 21,000 people from 36 countries in all regions of the world. People regard the European country highly for its citizenship, being open for business, an environment that encourages entrepreneurship, the quality of life it provides its citizens and for its cultural influence.

Switzerland is one of 20 new countries evaluated this year, as the total number of nations assessed in the survey grew to 80.

Canada finished No. 2 overall and the United Kingdom No. 3, as both did last year. Germany fell from its top spot in 2016 to No. 4 this year, while Japan moved up two positions to No. 5 overall…

(Editor’s note: Bold added for emphasis)

As for the United States? It placed seventh, behind Sweden.

Head on over to the U.S. News & World Report site here to view the entire article and access the overall rankings.

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.)

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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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