Zedsdeadbaby
New Member
For the Aussies out there...Hi, I'm new to the PM game and am looking at buying physical gold and silver. I hope I have posted this query in the right forum section...I thought who better to ask than the buyers and sellers of physical PM's. I have done a lot of research about the process and one area that I am still uncomfortable with is 'storage', and it is the only thing that is stopping me from buying. I agree with taking physical possession and not paper trading but how do you store the stuff (especially a large $ value portfolio) with peace of mind. The options I am considering are:
1) Allocated bullion at say the Perth Mint or other bullion facility. Pros: high security and can be insured. Cons: Not in your physical possession and how do you know that your PM's are actually there for you come say a run on the mint due to a significant economic event? Also, I believe you can only store 'allocated' PM's at these facilities if you have purchased the PM's from them. Is this correct?
2) Bank safe deposit box. Pros: More secure that at home. Cons: Not in your physical possession, not insured, and can you trust the bank in the event of a major economic event?? I regularly read articles not to keep your PM's in a banks safe deposit box. Question: Does anyone know if there is cost effective insurance you can get for PM in safe deposit boxes?
3) At home (hidden). Pros: In your physical possession. Cons: not insured, at risk of burglary, fire etc. Also, if you have hidden the stuff and only you and your partner are aware of where they are, what happens in the unfortunate event that both of you are wiped out in a car accident leaving young orphaned children. No one would ever know that these hidden PM's are there...so kissing your childrens inheritance good buy!
Any sensible advice would be greatly appreciated (digging a hole out the back and burying it is not an option though!)
1) Allocated bullion at say the Perth Mint or other bullion facility. Pros: high security and can be insured. Cons: Not in your physical possession and how do you know that your PM's are actually there for you come say a run on the mint due to a significant economic event? Also, I believe you can only store 'allocated' PM's at these facilities if you have purchased the PM's from them. Is this correct?
2) Bank safe deposit box. Pros: More secure that at home. Cons: Not in your physical possession, not insured, and can you trust the bank in the event of a major economic event?? I regularly read articles not to keep your PM's in a banks safe deposit box. Question: Does anyone know if there is cost effective insurance you can get for PM in safe deposit boxes?
3) At home (hidden). Pros: In your physical possession. Cons: not insured, at risk of burglary, fire etc. Also, if you have hidden the stuff and only you and your partner are aware of where they are, what happens in the unfortunate event that both of you are wiped out in a car accident leaving young orphaned children. No one would ever know that these hidden PM's are there...so kissing your childrens inheritance good buy!
Any sensible advice would be greatly appreciated (digging a hole out the back and burying it is not an option though!)
