Geographical diversification

[adamantio999]

Good evening.
I'm an Italian citizen living and working in U.K. since 5 years. I'm 34 y.o., and I didn't know anything about PM until a couple of years ago, when I've started allocating a significan part of my savings in physical gold and silver. I haven't stacked that much so far (6 ounces of gold and 130 ounces of silver), I do what I can afford to do, but I'm still relatively young and the work will continue in the foreseeable future.
The further I go, the more clear it appears to me that storage and safety becomes a bigger and bigger issue, as the stack grows bigger. So I've had an idea. I return in Italy roughly three times every year for holidays, visiting family and friends. I was thinking about storing a little part of my physical PM there, hiding them in one of the properties of my family, but still keeping the majority with me in U.K..
I would just make me feel better not keeping all the eggs in the same basket.

Does that make any sense? Or it's just a stupid idea?

Thank you

[Gildeon]

Spreading the stack in different places is always a good idea. 😉

[shawy2510]

Safety deposit box & pay for insurance?

[silverdocket]

 I keep very little at home,

 Spread around and safety deposit boxes.

 It's a brilliant idea to bring some home to Italy.

 If the terrible hits the fan  you already  ready have it out of country.

[KitboyE17]

Welcome 

just don’t forget where you hide it!

[RacerCool]

Why not take almost all of the stack back to Italy? Then it's already all there, and you can continue to build the stack while you're in the UK.

[GoodAsGold]

Safety deposit boxes are peace of mind. Perhaps you should cut back on your large quantity of silver which obviously takes up a lot of storage space and concentrate on gold coins instead?

[adamantio999]

Thank you very much for the answers.

I've always been skeptical about the safe deposit boxes. I've read so many bad rumors about personal belongings being stolen from private safe deposit boxes. Perhaps I am just paranoid

[5huggy]

7 hours ago, adamantio999 said:

Thank you very much for the answers.

I've always been skeptical about the safe deposit boxes. I've read so many bad rumors about personal belongings being stolen from private safe deposit boxes. Perhaps I am just paranoid

The other (potential) downside to using "Safety deposit boxes" is  - THEY are in a "BANK"!! 😞

People in Greece and Cyprus found this to be a serious issue - when the BANKS STAY SHUT - in a SHTF scenario!

It becomes out of reach - at the banks or governments instruction

[RichmondStacker]

A few months back the Italian government was throwing around the idea of taxing safety deposit boxes. 

[FlorinCollector]

Thought it might fit here instead of a new thread. Ive had a safety deposit box now for a year with insurance. I was trying to find what i needed incase my items were stolen. I cant find any information to show you can get them valued the same way you can a watch due to price movement i think.

All i have seen so far is:

- original invoice.

- images of the coin or bar.

Is that all you need to keep incase everything was stolen?

Thanks.

[5huggy]

On 06/11/2019 at 20:51, RichmondStacker said:

A few months back the Italian government was throwing around the idea of taxing safety deposit boxes. 

 

I was speaking with an Indian friend last night  and he informed me

that the Indian government has placed/is placing a "LIMIT" on how much a person/couple can hold in GOLD

ANYTHING over the limit - will be "TAXED"!!!!!

If this goes down with the populace, anything like last years attack on the currency,

then its time to "HIDE" MORE from the "SYSTEM" - wherever you live!!   IMHO

[RacerCool]

On 06/11/2019 at 13:51, RichmondStacker said:

A few months back the Italian government was throwing around the idea of taxing safety deposit boxes. 

The gov't has to feed it's bloatedness somehow. Start cooperating! 

[firestacker]

Quote

The further I go, the more clear it appears to me that storage and safety becomes a bigger and bigger issue, as the stack grows bigger. So I've had an idea. I return in Italy roughly three times every year for holidays, visiting family and friends. I was thinking about storing a little part of my physical PM there, hiding them in one of the properties of my family, but still keeping the majority with me in U.K..

Bitcoin was designed for this. All you need to do is remember a sequence of 24 words.
If your living situation isn't settled then storage easily becomes a problem and your only options really are to either hide it or trust someone else to safely store it for you.
If you intend to travel with your gold and silver then the safest way is it simply being in the form of jewelery but then you have the problem in likely buying the stuff on high premiums and having to carry it with you.

https://www.youtube.com/watch?v=9fqeGBru7Z0

[Toshunya86]

In my opinion spread the stack in 3-4 different places

 

Example : 1) at your parents home or your brother home ( or best friend ) 

2) most at your home 

3) one at your wife s family or home 

Better if one of the 3 is in 2 different countries 

Just keep an excel sheet or a paper where it s written where you hide it 

( If you have a big budget then you may use a vault )

[KevinFlynn]

I think it's a good idea to diversify locations. Though I personally would feel uncomfortable not being to lay my eye on that location regularly.

Please just make sure it is not in a place where some third party (a maid, craftsmen) could accidentally find it, and not in a place that could be subject to destruction (fire, flooding, natural wear).

'Family properties in Italy' makes me think of hollowed out stones behind shelves in ancient wine cellars - a fitting place for some precious metal goodies 😊

[silenceissilver]

I know someone who has the bulk of his stock in a different continent where relatives of his have guns and he has a smaller but increasing fraction in the UK.

It should also be kept in mind theft happens also within families - and they have all of the time in the world to open a safe they dont have the combination for. There was a German bullion dealer mentioning a case where a family member busted the safe!

What if the Euro crisis breaks out again in Italy and Italy becomes the next Greece?

"Sorry but we had to do it, it was your gold or starving! How can you be so selfish and not care about your family! You  in the UK still have a job, why do you even complain?!"

[Toshunya86]

Choose the one member of the family you trust