Realistically, besides Government confiscation, is there other risks with Bank Boxes? Private vaults - Major issue would be bankruptcy by owner?
Stick with the big 4 and you can't go wrong. If they try to confiscate your belongings, just go to Today Tonight or ACA and they'll rile up the sheep, causing a bank run, something they would never risk.
If the big 4 go bust - there wont be any today tonite or aca to 'protect' you. When you store the silver at the bank, or at the Perth Mint, you are protected against almost all scenarios - but when our Government folds ( which it will, just give it some time ) WHO will be there to enforce the laws? where will be the incentive for the bank to allow you to take the gold from their vaults? If SHTF does NOT happen than, storing the gold at the bank or perthmint is the smartest thing. but if SHTF does happen, you can kiss your gold good bye ! you wont be even allowed into the building. you wont be even able to get close to the building.
My stack is stored in a fortified building, with 100 angry pitbulls guarding it ... would you believe it .... 100 angry pitbulls ! How about 50 angry pitbulls ? 20 ? How about an angry boy scout with a pocket knife ?
With precious metals storage - the worry is not blue collar crime - its white collar !! But be sensible and dont leave the precious metals for all to see
I have a safe deposit box at one of the Big 4 right on Martin Place. No brainer. $150/year and you could store $500,000 of gold in the box easily. And you have a safe place for documents. There's no way the Australian government would ever let one of these banks fail any time in the near future and it's not like they're backing their money with gold and have a reason to take it from you. When the US recalled gold their notes were actually redeemable in bullion. Now the RBA would just print more polymer. Only drawback is no 24/7 access to contents but you plan around that.
thanks oasis, i have wondered what a box would cost but have never got off my backside to ask. Current off site storage goes for $100 for a 3m square area that isn't exactly secure other than the roller door with my padlock, opening alarms and the video surveillance.
If I had a hefty silver stack I would definitely think about one of those self storage places. You don't hear about those places being robbed too often, I imagine they are pretty safe. Safe deposit boxes are better for gold and platinum, silver would fill your box up pretty fast. The box we have is either the smallest or second smallest offered by the bank, I know the in-laws pay $375/year for theirs which has much more storage capacity. The next time I go in I'll see what the biggest size you can get is. Whenever I'm in the vault I can't help but think of the millions stored in there.
Yes, safety boxes for gold and platinum and storage places for silver and other valuables. Also, keep only the minimum PMs at your place of residence. And I agree that Australian Gun Laws are really dumb... but it doesn't help our common cause to discuss that topic here at Silver Stackers
So you would recommend them SF?? It's $330 for a medium size box, while not expensive, it is more than a bank box
Actually GV's prices are comparable to "proper" safe deposit boxes like those offered by nearby banks.
last time I visited Ainslie, I saw a nerdy guy with a suitcase leaving, closely followed by his security - 2 huge 6.5 foot Samoan guys who had dubiously large left breasts. It was either that or guns... I've got an 82kg safe for my stack and stock for selling, bolted from floor up so good luck to anyone trying to lift it
After reading this thread i was getting a little worried that bars were stupidly large... after getting my first 1kg silver bar im now more affraid to lose it than hide it ahha
haha! was very funny though, he was clearly struggling with the case, reckoned a couple of GD's easily, specially as there was still a Gold and a silver GD left on the desk in Ainslie when I went in just after him...