Safety & Storing Precious Metals in Banks
Hello Again, Mithan415,
Thanks for your response. A concern is storing gold/silver in my house - could get scary if someone found out, and especially if any measure of social upheaval begins. Canada has centralized banking, is regulated by stringent rules, and their banks are considered the safest in the world.
Some CA banks have branches in the US, but I'm not sure if the US govt. could take these over/close them in the event of a crash? Do you consider Canadian banks in the US a safe place ?
Any feelings aboutforeign currency if the USD crashes and food storage?
A Canadian bank may fall under the same rules as a U.S. bank (if the branch is in U.S. territory). I am not sure about how that works. I have a few thoughts on alternatives.
If you are worried about storing precious metals at home, then one idea is to only keep a bag of junk silver at your home. An unsophisticated home invader will think you junk silver are nothing but a bunch of old dimes and quarters and won't realize they are made of 90% silver and are very valuable. You can use sneaky storage ideas, Such as take your bag of junk silver and stuff it inside a large bag filled with rice or flour. The food won't affect your coins and no one is going to steal a giant bag of rice or flour.
As far as other silver and gold, store your coins in a safety deposit box in your bank. However, hide the coins within something else, such as a passport, or within an envelope filled with documents. Chances are the U.S. government won't have the chance to drill open every safety deposit box in America. (Contrary to popular belief there are no "master key" for safety deposit boxes. Every box would have to be drilled open one by one. And even if they did. They may only take the gold and silver they see). They won't have the chance to dig through everything inside the box.
The important thing is, to buy your gold or silver in the year 2011. Or if you buy after 2011 (when the 1099 law kicks in), make your purchases under $600, that way you leave no official record that you own silver or gold. And pay in cash. That way there is no record of your ownership of the metal.
I hope that helps.
You have some very intriguing ideas! Thanks so much for the information.
by lmarsh12033 years ago
Would you invest in precious metals? Specifically gold?With the increase in inflation and decreasing value of the dollar, would you invest in precious metals?
by Ben Evans7 years ago
Many people may think that I am a gold and silver bear (looking for price to go down). I am not and both gold and silver could keep going up.The problem is there is a lot of risk right now in precious metals and...
by PhoenixV4 years ago
Which Precious Metals Are The Best Or Easiest To Invest In?Do you have any personal experience in investing in precious metals? What was your experience or best advice when considering investing in precious metals? What...
by Deforest3 years ago
John Paul Leonard stated :"At the end of August 2007, with Bush beating the drums for war on Iran, a highly unusual thing occurred: a "rogue B-52" laden with six nuclear missiles flew from Minot, North...
by PhoenixV4 years ago
What Are The Best Precious Metals To Collect?
by Spartangirl7 years ago
Hi - I've never purchased precious metals, but would like to begin.What is you opinion of GoldMoney and the Perth Mint? Since both are in foreign countries, I'm wondering if you consider these as safe options since they...
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.