As one of the fk the institutions type conspiracy theory/fact paranoid stackers always have my tinfoil hat safely packed in my back pocket for quick use at all times much of my Ag i've sold as it gets bloody heavy and is a bitch to transport moving,etc for that reason and many other prefer Au.Dont trust the filthy gold lenders or banks...but know some of you are more open minded. Like to know Does anyone use "safety" deposit boxes please? To me its the 3rd party risk and the lack of insurance that rules it out but it would def be helpful at times. Cheers
You just answered your own question-3rd party risk.Remember when corona started and members could not get access to their boxes?
^^^^^ I concur. If looking for non bank (will come back to the bank's) option do some research on third party safety deposit box providers in your city / region. You'll find a few in each of the major cities and they are sometimes connected with some / one of the major bullion dealers in Australia. Third party deposit box providers should provide the option to purchase X $ of additional insurance based on your valuation of contents....also DYOR on who the insurer is. Look at their terms and conditions and if the box and contents is held in under law in trust by them in your name, then you should be okay as laws around holding assets in trusts by a corporate entity for individuals is pretty strong in Australia...From memory the failure of Perth Bullion in 2019 caused some issues for those who had purchased goods but not rec'd items pre Perth Bullion going into administration / liquidation but the Liquidator of Perth Bullion acknowledged the rights of the safety deposit box holders to access and collect their items..... noting that the Liquidator did charge a fee to process and provide access. https://www.rsm.global/australia/si...d_of_release_-_safety_deposit_box_holders.pdf There's also a thread of Perth Bullion on this forum. https://www.silverstackers.com/forums/index.php?threads/perth-bullion-liquidation.92182/page-8 As for bank owned and operated safety deposit boxes, they tend to have stricter rules re allowable contents in their safety deposit boxes eg no cash or precious metals so that kinda knocks them out from the get go.....there is also wider discussion that the bank's have unfettered rights to the contents of the safety deposit box in the event of that bank going into liquidation.Once again DYOR on them / refer their terms and conditions. Apart from non bank safety deposit box providers, I have been open minded re a specific Melb based bullion dealer who provides both unallocated purchases and "time period holds for purchases" for their clients. Whilst nothing is 100% guaranteed, I do have a level of comfort (and $ risk value) I'm prepared to have them hold for me until I decide to sell or take delivery. I trust this assists in your deliberations.
Thankyou for the answers, i will look into non bank options. Moved into more remote,rural area away from city afew years ago so bigger and better ideas are long way away. Used a decent safe for awhile but kinda thought whats the difference...i have everything now in a big metal box that can be taken all at once. When im physically around stack not worried as it but obviously not viable solution need to work,live and travel sometimes and its weight on my mind. I"ll look into it more and into those ideas, appreciate the responses
or get this one in your home.. https://www.safesgalore.com.au/safe-range/product/cmi-commander-bankers-safe
If you’ve ever seen those big safes being broken into in about 10 minutes on YouTube, you’ll forget about them. It’s best to use a non bank safe deposit box.
Get a cheape safe and store some decoys like some silver, trinkets, expensive looking fake watches so the thieves will think they got all your precious and does not go looking for your fireproof strong box hidden elsewhere in the house or under your outhouse! Disclaimer: I spend too much time watching YouTube!
