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LoveSilver

Whom would you trust to keep your silver and gold?

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It is too bad that this post can't be processed as on-line voting so we all see statistics coming out of it. A question is very serious and should make you think. Whom out of the following would you trust to keep your stash safe? The answer could be an easy choice but I'll throw in add-on complication add-on question "and liquid". So here we go:

  1. You want to safeguard it yourself at home, period
  2. In the bank deposit box
  3. At the privately owned professional storage service (Brinks, Loomis)
  4. You don't have any problems buying digital silver. For example Gold.co.uk You buy it there and keep it there, sell it back if needed
  5. Precious metals storage service, an offshore location like Hong Kong, Singapore or Caymans

Before you select one or two let me add this. First and the natural response is to keep a stash at arm's length, in your own home. You can see it, touch it, costs nothing to keep and it's ready for a spell if you need it. I agree with having a relatively small amount of coins and bars like that. However, if the stash is substantial so risks are as well. So I would say keep a few thousand dollars worth, let's say $2000 at home and let the rest be stored at a secure location. One of the 4 choices listed above.

Again, strictly as storage, only any of 5 would do. However, with liquidity requirement only #4 and #5 would be good. With anything else when you want to sell parts of your holdings, you have to do it manually by advertising, selling to a dealer or coin shop. So take that in account when selecting your preferred way of storing your metals.

There is an article about this theme we are discussing here:

https://medium.com/datadriveninvestor/to-whom-would-you-trust-to-keep-your-silver-and-gold-a87f7a9c6811?source=friends_link&sk=37d804caaf9c537ac161fd4ba8b46d5f

Edited by LoveSilver
Link to article in magazine added. Published in the Medium magazine. Section is Data Driven Investor

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Well, IMHO it depends if you store the metals as a collection or if its just as a investment.

As a collection, and regarding rarity and Numismatic valour, I will choose option 2 and 3.

But if my goal was just for investment I will go for option 1 ,4 and 5.

Edited by Draconicus
Typos

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Exactly my choices! 1, 4 and 5. And forget for the moment about the collection, like numismatic. You would want that with you in some kind of album or display.

No, we are talking about stash that consists of many rounds and bars. We are talking about the accumulation of wealth (weight) in the form of silver or gold investment grade pieces. We are talking about the kilos of silver. It becomes risky and hard to hide.

Edited by LoveSilver

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22 minutes ago, LoveSilver said:

... You would want that with you in some kind of album or display.

 

Not always. It just depend of what and how big your collection is. I know ppl with personal huge numismatic collections with astronomical valour (Something between 200k and 850k €). And that people see it as a family asset for the future of the children, etc. 

I know also some people that collects Bars just for it's rarity! And you know how big they can be! Especially Silver ones.

I red somewhere that some people hide bars and coins inside the walls. It looks perfect for me:) Except if a earthquake or a terrible fire happens:)

But, and I ask because I really don't know...: It's not possible to have all the metals you want in your house and make a good insurance against thievery? 

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This is a very good question and glad you asked it. It is a question which should be uppermost in every stacker’s and/or collector’s mind. The truth is that I can’t trust anyone with my precious metals which is why you get these marvellous true stories in the UK of hoards of sovereigns being discovered in fields, piano cases and under sofas. Even the stacker’s and/or collector’s closest relatives were clueless about their hobby until they died. I’ve got more than $2,000 worth of precious metals and plan to buy a safe at the end of the year to hold the whole lot. Much more wealth can be concentrated in small amounts of gold which is why I’ve prioritised buying more gold over silver to free up space and prevent overbuying silver. I’ve had no problems selling parts of my holdings manually to dealers such as Hatton Garden Metals. I fully understanding the risks of storing my precious metals at home but that’s my choice.

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52 minutes ago, LoveSilver said:

Exactly my choices! 1, 4 and 5. And forget for the moment about the collection, like numismatic. You would want that with you in some kind of album or display.

No, we are talking about stash that consists of many rounds and bars. We are talking about the accumulation of wealth (weight) in the form of silver or gold investment grade pieces. We are talking about the kilos of silver. It becomes risky and hard to hide.

One of the major reasons why I’ve prioritised buying more gold over silver is because of the dangers of overbuying silver which is many times cheaper than gold and takes up too much space. There was a time when I thought about selling up all my silver and focusing exclusively on gold. Much more wealth can be concentrated in small amounts of gold which makes it less riskier and easier to hide than silver.

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1 hour ago, Serendipity said:

One of the major reasons why I’ve prioritised buying more gold over silver is because of the dangers of overbuying silver which is many times cheaper than gold and takes up too much space. There was a time when I thought about selling up all my silver and focusing exclusively on gold. Much more wealth can be concentrated in small amounts of gold which makes it less riskier and easier to hide than silver.

This is a very valid point - you could get one of those electric socket safes - i have seen ones that are said to work but even if they don't you usually have a socket under the bed or somewhere or other you don't use. You could put a lot of gold in one of those but a silver stacker would overwhelm one of these in no time flat. i used to keep some gold coins behind a short section of skirting board - it just happened to be loose so i stashed some gold in there - if i had been knocked down by a bus it might well have been decades before it was ever discovered.

