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I know there is a general concensus here that you should keep your gold and silver at home but I have had complaints from the other half that it is not safe...

What are the risks of a safe deposit box? and if the negatives are not too bad, can anyone recommend a bank where to park my precious metals?

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I know there is a general concensus here that you should keep your gold and silver at home but I have had complaints from the other half that it is not safe...

What are the risks of a safe deposit box? and if the negatives are not too bad, can anyone recommend a bank where to park my precious metals?

It comes down to which thieves you think you have a better chance of foiling.

With respect to safety deposit boxes, there was the recent raid by police on a safety deposit box company that has led to many innocent people fighting to regain their possessions:

Guardian article on safety deposit box raid

Stories about some of the box owners

and if the police don't get you, the crims will:

Robbery of British safety deposit centre

Is a major bank safer? Apparently not:

Safe deposit box jewellery goes missing from NatWest

So, the other option is to keep the items in or near your home. Are you in a high crime area? My cousin's flat was recently hit by professional burglars and they got everything...and I mean everything. You have to be pretty darn cluey to hide something from a professional hit as they are very thorough and know all the "tricks." There are of course possible places one can hide stuff that is unlikely to draw their attention, but I'm not telling :)

Sadly, there is no perfectly safe place. Whatever you do though, don't keep them in a sock under your bed etc. and do not tell anyone that you have it (other than your wife...if you trust her!) Not your kids, not your best friend, no one.

Edited by Tiger Woods?

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depending on how much you have and how quickly you need access there are places you can hide it. IE build it into the house. Perhaps under teh pond liner. No one will bat an eyelid if you are digging in your garden and then a pond appears.

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thanks,

that makes me feel better :-). That are a few examples of misconduct but it seems this is not very common though. I think it is more likely to get burglars over the floor

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It comes down to which thieves you think you have a better chance of foiling.

With respect to safety deposit boxes, there was the recent raid by police on a safety deposit box company that has led to many innocent people fighting to regain their possessions:

Guardian article on safety deposit box raid

Stories about some of the box owners

and if the police don't get you, the crims will:

Robbery of British safety deposit centre

Is a major bank safer? Apparently not:

Safe deposit box jewellery goes missing from NatWest

So, the other option is to keep the items in or near your home. Are you in a high crime area? My cousin's flat was recently hit by professional burglars and they got everything...and I mean everything. You have to be pretty darn cluey to hide something from a professional hit as they are very thorough and know all the "tricks." There are of course possible places one can hide stuff that is unlikely to draw their attention, but I'm not telling :)

Sadly, there is no perfectly safe place. Whatever you do though, don't keep them in a sock under your bed etc. and do not tell anyone that you have it (other than your wife...if you trust her!) Not your kids, not your best friend, no one.

Rediculous scaremongering by Tiger who seems to have googled "safety box theft" or some such and posted the links. If you bought your metal legitamatly, much better in one of these places than in your garden.

edit: Apologies for diabolical spelling

Edited by Sceptical

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Rediculous scaremongering by Tiger who seems to have googled "safety box theft" or some such and posted the links. If you bought your metal legitamatly, much better in one of these places than in your garden.

edit: Apologies for diabolical spelling

How is it scaremongering to point out that over 2000 innocent people in the UK recently had to go through many expensive legal hoops to regain possession of what was legally theirs?

It doesn't take much googling to find many, many other stories of people losing possessions from safety deposit boxes:

Safety deposit boxes in the US

If you have possession of physical silver and gold you are probably doing it for fear of serious financial meltdown, otherwise there are many cheaper options in terms of transaction and storage costs (e.g. bullionvault). A safety deposit box is in a place where you may easily be prevented from accessing it in such a scenario and insurance would provide a trail for possession.

People in the US rightly are concerned by rumours that homeland security have instructed bank staff on preventing access ot safety deposit boxes in the event of a crisis, given that the country already has a history of controlling access to boxes without having a member of the IRS present (1933). Not so long ago in the UK you could not buy and sell gold. When friends of Mrs. Woods' father found gold sovereigns whilst diving in a river in the 1960s, they had to be sold on through the black market.

