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Don626

Storing

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Another newbie post...

how do people go about storing their volumes of silver? 

I am obviously assuming this is the case after many years due to the size and weight to value of silver. 

Is a massive safe eventually gonna be needed? 

Or do people get so much silver together they then swap out for gold?

I think I will be looking at coins to avoid CGT, at the moment not to worried what the coins are, they could all be the same at the moment as I want to save for an investment (I understand there is still risks involved). In the future I may purchase some special additions.

I may try and get in on the next bulk order if I can.😊

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I keep half of mine in an underground bunker. Its booby trapped and guarded 24/7 by a gang of angry knife-wielding dwarves from Bombay.

The other half is packed as ballast in my luxury yacht, its dry docked but ready to flee at a moments notice.

(Sorry, it looked like a lonely post!)

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3 minutes ago, EdNug said:

I keep half of mine in an underground bunker. Its booby trapped and guarded 24/7 by a gang of angry knife-wielding dwarves from Bombay.

The other half is packed as ballast in my luxury yacht, its dry docked but ready to flee at a moments notice.

(Sorry, it looked like a lonely post!)

Lmao 😂 I figured someone would come back with something comical. 

Pricing up some safes now, just trying to find a suitable one.

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damm there are some proper safes there

on another note though make sure you don`t buy fire safes or sentry safes or anything that B&Q etc do. these can be beaten by rage saws in under 30 sec.

also, think a serious safe just advertises valuables if someone sees it.

I think the best way is just to hide it and keep your mouth shut. 

I also like fake sewer/soil pipes

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6 minutes ago, bored said:

damm there are some proper safes there

on another note though make sure you don`t buy fire safes or sentry safes or anything that B&Q etc do. these can be beaten by rage saws in under 30 sec.

also, think a serious safe just advertises valuables if someone sees it.

I think the best way is just to hide it and keep your mouth shut. 

I also like fake sewer/soil pipes

I did consider just hiding them away in different places but thinking with gold this is probably more possible as the volumes I am thinking of getting in the future (for a long term plan) might not be able to be hidden well.

I guess eventually silver could be traded in or swapped for gold as an option. I can only assume people do this to solve the bulk volume issue especially when prices are what they are and volume is easier to get.

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17 minutes ago, FrozenMojito said:

I keep my silver and gold coins in a wooden chest that looks like a pirate chest.

Sometimes I take all the coins and stack them all up on the table.

I mean what's the point in owning actual treasure if you can't play with it now and again?

I'm thinking of getting a parrot too

There's nothing wrong with playing with your treasure, I will probably do the same lol

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My uncle built his own home. I think he served as his own general contractor and contracted out the specialty work (electric, plumbing, concrete foundation, etc.). This is not uncommon in the US. Anyway, he built a hidden storage nook/room in his closet, with a hidden door. It was pretty neat. They were never burglarized, so we never got to find out if it worked... You don't need to build a house from scratch to build a false wall/hidden nook.

With silver storage one thing to keep in mind is that, unlike gold, silver tarnishes if it's not sealed. It's very disappointing to see on new(ish) silver coins. An economical solution is ziploc bags. I especially like the snack bags size, which is smaller than a sandwich bag. You can put a couple of coins or bars in each bag, and probably not worry about tarnish. Of course, you could put all your coins in capsules, but that's more expensive. If you'll end up with a large stack, it can be economical to buy capsules in bulk.

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My moderate horde is in a safe bolted and chemically bonded to the concrete floor. A few good clouts with a sledgehammer would soon break it open. It’s there as a deterrent to chance burglars and to pacify the insurance company.

I could resort to this:

1341665070_6Bdoor.thumb.jpg.05467114c222f06e62bc1fdcdd56ea9a.jpg

Edited by TonyS

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1 minute ago, TonyS said:

My moderate horde is in a safe bolted and chemically bonded to the concrete floor. A few good clouts with a sledgehammer would soon break it open. It’s there as a deterrent to chance burglars and to pacify the insurance company.

I could resort to this:

1341665070_6Bdoor.thumb.jpg.05467114c222f06e62bc1fdcdd56ea9a.jpg

Think, I've lined up a safe now 😉

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What are you storing? You could spend £1000’s on a safe, to what avail?

 

The best people to talk to are your insurers.

I was surprised when my insurers asked “Is any individual piece worth more than £1000?”

“No, but collectively they are worth far more than £1000”.

“That makes no difference, we rate each individual piece”.

If you can make any sense out of that you’re a better man than I.

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3 minutes ago, TonyS said:

What are you storing? You could spend £1000’s on a safe, to what avail?

 

The best people to talk to are your insurers.

I was surprised when my insurers asked “Is any individual piece worth more than £1000?”

“No, but collectively they are worth far more than £1000”.

“That makes no difference, we rate each individual piece”.

If you can make any sense out of that you’re a better man than I.

🤔 Doesn't quite make sense does it...

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I just bought a small safe from All About Safes. Price was very competitive and the safe itself seems to be about as good as it gets for <£500. My main aim was getting something that would fit in the cupboard with decent internal volume. It would probably be pretty easy to smash open but it slows people down and gives me somewhere to store deeds, passports, hardware wallets etc. It's also 55kg's without anything in it so not easy to pickup and run away with. 

I've had a safety deposit box for a few years and can highly recommend that approach for things you don't need ready access to. Would get pretty expensive for silver storage though!

Edited by RowanRK6

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3 hours ago, RowanRK6 said:

safety deposit box

I did consider one of these, but the only availability close to where I live was with a High Street bank and my brain was telling me ‘how will you get access to your PM if the bank goes under?’  Plus the montly payment costs put me off too. So buying a good safe proved more economical and accessible  

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