We recently had a thread about keeping your precious metals in a bank vault.

Thought I'd pass this along FWIW.......  

Here is a link to a story that says using a bank could be a bad idea!




Just a heads-up, though I know it could NEVER  happen here.......    




or something........  

It sound like the invested in some sort of pool account.  That would be strictly an investment decision.  Survival gold should at least be in a personal safe deposit box.  Though for 1 ton, it would take a lot of space.

No really suprised thay balked on that.

Not much space...

My book says 1204 lbs per cubic foot, so it wouldn't really take up all that much space, but boy 'n howdy would the shelf have to be stout!!!!

This story has some serious holes.  

This guy didn't put $40M worth of gold into the bank and then ask for it back.  He was cashing out some sort of pool account, or something similar.

As far as storing a "treasure chest" at home goes, at what point do you think you become a target?  $10,000, $100,000, $1,000,000?

After re-reading, as well as reading between the lines they may have been doing some sort of pool/gold ETF sorta thing and not actually holding the gold on site.

Bottom line is:
If'n it ain't in yer grubby lil' fists, it may indeed be safe, but it durn well may turn out to be so safe that you can't get it either!

Just sayin'......

Heck, if you're preppin' and don't have OPSEC, you're a target already.

In the course of estate planning, somebody's going to know what you have.

Some people may choose to hold physical gold for the exact opposite reasons.  To keep some others from knowing what they have.

Uh, ok, then what's going to happen if you die?  Are you going to give your 12 year old a shovel, an encrypted file, and a copy of 256 Bit Encryption for Dummies?

Besides, OPSEC is completely blown when APMEX sends you a huge bucket of popcorn and a stripper for Christmas ;-)

well... a lot of people, ( me included) buy metals for if the dollar collapses, or after shtf, to buy things with. reguardless how you feel if silver will be used, it EVENTUALLY will be used. that said, id never keep it in a bank, as the government has already banned, and seized gold in the past. if it was in a safe deposit box, you could not remove it... im keeping mine at home. ... i dont trust the governemnt......... please let SOMEONE know where it is hidden though...... my brother in law, just dug up 250 silver dollars with his backhoe, that had been buried in the 1930's, it was only buried about 2 inches under the top soil, in a old glass jar.. guessing the old guy who owned the property didnt trust banks, or the dollar, and bought silver dollars ( newest one was 1935, and all were in new condition), then buried some. i suppose he died, and noone knew about the stash, the state owns the land now........

depends on how the will is written. if you say; "my guns and everything else in the safe gets divided evenly" nobody needs to know there are PMs in there.

or call it "my coin collection" or something.

if you're going to say that you've got gold bullion, then your attorney and whoever witnesses the will will know about it. choose your witness carefully.

Sorry, double tapped and I don't see a delete button.

You know, I really don't trust the bank to hold on to my rapidly failing fiat money, and with all that is going on with banks today, a bank would be way down the list on a place I would want to store anything I wanted quick access to without filling out a stack of paperwork, only available M-F from 9 to 5.
If one writes off the intial post as not realistic for most of us, the premise is still valid.
Also, using a good attorney well-trained and experienced in writing living trusts can help create language that explains and identifies assets in ways people who would post in a place like this would appreciate. If you have small children then you would want at least 2 people, preferably not married so as to be unlikely to die together, to have some idea of items you are concerned about.
Secure storage is something I suspect most of us have taken care of before we went too far on the P.M. program.
Just one newbies opinion, ya know?

I'm currently a bank teller for a bank i wont name.  We commonly laugh about people pulling out thousands of dollars to go dump in their SDB.

 

Choncer that would have me in stitches too.
What the heck are they thinking? That SDB box key opens the front door to the bank,too?
I wonder sometimes.
It never ceases to amaze me how purely ignorant some people are.
Makes you wonder how they get their shoes on the right feet every day, let alone get them tied.
My wife worked in a bank for about 10 years. I was a cop for 25. You'd think between us we'd have had heard it all.
But the human race continues to entertain, don't it?

Not only does it open the outside door, we also etch the pass code to our 3 foot thick lead lined 2 person authentication vault on the key.

