By: Goldbull

Goldbull — Mon, 30 Jul 2012 16:27:47 +0000

Your welcome, admin. After spending time doing research on this subject I feel even more at ease about using a safe deposit box. However I now have a desire to sit down with a manager of my current bank and talk about how secure the bank and vault are. I have no doubt since it is a branch of a large bank that it is just a secure as the typically bank vault but I am still curious about it. Luckily for me my bank is only 1 mile away and since I live in the suburbs of a moderate size city we have good fire and police departments. Also I am not in an area that is prone to any natural disasters. However for those people who live in an isolated or very rural part of the country I can see why they would consider hiding the precious metals somewhere on their property.

By: admin

admin — Mon, 30 Jul 2012 06:42:46 +0000

Thanks for the in depth research you presented. How to best store precious metals is probably one of the top concerns of PM investors. Information like this is very helpful.

By: Goldbull

Goldbull — Mon, 30 Jul 2012 05:10:28 +0000

Just to clarify and add to what I said in my previous post. Virtually all bank safe deposit boxes are as secure as any “secure” vault or storage facility like BMG as I will show. And after checking out safedepositboxinsurance.com and doing some investigating, there is no real need to get insurance for the precious metals stored in your safe deposit box. There are about 7000 banks in the U.S. of which there are about 90000 offices or branches. Of these 90000, only about a dozen or so catch fire in which they are heavily damaged or destroyed each year. Some of these banks were destroyed simply because they did not have a sprinkler system or because the bank was located in an area that did not have an adequate fire department. And even then, from the several accounts that I read, the vault and the safe deposit box contents were unharmed. So there is no chance that your precious metals are going to be melted in a bank safe deposit box that is inside a vault if in the very rare event that your bank burns down. Now what about theft and burglary. At safedepositboxinsurance.com they state that on average there are approximately 5000 bank robberies and burglaries annually. Yes and virtually all of them are robberies where the robber demanded money from a teller or in much rarer instances where a burglar broke into a bank and pried-open the cash drawers and stole what they easily could take. It is a very, very rare occurrence that the contents of a bank vault are stolen. Probably about one in a million. But what about earthquakes, hurricanes, flooding and tornadoes, oh my. First off the vast majority of banks are not even at any real risk for any of these events. And even in rare occurrences when banks were severely damaged or destroyed by an earthquake, tornado or hurricane their vaults were still intact. I did read of a rare instance where a bank’s security system was crippled during the Japanese earthquake and subsequent tsunami which then caused the bank vault door to be open. However in other rare instances of banks damaged by earthquakes the vaults were intact. So bank vaults are certainly no less secure than “secure” vaults or a “secure” storage facility. I am not saying that all banks and their security systems are equal and that you should put your precious metals in just any old bank without doing a little homework. I am also not referring to banks in some foreign countries especially third world countries. The only real reason someone may not want to put them in a bank safe deposit box but instead have them in a “secure” vault or storage facility like BMG is if you have a large amount in precious metals, which very few people do, or maybe if they live in southern California and would be more at ease if they had their precious metals secured outside that region.

Now some people say that they would never store their precious metals in a bank safe deposit box but would instead have them in their home. That way they could have better access to them and also to lessen the possibility of confiscation by the government, similar to what happened in 1933. Now while it is true that having precious metals in your home does give you better access to them and would make it harder to be confiscated by the government than having them in a safe deposit box, it greatly increases (relatively speaking) the potential risk of theft even if you have a good safe in your home. And for those that do worry about the rare possibility of confiscation of their precious metals by the government, the last place you would probably want them located in is in some “secure” vault or storage facility, this would include where gold and silver Etfs have their metals stored, since that would surely be the first place the government would look before they would take the time confiscate someone’s safe deposit box.

So I believe the best place for the vast majority of people is to store their precious metals in a safe deposit box at a good sound local bank and only remove them if the need arises.

And as for insurance from places like safedepositboxinsurance.com, they only cover loss due to natural disasters, terrorist attack or act of war which really has about a zero percent chance of happening. I am not talking about the odds of those events happening just the odds of suffering a loss if they did happen. They also cover loss due to burglary or robbery but only if there are signs that your safe deposit box was forced open. If you go into your safe deposit box and for some strange reason your precious metals are gone and there is no evidence of a forced entry then the loss is not covered. Also about a zero percent chance of your box being forced open.

By: Goldbull

Goldbull — Sun, 29 Jul 2012 20:13:55 +0000

Precious metals in secure vaults can be stolen or confiscated too. Having you precious metals in a “supposedly” secure vault is really no more safer than having it in a safe deposit box at a good sound local bank. Sorry but if things turn out to be as bad as some seem to think just try to get your precious metals from a secure vault or anyone else that is holding your precious metals such as BMG. All they are trying to do in this article is to promote their product. And as with a lot of sales pitches they make their product sound better than it is and the competition to sound worse than they are.

By: Shan

Shan — Tue, 24 Jul 2012 15:43:42 +0000

http://www.safedepositboxinsurance.com

By: Jane

Jane — Fri, 20 Jul 2012 18:29:39 +0000

Some sagacious advice in this article.

As the legendary Jim Sinclair once said “If you don’t hold it you don’t own it”

Many today only want to hold physical coins and bars or allocated bullion in a secure vault.

Comments on: Precious Metals Storage – Everything You Need To Know But Probably Don’t

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