No, it isn't that simple. Such a plan would leak and cause mass public panic and bank runs. There is no way on God's green earth that the US Government could carry out such a plan without first imposing Martial Law. I scanned the rumor posted on that web site. You really want to plan your investing based on something somebody's relative supposedly said 9 years ago? If what was written was true, don't you think other banks would have been involved? Homeland Insecurity doesn't have enough employees to cover bank branches. And if a SHTF scenario were to occur, they would be very busy with invasion, disaster, whatever. It's a free world. You guys keep on planning based on scenarios that don't make any sense.
I use my Credit union. SDB (10x10) holds the ATB 5oz's. Only need to access 5 times a year. They take up space fast! I only keep the latest tube of ASE's in the house. I don't see a situation deteriorating so quickly as to need all of my PMs, NOW! We are 99.999% never going to see a Walking Dead type of deal. I would think there is at least a 5% chance we see a 1920's style escalation. Most people are 9 meals away from 'out of food'. Civil unrest will be the ultimate ending to any prolonged natural disaster (Hurricane, Earthquake, Outbreak, Hands up/don't shoot). I would give Civil Unrest a solid 1% chance. I know for a fact the first 8 households on my cul-du-sac are 2ndA. Moreover, I am the only one not active or retired military. Other than the kids at the nuke school on the Navy base having a MAJOR OOPSIE, I can't imagine not sheltering in place. -bw
Here's a few points... Do you trust bankers, government? If you answered yes then stop reading here. Do not underestimate what they are capable of, ever! They send people to die in war and commit absolute horrendous crimes, have foreign bank accounts and are always looking to uh well screw others out of their hard earn currency. If you want a litany of crimes by government just ask and create a new thread. The fact that legislation was brought in to support any bail in basically means that they can steal anything should they decide to. This is now in ALL countries, the white paper by the IMF who helped facilitate this globally is appalling. And insurance means absolutely nothing. The best advice is to store your PMs safely and NEVER at home. No safety deposit box is actually safe, remember the box is not yours and you are appointing CUSTODIANS who are without any liability. I do know of a few excellent facilities that are outside of the banking system HOWEVER it all gets reported and if there is a bank holiday or meltdown then I am sure that access to your box will be in jeopardy as well as whatever "emergency" measures or bail in the government decides to do should such an event arise. If you believe that no such event is possible and we are entering into calmer waters and you cannot see the gradual escalation that is occurring then it doesn't matter. Use a non-bank SDB and you'll be fine. The thing that gets me is that if there is a "black swan event" then things happen far far far far more rapidly than what nearly everyone can imagine including the prepared. It can happen shockingly fast. I am not just talking about a financial meltdown or doom and gloom, I am talking about ANY catastrophe. Any asset is subject to loss, confiscation, damage, theft etc. If gold and silver confiscation ever do happen and it's not as remote as people make out, really it isn't. And anyone silly to say so is in my opinion has rocks in their head. In Australia confiscation is still on the books, it's LAW. The suspension is dubious at best, in fact I am pretty sure it's not actually a legitimate suspension but one merely enacted. The only thing that needs to be done is that the attorney general withdraws the suspension, NO NEW LEGISLATION IS REQUIRED. I can't emphasis that enough. Make sure your PMs are safe. Even if you have to use a SDB obviously the bank SDB would be the last option... it's preferable to use someone like Guardian Vaults, though it will still get reported and is subject to the Australian legal system which no one thinks is fair, no one, not even S.C. or judges that I've met. So yes I would store my PMs in a SDB if there was no other safe option. I do know of some ingenious storage options that people have done, very very cool. But remember any SDB is subject to government so ask yourself the questions... What do you think might happen in the future? Do you trust the government and legal system? Do you feel lucky? Well do you?
I did talk to a representative at my bank and although their response was not black and white I did not like their answer, good enough for me not to trust them with my PM's. Back to my original statement, it amazes me how so many people are so eager to give complete control over to a large organization that doesn't know you, doesn't care about you, and when the chips are down will follow whatever their policy is irregardless of who truly owns the contents of the box. Not for me, I like the control right where it should be, in my hands.
