The Phaserl


Safe Deposit Boxes Are Not Safe for Silver & Gold Buyers

by James Anderson, Gold Silver:

Many silver and gold buyers forget one of the main reasons to buy physical silver and gold bullion today is due to the world’s current fragile financial system.

Some even make the mistake of buying physical bullion and then storing it in a Safe Deposit Box at their local bank. Why is that a mistake?

Safe “deposits” held within regulated bank boxes are not very safe, nor private, nor FDIC insured deposits.

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1 comment to Safe Deposit Boxes Are Not Safe for Silver & Gold Buyers

  • Ed_B

    As with many aspects of investing safety, safe deposit boxes do have a place in one’s PM stash. The key with this is to diversify the location of our holdings. Like the proverbial eggs in a basket, do not put all you have in any one place.

    I would not store anything of value in the hands of the big NY banks… ever. But, small local banks and credit unions are places where one can store part of their holdings. While most SDBs are too small for storing much in the way of silver, they work just fine for storing gold coins and bars.

    The author makes much of the lack of insurance on SDBs and their contents but many insurance companies WILL write a rider for your home insurance policy to cover your PM stash. The only problem with this is that most PM holders are always adding to their stash and the rider will specifically insure PM holdings. If you insure 2,000 ozs of silver and 20 ounces of gold, that is what they will cover against loss, no matter how much more you may have added since the rider was written. So, keep your policy current and upgrade as needed.

    In spite of the insurance angle, most local banks and CUs have much better security than most of us have at home. Losses due to theft are a BIG concern when holding PMs. The heavily constructed vault at my local CU, for example, is 2 feet thick steel reinforced concrete. The door is armored and quite strong. Last, there are both audio and video data streams that are monitored 24/7. Sure, it is possible to rob the place but the odds are VERY much in favor of the depositor.

    While bank holidays and bail-ins are possible, the odds against them in the US seem long. Holidays are not a big deal if only part of your stash is in the SDB. A bail-in is of some concern, however. But then, so too is a home break-in. Of the two, a home break-in seems more likely to me.

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