OK, don't tell me. But one of the risks of collecting PM is obviously theft. Aren't you afraid of theft if you keep silver in your home, or the high costs of storing silver, if you put it in a bank's vault or a safe storage company's vault? If you have (say) $5,000 of PM and pay (say) $1,000 a year to store the PM, and you keep it for 10 years to wait for the time the SHTF, or for the price to raise to the level you bought it, you pay more in storage than the value of the PM. Is it worth it? Do you consider this when you buy PM? I am just looking for your thoughts. The higher costs of storage (due to higher volume) would actually be a good argument to buy gold instead of silver.
As with most things, there is a point of diminishing return. Keep at home what silver you are comfortable in losing, then stop or store in a vault.
If you do a search on here, you will find a few threads on this. Also you may find there have been some members who have had their stack stolen from their home. I personally would not keep more than 100oz's of silver at home. If your only planning on having around $5k worth, maybe look at some unallocated options? As you mentioned the cost of storing it would not make much economic sense over the long term, especially if you are not going to increase your holdings substaintially.
For only $5K I would not bother going out of my way to store it in a special place as most people have personal Jewelery which costs more than that. Over $15K is a different story, and then the additional cost of a Safety Deposit Box makes it worth it.
I see storage costs (think I'm paying $600pa which is pretty cheap) as more of an insurance. I'll think it's a 'waste' until that one day some opportunistic thief decides to rob my house and finds my stack. If it's under $5k may not be worth it as that much would be very easy to hide around the house.
didnt even check cheepo I just took an empty box in that will hold about 10k worth of silver and they said it will fit, I am out in the country somewhat so it my be more in the cap cities They also said that insurance is up to me not them but I think I read on SS somewhere that one cannot insure bullion?
I got a quote of $40 per year for a "reasonable" sized box of your choice to store in vault. I couldn't get any exact dimensions from the chick on phone but she said about the size of a large briefcase, and must be square so it can stack. Which could fit over 1000ozs, but they will probably have an issue with the weight as they bring it out to you, you don't go into the vault. This would be a good option for gold store though. For me half the fun I am getting out of stacking is the ingenuity of security. But this ties into my trade profession, and I also live rural on a large property and not in the burbs where the crime is.
I do, it is in my will, in my solicitors vault. When I die, there will be a treasure hunt of epic proportions xD
They would not let me in the vault either so I asked how do I add or take from my box? Surely I do not do it in public view in the front of the bank? They told me I can have a private room if requested. I also asked who else had access/key? They told me nobody but me so how do they bring it out to me in my private room? Then I asked what if I was a drug dealer and kept my smack/goey etc in there what is to stop that? 'Nothing 'was the reply as they do not know what I store
Yeah your lock on the box and you don't give them the key. Banks will follow law, so if law enforcement suspects you storing drugs, they just need a warrant for the bank to give them your box to break open.
I had a french friend who was so paranoid about his gold getting stolen while he was at work that he had a custom belt made up with pouches for each bar and coin he had. He then got paranoid about getting mugged while he was out as the belt was not very inconspicuous. He ended up selling his gold because he couldn't take the paranoia. Storage is definitely something that sways the market. One reason why silver is primary an industry metal and gold is not.
In the states if an owner of a safety deposit box dies, Big Brother get to open the box, to see what has been stored, and figure out the tax that is due, probably about 40% for most of us, maybe more.
True. Death tax is a pain. Australia doesn't have this. I hear it is a flat rate 50% in the UK... and they will tax any substantial transfers for years prior the death. So people can't avoid it by gifting there relatives before they die. Crazy stuff.