Your garden may not be a good place to put gold, but I suspect the physical structure of your home is safer from the point of view of theft and government confiscation than a safety deposit box. I initially thought of storing possesisons in a deposit box, but the more I looked into it, the more cases I found of people claiming to have had stuff stolen from them. The UK police raid was just the final straw. Some people's houses may not be suitable, but most are.

You may think that paranoid, but there is no other financial reason for physical possesion as speculation is more cheaply done through other means. If you have possession of physical gold for speculative purposes, then you haven't thought it through properly and are wasting money on the transaction spread (unless you hold sovs/Brittanias for CGT reasons.) Other than the CGT issue, the only reason to have physical possession of gold is for worst case scenario insurance purposes, in which case storing it in a bank safety deposit box is inconsistent with your stated aim.

Edited by Tiger Woods?

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By Executive Order Of The President of The United States, March 9, 1933.

By virtue of the authority vested in me by Section 5 (B) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, in which Congress declared that a serious emergency exists, I as President, do declare that the national emergency still exists; that the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people.

Therefore, pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government.

All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories and all foreign exchange transactions or movements of such metals across the border are hereby prohibited.

Your possession of these proscribed metals and/or your maintenance of a safe deposit box to store them is known by the government from bank and insurance records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the presence of an agent of the Internal Revenue Service.

By lawful order given this day, the President of the United States.

Franklin Roosevelt – March 9, 1933

You really think it couldn't happen in the UK?

Edited by Tiger Woods?

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Tiger Woods is correct.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=92200

Apart from this thread in the forum, I can only reiterate that NOTHING should be kept in a safe (?) deposit box except your house deeds, or receipts, share certificates and guarantees or similar items. The police (filth - there's no other word for it) in the stories annotated, went to the safe-deposit vaults and simply took the contents. In order to get enything back, you had to show receipts or proof of ownership. The fact that no-one would or could have put anything into someone else's box, was ignored. I repeat, NOTHING except papers with your name prominently upon them should be stored in this way.

As some items, such as Great Aunt Maud's tiara, or gold coins, would probably never have had any serial numbers or receipt available, this was, to my mind, nothing less than attempted theft by scum; the definition of theft is "to take property from someone with the intention of depriving them permanently of same". They then even had the gall to invite the HMRC to conduct "fishing expeditions" into the contents of boxes, to see if there was any way of having another bite of the cherry.

I hold no brief for those persons who were misusing the safe-deposit facility to hide criminal gains, but the police made no attempt to get court orders for an individual box, which might have been reasonable. Anyone who thinks that the contents of a safe-deposit box is truly safe, is mad. You are, in fact, more likely to have your property taken by this means if anything resembling hyperinflation occurs in this country than you would be likely to lose your precious metals to a casual burglar. Both the British and American governments already have adequate laws already in place deliberately with the direct intent to instantly have all institutional stores of PM's sealed pending the state taking them away.

You may feel, as I do, that the present government is marginally less likely to steal your property than the previous shower (certainly their expenses accountancy is an indicator) but they will nonetheless be unable to keep their fat little hands off your property if it suits them.

Allowing your Gold and Silver coins (particularly gold articles with no serial numbers) to fall into the hands of people who have, by breaking into the boxes in the first place, shown their contempt for the concept of privacy? I am sorry, but my trust in Government agencies doesn't go even vaguely near that level.

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Further to my last rant - and I make no apologies for ranting - if you really want to rent a box, then do it from Das Safe in Austria. Austrians have adequate experience of insane government agencies to be the last country on earth to hand over private property to the state, with the probable exception of Switzerland.

http://www.dassafe.com/

I am told it resembles the first film in the Jason Bourne trilogy for the level of privacy provided. All cameras are switched off when you are left with your box. If your box contents don't justify this level of expenditure, then you don't need anything more than an extra few bricks built round the stash in your home.

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  • 246 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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