^BB The 1959 Banking ACT is the current Banking Act that all amendments are still based on. Just because it was introduced in 1959 doesn't mean it's out dated it means the powers that be have not yet seen a reason to drastically amend or revise it in it's entirety, it's still current at the moment when you add all the amendments 1965, 1967 1973, 1974 plus all the new Banking legislation that also works in conjunction with the Act. Scroll down the 'Table of Acts' http://www.comlaw.gov.au/Details/C2011C00034 'Account' if defined under the definitions section of a Act to have the same meaning across multiple Acts does mean it means the same thing, it should also be defined in the bail-in legislation. Let me ask you a different questions then, if you had a million dollars in the bank and withdrew it all into cash and put the cash into a safety deposit box and then the banks needed to do a bail-in that effected all 'accounts' holding more than $250,000 by the way of a (5% hair cut) do you think your funds be effected? or do you think the next time you go to access the box you may be asked to have it checked off that it did not hold more than $250,000 in cash?
I have a small stack compared to some/most people here I think. I keep my PM's in a privately owned SDB. If the SHTF I will immediately take it out because if/when that happens I don't trust anyone holding my stack.
Food, water and shelter will be my first concerns, then my stack. I wonder if a monster safe within a lock up storage facility, with 24 hour security, is an option?
There are plenty but they are very unlikely - much like cyclones and earthquakes hitting southern Australia Still if the govt suddenly needed gold it would be much easier to just take over all the gold mines and keep their output than chase the holdings of individuals The govt owns the perth mint - plenty in storage there to confiscate easily as well
Statistically a storage facility would actually be a very good option for several reasons: - It's a secure facility. Not remotely close to private vault secure, but good enough to keep the casual opportunistic thieves away. (Anyone ever heard a report of any being broken into?, can't say I have). - There is just way too much choice, with hundreds of spaces inside. If it's a random raid you'd have to be unlucky to be the one that got busted into. - It's just not a soft enough target for thieves, and even if it was, everyone knows these storage units are mostly full of old crap from peoples homes. Usually nothing much of easy resale cash value. But you wouldn't put a safe inside, because that that screams "Jackpot! valuable stuff inside" This would be the perfect location to hide your stack away in some useless object among all the other useless object from your home, all piled on top of each other as is typical in these storage units. So yeah, if you did that I think it's actually a really good choice. The odds of having it stolen would have to be as practically close to zero as you could get. The only exception would be if someone knew you had it in there. A private vault would be technically safer from a theft point of view, but as far as "security by obscurity" goes, it's orders of magnitude safer than keeping it hidden at home.
Exactly. That's why it's never going to happen. And those who worry about it I think are just wasting their time and energy.
I am not sure what part of local bank you are misconstruing as a large organization. I haven't given control to anyone. I know my branch manager and I know where that person lives. I will have access to my SDB. Some of you give way too much credit to the US Government to pull off things without it leaking. Bank holidays, seizures of bank accounts, SDBs, etc., would leak like a sieve, especially with an unpopular President. Too many people would be required to be involved for it to stay quiet. The probability for such an occurrence in the US right now is about nil. While I don't think it would happen, if it were about to occur the signs will be there for anyone to see. And in the South, the citizens are better armed than the police. And the police are not going to want their SDBs taken any more than anyone else. Wake me when the US army is stationed in every town all over the country.
Surely a private vaulting system is not so safe? How many armed guards do they have to protect it? One? How thick is the safe? 1 cm? Surely experienced bank robbers can steal from a private vaulting system much much easier than from a bank safe.
I don't know why everyone gets all funny about an archaic section of an old law. If there were a crisis and the government wanted to confiscate privately owned gold, they'd just pass a brand new law. At most it would take a couple of hours to write and enact the All Your Metals Are Belong To Us Act and then they'd just go ahead and take it.
http://forums.silverstackers.com/topic-32282-kennards-break-in-court-case.html Also where do politicians store their valuables. I would expect SDBs. If that is the case SBD holders have nothing to worry about. Pollies only take what ISN'T theirs!
If you want to see what our govt and the big boys have in stall for us. See what our Australian politician Ann Bressington has to say about "UN AGENDA 21", here: [youtube]http://www.youtube.com/watch?v=sES6_OXPwOU[/youtube]
I went private storage when my stack justified the fees, the storage contract protects you pretty well for theft, just keep a log of what you have in there. The place is not to far from my house and has round the clock access which is important. My first instinct was to go with a publicly listed company so I could keep an eye on their finances but you can't have everything I suppose. I do keep a tube on hand though so I have something to play with when then internet is down and the missus is tired.
