$750,000 in silver stolen....Be Careful

At least the owner is still alive. I hope they catch the perpetrators. If this story is legit, it is a good example of why not to store PMs at home and also why not to tell others about it. TC

 

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I'm just trying to think of ways he could have prevented the theft. It sounds like the perps had planned this and it was fairly well thought out. Obviously they had knowledge about his stash.
Even it you've got dogs, an alarm system, and you are well armed yourself, you might have been fooled by this ruse.
When the "poser cops" changed their story, that would have set off all kinds of red flags for me.
Also you have to think that he was probably loose lipped about his hoard, either that or someone saw him loading all that silver into his house. The bad guys new what he had locked up in his vault, and thus the plan was hatched.

My takeaway from this incident: "loose lips, sink ships"

If you are going to take physical posession of that much PM, you'd better have a lot of security in your house to go with it, you need to maintain a healthy dose of skepticism about anyone who rings your doorbell, be ready to hit that "alert" button on your alarm system at the drop of a hat, and for gosh sakes keep it a secret!

 

Well, a 3' x 3' x 3' block is 27 cubic feet x 653 lbs/cu ft (wt of silver per cu ft) = 17,631 lbs x 14.583 (troy oz/U.S. lb) = 257,112.87 troy oz x 32.66 = $8,397,306.30

That can't be right!

 

I hate to hear thing like this. but 9 out 10 times it someone the person knows.that why I use Bank safety Deposit boxes $ 250.00 yr is good insurance for me.
and don't brag about what is at home anywhere online or with friends or family.$$$$ sign will throw friendship & family ties out the window.

 

I really feel sorry for this guy...but come on.. thats just overkill to keep in ones home. Im not sure if this ever is an option, but couldn't he have been issued a silver certificate, instead of the tangible silver?
One of the 1st jobs I had once I got out of highschool was working for a major chartered bank in Canada's head office in Toronto in the mailroom and we use to get brinks deliveries that not only contained gold and silver bars, but certificates as well. It was a great job for a young kid,,we had to open each package and count what was received vs. the packinglist list, and sign off what was delivered. Holding gold and silver bars, bricks, and wafers at 18 years old was wild.
Poor guy..hope they find the crackhead scum.
I got some silver at home..approx 30 silver maples, pandas and kookaburas, just as conversation pieces, plus my entire Canadian collection (but I dont consider it my collection bullion).

 

Even Binion decided to bury his " on hand " hoards in the desert . There's more to this story than what your reading.

 

he should have put his money in an online brokerage firm and just bought shares in SLV ... it would have given him the same gains with much less risk

he also could also have bought coin insurance ... 100k in insurance runs about $500 a year.

would you drive a new car without insurance ... or own a home without insurance ... i hope not

 

For some folks, with to much distrust , greed and money, these are not options.

 

Oh, yes. If you weren't able to start setting aside $900 a month for retirement by age 22, and maintain that rate for the past 30 years, you're obviously a foolish spendthrift, a slacker, or both. It couldn't be that you started out in a job that paid barely more than that, or that you had any significant medical expenses, or that you faced any periods of unemployment.

Oh, wait. You wanted that $750K in non-interest-bearing silver. Well, as it happens, you're in luck at the moment -- assuming (generously) that you were able to lay in most of your silver at $5/oz, having $750K today would only have required you to invest around $350/month, assuming you bought at spot with no overhead. Of course, if silver drops from its present $~30 to $15 in the next year, you'll have to have saved $700/month instead. And if silver falls back to its traditional performance with respect to inflation, you'll have to have saved $2000/month or more. (Saving $750K at 0% relative interest amounts to right around $2080/month.)

If you've saved $750K by age 52, you've enjoyed some combination of thrift, wisdom, privilege, and luck. You're entitled to feel proud if the first two were significant contributors. Don't dismiss the other two, though, particularly when judging others.

 

One would also think, that if one were to be of a mind to keep such tangible assets , physically within reach , they would have at least have video surveillance and backup wireless security systems covering the entire domicile . Who' knows , perhaps they did have adequate insurance to cover the loss . We don't know.

 

Yes, and his underground stash required a backhoe to dig up and a large truck to haul it away. I prefer burial in many different locations. It creates a lot of exposure for a thief to dig them up if I were ever forced to reveal the locations. Neighbors might not think much of someone working in different places in their flowerbeds for example, but would certainly question strangers doing it. Cover of darkness would have everyone on my street calling the cops. lol

But that would be only the "survival" items. More valuable things should be in a safe deposit box. IMHO

 

I thought the same thing. A good trip to the grocery store makes mine squat. They did pick a good reliable car that wouldn't leave them stranded, so long as there's enough gas in it. 270K on mine, and still going strong!!!

 

You don't need a new gas guzzling SUV every two years just to get from Point A to Point B...(imho). A balanced combination of continued education, thrift, and compassion for others can generate quite a bit of "privilege and luck". You're right about one thing, though...you have to start saving at an early age.

True story...

After chipping in for eagle on the last hole of a prestigeous golf tournament, the famous golfer, Chi Chi Rodriguez, was asked how he felt winning the tournament with such a lucky shot. Chi Chi responded by saying, "It certainly was a lucky shot...but that's the funny thing about golf...the more I practice, the luckier I get".

 

I tell all of my customers that the number one rule of buying bullion is...don't tell ANYONE you have it.

 

... but make sure (at minimum) you specify in your will where it's hidden

(always makes me wonder how much hidden (lost) gold and silver there is out there)

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I really wish these SOB's would pull this crap on someone who will fight back! I'll give them a quick lesson in the quick draw, and the penetration abilities of the 10mm Auto. If they are able to survive this, than another quick lesson is in order on what my semi-auto 50 Beowulf does to a rice grinder as it backs down my driveway!

 

I think some of you are straying from the message in this story. Exclaiming one's prowess is not it.

 

Exactly! All the loaded weapons in the world won't help when nobody's home.

 

I calculate that the volume would be about 2.62 cubic feet.

This is how I figure:

$750000 in silver. Silver at $30/ounce. 25,000 ounces.

A cubic foot of silver is 9,459 troy ounces.

http://www.silver-investor.com/davidmorgan/goodthingscomeinsmallpackages.pdf

25,000 / 9,459 = 2.6180751911194889517226934757566

Round it up to the nearest 100th, the answer is about 2.62 cubic feet.