It will be difficult to store a large quantity of metals, especially silver metal, which is much denser and bulkier than gold.
By storing your gold in a bank, you remain highly exposed to the banking and financial system. People generally invest in gold for security, to protect themselves against risks. Except that in the event of a crisis, you will need to have quick access to your precious metals. They may also close for other reasons, such as construction or vacations. We could eventually see a similar scenario in France or elsewhere in Europe.īanks seem to obey laws that apply only to them, and if they decide to block access to the vaults, there is nothing you can do about it. This type of restriction prevents people from having a means of payment at hand to meet their needs, when access to traditional means of payment (cash, credit cards, etc.) is blocked. Not only did they freeze bank accounts, but they also forbade access to the safe deposit boxes. Of course, bank robberies are rare, but the lack of insurance is not the only risk inherent in safe deposit boxes.ĭuring the financial crises in Cyprus, Greece, and more recently in Lebanon, banks closed their doors to their clients for an indefinite period. Other risks of storing gold in a safe deposit box A bank does not require to know what is in a client's safe deposit box, so they do not insure the entire contents to the fullest extent. Insurance terms can vary significantly from one bank to another, but as a general rule the contents of the safe deposit box are only partially insured, if at all. In this type of situation, most people think that only the bank loses out, since the owners of the safe deposit boxes are insured. We've all seen bank robbery movies where criminals tunnel into the vault to steal jewelry, gold and other valuables before vanishing into thin air. Gold and silver bullion storage insurance However, when it comes to storing large amounts of precious metals, a bank safe has several risks. They offer more security than home storage, they're cheap to rent, and you can store just about anything in them without having to declare the contents. I'm not saying that everyone empty their safe deposit boxes and bury their contents in the backyard, but it's worth seriously assessing storage risks.Safe deposit boxes at the bank are often considered the best way to store gold bullion bars or coins. The adage among long-term phys owners is, "If you don't have it, you don't own it," and it's worth remembering at a time when even the head of JP Morgan-Chase says the banking crisis isn't over. While some bank failures have allowed renters of safe deposit boxes at these banks to access the boxes after reopening under government control, there are cases where safe deposit contents were confiscated.
While government and financial leaders have stressed the coverage of deposits, particularly by the FDIC, it is worth remembering that FDIC does not insure the contents of safe deposit boxes. One has to weigh the risk of theft and damage keeping PMs at home, against the risk of storing offsite in a bank vault.Ĭonditions change, and the failure of SVB and Signature has me concerned. One has to gauge risks and decide, based on current conditions, what the best option is at any given time. One thing I've learned with experience is that it's impossible to avoid risk. No Affiliate links unless pre-approved by mod. No auction style listings, no vague requests for a top bidder, etc. With that in mind, posts of you selling your silver are allowed, as are cross posts of the same from /r/Pmsforsale as long as a price, preferred method of payment, and shipping details are included in the post. Keeping silver within the community is encouraged. However, "Buy It Now"-style listings on auction sites, from reputable retailers, are allowed at the discretion of Moderators. Links to auction-style listings, such as an ebay auction, are prohibited. In addition to the Reddit Rules, we have the following rules: See: examples of fake silver specimens members of this sub have found for an idea of what to look for. Thanks for participating and keep on stacking.īe vigilant in your purchases and do your homework, counterfeit silver specimens do exist. Whether you are interested in silver bullion, coins/ numismatics or stacking as a hedge against inflation, this is the place to do it. Have a question? Looking for a bullion dealer? Not sure where to start?Ĭheck out the Silverbugs wiki for FAQs, Well-known Dealers, and other information sources for Silverbugs!Īg.
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