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It also has to do with the place you leave. I am fortunate enough to be in a place with low chance of burglary and very low of someone getting in while you're there. So highest risk is when we're away. I have a small deposit box keeping some gold there and filling it as much as I can during vacations. 

As for home it's a combination of alarm system, home safe and insurance. Not gone in any paper assets at the moment but I may consider it in the future. 

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1 hour ago, Gildeon said:

It also has to do with the place you leave.

I agree with this entirely. There are plenty of situations where storing PM's at home is just too unsafe. If you live in a high crime area or living in any sort of shared housing situation are two examples that come to mind immediately.

Couple more points - I don't think any option is without risks or downsides. Also with regards to storing at home I wouldn't class it as necessarily free. If you are storing a high value of metals at home even in the most ideal circumstances you are going to want to protect it with a safe or concealment. There will be a cost attached to that and the more elaborate the higher the cost.

Anyway to actually answer the question...   number 1 - at home. If I was going away for a period of time I would consider storage in a secure facility - either option 2 or 3 - but that would only be a temporary arrangement.

I have also considered burying PM's. I consider this more or less whenever I am back in Canada visiting friends and family. I own a large rural property out there and it would be easy enough to drive out there and bury a bunch of metals around the property. Given the location I don't think anyone would ever find them. It is probably something I'll consider more as I begin the transition from living in the UK to moving back to Canada.

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If you read the small print on bank deposit boxes you may find that their contents are uninsured.
No-one ever breaks into and steals from bank vaults - haha ....

Can you really trust big banks and financial institutions ?
I lost one of my shirts when Northern Rock bank crashed and then another few shirts when Lehman Bros collapsed - all S&P etc super-star rated by the way.
So can you really trust you stash with anyone but yourself ?

This has been a problem even since Roman times as metal detector enthusiasts uncover buried hoards.

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The issue with banks is if there is a bail in. The legislation is in place for bank bail in's and it is not there for decoration. You would need to look very carefully at the contract and ask what if the banks closes, what if there is a bail in. i would say you should not put your gold in a bank.

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Just be sure @AppleZippoandMetronome to make sure you remember where's  your stack is buried. Suggest you write down some clue that only you or yours would understand. Also it would be advisable to be able to provide the clues/ information in your will. Plan for the unexpected - you never know....

I myself have taken this step and advised a trusted relative (beneficiary) of my assets in the event of my unexpected early demise.

 

 

 

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6 hours ago, caloundracats said:

Just be sure @AppleZippoandMetronome to make sure you remember where's  your stack is buried. Suggest you write down some clue that only you or yours would understand. Also it would be advisable to be able to provide the clues/ information in your will. Plan for the unexpected - you never know....

I myself have taken this step and advised a trusted relative (beneficiary) of my assets in the event of my unexpected early demise.

You could have the stack allocation in your will in case you couldn't sell or distribute before death. You would put the stack contents and to whom the parts of the stack are going. The location of the stack is in a seal envelope which is to be open by the administrators of the will on your death - people will know what is in your stack, to whom it should go and the location is revealed to the administrator who would then distribute the stack.

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19 hours ago, Xander said:

Safety deposit box for me, just for the peace of mind. It's also insured with the company.

Wondering about this. Deposit boxes are quite small unless you are storing gold pieces there you can't put much silver or I am mistaken?

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4 hours ago, LoveSilver said:

Wondering about this. Deposit boxes are quite small unless you are storing gold pieces there you can't put much silver or I am mistaken?

You can rent large boxes but they are a bit pricey for storing silver, I rent a smaller size box for gold only, you can get a good amount inside.  

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it's funny, isn't it ? when you are struggling in life to make your ends meet and don't have enough money to save up or to invest in something  or buying nice things for yourself, all you think about is how to make more money and you would never at that point think that having more money can have it's own problems too hahaha 

when you have money saved up after many years of hard work there is always a chance that you might lose it all, if you keep the cash in bank you might never see your money again if there are financial crisis.

 If you buy a property with your cash and rent it out you might get nightmare tenants who stop paying rent, if you leave the property empty you might get squatters,  if you invest your cash  in PMs and keep them at home they might get stolen, if you keep them in a safety deposit box the government can seize them anytime or the vault might get rubbed and you lose your PMs.

That's why all the big companies in the world invest their profit back into their own business and they just expand their business, that is probably the safest way of preserving your wealth.

Anyways to answer your question i have a safety deposit box at sharps Pixley and my girlfriend has access to it as well in case something happens to me.

 

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8 hours ago, Abyss said:

Due diligence when buying home safe I had no idea opening electronic home safe was this easy

 

And its not like some of us don't have those magnets in our houses..i know I do..fortunately I don't have a sentry safe.

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I keep at home and eventually will store overseas in a secure jurisdiction. It's good to have them nearby and it's also good to diversify political risk and keep the hands of government away from them. I would never trust a bank's security deposit box to be fully safe.

Edited by AgCoyote

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