Simply stated are banks a safe place to keep PM's or does it put to risk obviously if the SHTF but also IRS creditors lawsuits
How does the bank know you're storing PMs in your SDB other than the weight and sound of metal on metal? Could be 500oz of copper in the box for all they know. Not everyone uses SDBs to store metals. If the overnight interbank lending rates start rising take them out and store them in a private vault.
That's right. It would be crazy to wait until the last minute. Despite all the talk about banks closing overnight (eg. Cyprus, Black-Rock, Ireland) there have always been plenty of warning signs. For the time being (outside of a private commercial vault) there's few safer places than a bank's strong room. As an odds-on bet, there have been a lot more home burglaries than banks being robbed.
3 inch by 5 inch 22 inch long $25 per year teller stated to me I need set up a trustee in case I was to die as there are no public records as to having a SDB so it could become abandoned property if annual fee was not paid like if I was to die and have no estate trustee A state law process occurs that causes in the end the items get lost and gone in the system Gone Baby Gone ------------ If banks did close like stated above when they re-open (even with a money loss ) aren't your goods still there You know it's unnerving to keep in your home also
It's safe until the bank decides to close for an extended period of time and you can't access it... Some don't let you insure bullion or insure the contents at all. Keep in mind that you're at the mercy of the bank. Remember reading that in early Jan last year ANZ suddenly shut down some of its SDB facilities with 2 months notice and a lot of people couldn't find one elsewhere.
I am still firmly of the view that the contract between the customer and the bank and it's SCV, is nothing more than a rental contract. The contents of the box are unknown to the bank, so they cannot possibly transact in any way an unknown article of unknown value. By far the greatest danger which I fully expect to come to pass is the greatest thief of all, THE GOVERNMENT, will walk in to the bank and demand the customer list. They will also freeze all access to the boxes. At that point you are at their mercy. Same applies to any PRIVATE Safe Custody Facility. To my mind the only ones this will not apply to are MPs and other members of the 1%. OC
Safety deposit boxes are pretty safe from Crooks but are generally not insured because you could be putting anything in their. Safety deposit boxes are not safe from a Crooked Government, master keys are still held by the banks that will pass them on if need be. Any sort of financial catastrophic and there will be no access to the boxes during that period. Weigh it up, they are good but just don't put all your eggs there, keep some in private hands as well i.e. lease some private vaulting space, they will more likely still offer you access during a period of financial crisis.
Totally agree, the Govts of the world are some of the biggest crooks on the face of the earth. It's like income tax, you are obliged to pay under the threat of Govt sanctioned violence if you don't cough up what they tell you to cough up. All these safety deposit box's are safe until they no longer are. The situation can change rather quickly and before you know it you could lose access to your SDB and have no legal recourse to anything. Storing pm's at home are a risk as well as has been previously discussed to death. Better to spread your risks over a number of locations I reckon. If you have a large stack you could use a SDB, have a small amount at home well hidden that you never talk about to anyone that is your last resort get the hell out of dodge insurance, and finally a well placed hole somewhere safe that is never going to be disturbed. This way you don't have all your eggs in one basket and reduces the risk of losing the lot in one foul swoop be it a crim or worst still sanctioned thief via the Govt.
I am also of the view that in the interim, a SCV is the BEST possible storage, until SHTF Day! It will take some fancy footwork to guess the best action after that date. Diversification is probably the best way to go. OC
Under what circumstances would the government freeze all safety deposit boxes and deny us access to out own possessions? And what is the chances of this happening? I think it extremely unlikely of this happening.
...and our Constitution allows them to do just that, confiscate the gold and silver you may have in the SCV. You will get a letter demanding you attend the SCV with your key. You will walk out with a receipt for X amount of G & S. Probably at that days Spot Price.
What circumstances? Suspicions of drugs, terrorism or child pron. Of course, they could then "accidentally" discover assets being "hidden" from the tax office, or maybe just confiscate all precious metals until the owner could convincingly demonstrate they were not the proceeds of crime.
After reading all the scenarios maybe hiding it is best . Old world people did not trust banks The fact that we stack indicates we don't trust the system . For sure - stack it - hide it - KEEP your mouth shut about it.
