Accessing Private Vault

GreatSouthernTime

GreatSouthernTime

Well-Known Member
Silver Stacker
Hey guys. Question regarding Private Vaults.
I keep my metals and some personal items at a major independent vault.

I do not need access to anything in there and even in emergency I will be ok for up to 12 months.

with the current lockdown is there any reason I should be taking my items out of this space? Are there any risks in keeping it there in these unprecedented times?


Any advice or opinions welcome.
 
GreatSouthernTime said:
Hey guys. Question regarding Private Vaults.
with the current lockdown is there any reason I should be taking my items out of this space? Are there any risks in keeping it there in these unprecedented times?
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Yes, they could go broke and shut down, just like countless companies will because of all this mess.
That doesn't mean you'll lose your contents, it's legally yours. But getting it back could be a real PITA. Ask those former Perth Bullion customers.
 
No one knows what's going to happen.
Is the idea of security peace of mind?
If you were fully aware of the access arrangements and now a bit concerned I'd probably take it out.
Security of physical is suited when you are worried about theft or maybe fire or perhaps you just don't have the room.
This is different; restrictions of movement, law enforcement, and crime could be a foreseeable problem.
Having said that, if you don't have an established safe place, you may not be in a position to change.
As others have said, take your gold and gems, leave the rest.
 
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Thanks everyone. I have probably missed the chance to get it out, there are lines down the street.
But either way I would be creating a new risk by taking anything out.

for me it was just peace of mind, the risk of not getting access long term is so minor as they won’t be able to close while in lockdown anyway. After the lockdown I will have an opportunity to get my things.
 
Considering the same, it’s a 9 hour drive to my vault though. I’ve emailed my lot asking for their plan of action before I decide to make a decision
 
mmm....shiney! said:
Considering the same, it’s a 9 hour drive to my vault though. I’ve emailed my lot asking for their plan of action before I decide to make a decision
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my only reason not to go is because I’m assuming there is a chance they will go out of business before the end of the lockdown.
But they are on a subscription / payment plan service which means they are unaffected by the closure unless people in mass shut their accounts.
 
GreatSouthernTime said:
my only reason not to go is because I’m assuming there is a chance they will go out of business before the end of the lockdown.
But they are on a subscription / payment plan service which means they are unaffected by the closure unless people in mass shut their accounts.
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Could I ask how a private vault would go out of business? I thought vaults get their monthly/yearly fees and that would have been enough despite covid?
In what scenario do you see private vaults going under because of covid other than mass account closures (are people actually panicking to a point where they are all closing their vault accounts)?

You'd think vaults would be safer than banks eh?
 
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It’s a tough decision whatever you do but maybe it’s not best to discuss online for security reasons.
 
fishduck said:
Could I ask how a private vault would go out of business? I thought vaults get their monthly/yearly fees and that would have been enough despite covid?
In what scenario do you see private vaults going under because of covid other than mass account closures (are people actually panicking to a point where they are all closing their vault accounts)?

You'd think vaults would be safer than banks eh?
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I absolutely agree, I still can’t imagine how they would be vulnerable as much of their income is ongoing and consistent. But I drove past yesterday and there were lines down the street which made me think I am missing something.

I don’t keep anything there I would need to access, but maybe other people do keep short term necessity items there.
 
madaw1 said:
If you don't holt it ,you don"t own it. Don't trust any Vaults-you can lose everything.....
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And the counter argument to that has always been the risk of theft and robbery, which is a very real problem that is just as risky in losing everything..

Could I ask other than burying your gold, what would be a good alternative to a vault with your metals fully insured? If push comes to shove and you can't get your metals, at least you could get a reasonable amount of fiat for them and hopefully be able to replace them with the insurance compensation.
 
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