Safety & Storing Precious Metals in Banks

  1. Spartangirl profile image61
    Spartangirlposted 7 years ago

    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?

    TY! SG

  2. Mithan415 profile image59
    Mithan415posted 7 years ago

    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.

  3. Spartangirl profile image61
    Spartangirlposted 7 years ago

    You have some very intriguing ideas! Thanks so much for the information.