 

There have been two very prominent home invasions that I can recall: one in Florida and the other in Connecticuit.  Both parents were murdered in the first, and only the father survived the second.  The perpetrators didn't know what the individuals really had, or where, but they knew how to extract the information.

A TL-30 safe can be opened in a little under an hour with a torch and pry bars, or in a little under a minute if the perpetrators have a gun to a family member's head.

The guy at the post office, the guys at the pawn shop, the guy who does data entry for APMEX, Kitco, etc,... any of these people could say the wrong thing to the wrong person, or they, themselves, could be the wrong person.

I just don't see any way of accumulating a substantial amount of physical gold/silver without somebody knowing about it.

I'll grant you that there is no certain way to keep it a 100% secret. However, I have plenty of $$$ tied up in firearms and I suspect most folks on these boards have as much or more invested in their guns and ammo and you never see a thread about "should I get a safety deposit box for my guns and ammo?"

Just the simple act of breathing entails a certain amount of risk. There is no way to eliminate risk in this world. Personally, I'd never want to put my valuables under someone else's care/control. And by valuables I am referring to firearms, ammo, my 6 months supply of victuals (working every day to extend on that), my tools, my family, OR my precious metals stash.

I just don't feel comfortable not having 24/7 access to items that can mean the difference between life and death to me and my family. And if I am running the risk of losing them, it's a risk I'll just have to take in order to have it at my fingertips in a time of need.

That doesn't mean I leave stuff sitting out on the kitchen table, but further info would violate OPSEC..... and then I'd have to shoot you!

That, and there's also the issue of banks opening the vaults to see if you're hiding any gold or cash in it. They did that here. All that is needed is a law passing and making the probable content of your vault illegal. Keep it under your control guys.

FerFAL

Pour-Over Will in to a Trust... this solves the publicity of probate.

Witnesses do not read the Will... they only witness the signing and the person signing it.

The idea that the government would once again confiscate gold is an absurd propostion given that we are no longer on the gold standard, and the government already have defacto control over any and all balances and disbursments from 401ks, IRAs, etc. ...and then Ferfal goes and brings up Argentina, which just goes to show you that nothing is sacred and beyond the reach of "populism".

On a ?lighter? note...
I have a friend who's in the unenviable position of going through a divorce and subsequent property settlement.  After covering all of the major stuff with his attorney, he finally had to tell her about the coin collection.  He said the look on her face was priceless when she said, "I don't understand.  I really don't understand.  Why do you have a coin collection like that buried in your yard?"  He then had to explain that buried in the yard was just a euphemism.
And yes, he's drafting up a trust that ensures that his assets go to take care of his daughter, rather than his ex.  So, yeah, he's had lengthy discussions with the key players in his estate planning, and given what I think he has buried in the yard, I think he'd be a fool if he didn't make such detailed plans.

The government can pretty much do whatever the hell it wants.  If you think otherwise, then I have a bridge for sale that you might be interested in.

It isn't all that likely that the government will take a specific interest in keeping you from removing your gold from a bank, especially since retirement accounts are such a big fat target.  But there are plenty of reasons that they would not allow you to remove your deposits in general from the bank.  If they're playing those sorts of games (you can ask Ferfal all about them, I'm sure)  then there are any number of reasons why they might not be happy about you carting off a load of gold at that point.

People need to think about why they're storing gold in the first place.  If you have enough money that it is simply another investment, then it probably doesn't matter anyways.   But if the gold is your insurance against economic meltdown, it probably isn't doing you any good sitting half way across town, in someone else's safe - someone else who has to ask "how high" when the government says "jump!".

How many of you would store SHTF firearms in a bank safe deposit box?  Sounds pretty stupid when you put it that way, doesn't it?

And spare me the "oh, but someone could steal it!" nonsense.  People have been hiding things longer than we've had ways to write down where we hid them.  Hiding and securing the size gold stash that anyone on here could afford is not a big deal.

If he really has it "buried in his yard" he's a dummy for even bringing it up with his atty.

He just "dug it up" and laid it out on the table for all to see.

Of course, maybe he didn't dig it ALL up...