In my lifetime there has never been a general bank closure in Australia but there have been plenty of burglaries. I know which event I am more concerned about. If I did live in Greece I would have transferred any money out of the country years ago after the first bailout. For those who actually pay attention to what is going on in the world I expect there will be plenty of warning if any real SHTF event ever occurs. To the majority busy checking facebook every 5 mins and watching reality TV shows it will come as a shock.
Trew, I am not sure the risk of theft is any different between a bank SDB and a private bullion storage facility. This is borne out by the insurance premiums on metals stored in such institutions, which are identical. All I am suggesting is spread it around and don't put all your metal in a bank SDB as a hedge against the banks.
I was comparing the risk of theft from a home as opposed to an SDB (of either type). As for burying it in the backyard, well I've seen some bullion at W Davis over the years that looked and smelled like it had been just dug up - or stored in a mouldy old shed.
The major downside of this option is illustrated by stories of discoveries of treasure troves from time to time, where it is clear that the owner never did dig up their hidden wealth, nor did any of their heirs know where to find it. Bit of a waste, that.
Did you read the one from the west coast area of the US, last year or the year before, with several cans full of US gold coins from circa 1880? Must have been a real fortune when it was buried, and worth millions now. Couple were out walking their dog along a path .......
Jeff Nielson has his say ? http://sgtreport.com/2015/07/a-major-warning-for-safety-deposit-box-holders/
i reckon if you have made the effort to exchange fiat for metal....why would you introduce third party risk? If you dont hold it you dont own it... think of this scenario..............the gubbermint gets wind of some chatter that a person or group is going to do some harm in the city and that weapons/money/assets are held in a SDB.....The police may then demand access to all SDB in the area,,,.... You advised of this after the fact..If this happened, do you have receipts proving legal ownership? http://www.bbc.com/news/magazine-32223768 In 2008 police raided three safe deposit box centres in London as part of an investigation into claims that criminal networks were using them to store the proceeds of crime. Inside 3,497 boxes, officers found more than 50m in cash as well as five handguns, cannabis, heroin and crack, gold bars, child abuse images, three paintings by 17th Century Dutch artists, jewellery and fake passports. here is the NAB's terms and conditions on storage: http://www.nab.com.au/personal/help...onditions-for-safe-custody-services#part-a-13 Namely....(13. Access to property by Law Enforcement and other Officers 13.1 We may comply with a requirement for access to a safe custody item arising from an order of a court or other judicial or administrative body, statutory notice or demand, or request made by any police officer, taxation officer or other officer of or representing Australia or a State or Territory. 13.2 After giving such access, we may permit the removal of all or any part of the property held in safe custody, without prior notice to you. We will not be liable to you for any damage to, or removal of property, nor any consequential action taken against you following access, in these circumstances. custodian vault in sydney.....http://custodianvaults.com.au/wp-content/uploads/2014/05/46.pdf 7.6 In the event that a duly authorised representative of a Governmental Agency serves upon the Company a legal demand to access a Box, or information held by it about the Licensee, the Company will comply with such a request. The Company expressly disclaims any liability for any loss or damage suffered by the Licensee in such an instance. All other attempts to access a relevant Box or information held by the Company about a Licensee will be resisted by the Company unless the Licensee has instructed the Company in writing otherwise. All costs incurred in resisting access will be borne by the Licensee. 10.1 Where the Licensee fails to comply with all or part of clause 9.3 or 9.4, the Company may open the relevant Box, remove its contents and may in its discretion and without notice to the Licensee: 1. sell or otherwise dispose of such contents in such manner as the Company determines in its discretion; and 2. apply the proceeds of sale first towards payment of any outstanding Fees and other related costs with the balance refunded to the Licensee (where such balance exceeds $100); and 3. move any unclaimed Property to another location 18.4 We may refuse any person access to the Vault Facility or to their Property where required to do so by lawful instructions, notices, orders or directions) Or a bank may just close down a branches SDB facility.... http://www.smh.com.au/business/banking-and-finance/run-for-the-deposit-boxes-20130130-2dkpn.html
Wow! http://www.reuters.com/article/2014/02/26/us-usa-california-coins-idUSBREA1P03M20140226 https://www.youtube.com/watch?v=408EJ4H_Pw0
ONE in the Safe (Anchored and Poured in concrete in the basement) ONE walled into another basement ONE in the regular cache in the house AND SO ON Spread the risk!
How do you handle the risk of a gang willing to break a few fingers and kneecaps as they politely request you to reveal the location and combination to the safes?
Yes. Looks like the "the banks are gonna seize your box contents" sayers are wrong on this one. http://www.businessinsider.com/r-greek-banks-ready-to-open-monday-expect-long-queues-2015-7?IR=T Jim
Banks have re-opened and capital controls remain and .... NO The SAFETY DEPOSIT BOXES ARE NOT ACCESSIBLE as yet The skeptics on SDB safety are not wrong yet ??
There is an American precedent for government stealing safe deposit boxes. http://abcnews.go.com/GMA/story?id=4832471 I'm not against safe deposit boxes, but I think you should never have your stack all in one place.
Totally agree. We have diversity of investments, diversity of storage, we aim to be prepared for a variety of possible futures.
