So I inherited $5000 and I want to buy silver and gold coins... what would you recommend?

Yes. A savings account is the easiest place in the world for the government to steal your cash out of. I know where my cash is, and the goon squad doesn't, when I control it rather than the bank.

Having put her money faithfully every week in the same bank account for 3 decades did not stop the IRS seizure of the restaurant owner's cash in the NY Times article above. So if the alphabet agency agents of DHS, IRS, ATF, DOJ or whatever are going to steal your money where you keep it they will have to work to find it if you control it, but if you stick it in a bank account they can get it without even showing up at the bank to steal it from your bank account ... everything can be done electronically today.

I use to not provide bookkeeping and tax preparation for farmers and small businesses, and I also was a Systems Accountant, GS510-12, for the US Army, who (as part of my job) once actually hacked into the Army's mainframe computer, the one that wrote all the Army Personnel checks worldwide. So I know a little more than the average bear about government computer systems. But that's another story for another time.

For many years I represented the farmers and small business owners who hired me to represent them before the tax court against some wrongful IRS seizure of property. I saw the IRS seize these people's businesses, homes, equipment and bank account all because some IRS agent thought they had cheated on their taxes and/or had unreported income. Most of the time these poor citizens only mistake was being so foolish as to "trust the system" to protect their rights, and do what was right. My advice to them and anyone else remains to this day: Never trust the system! As long as we have a corrupt system there will never be justice or protection for any one the system chooses to target.

Back then the only people who could steal your checking/savings money without due process was the IRS, today every Federal agent and every person associated with law enforcement can do it; city cops, DA, judge, county sheriffs/deputies, state police. If they take your money, count yourself lucky if your bank calls you to notify you, but most people find out their account has been "legally" robbed when they get a notice of a bounced check or just happen to check their balance. So my advice is: Don't put more money in your bank account than is required to cover any check you have already written.

 

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2 better coins in a popular series or 1 coin and the rest in PM

 

...or he could go to Vegas and try his luck

Seriously, I would listen to the folks who suggested to invest in 1-2 attractive semi-key silver or pre-1933 gold coins, preferably those with eye appeal, decent rim toning and a CAC sticker!

 

I'd just buy a bunch of 10 oz OPM bars or 1 oz generic rounds at a premium of below a dollar. You'll get close to 300 ounces doing it this way. Try Providentmetals.com or jmbullion.com

 

Aunty left me a legacy and I bought a 'high end' camera. Advise to do the same......

 

I didn't say where I would "tuck away" $5,000 in cash, just that it would not be in a bank account. And YES! I do believe $5,000 cash is safer from theft by a thief, including a government thief, where I have control of it than in the MOST OBVIOUS PLACE IN THE WORLD, AKA a bank account. The government thieves look there first when they want to take your hard earned money away from you, and the banks are forced to comply with these thieves when they steal your $5,000. We are always considered "guilty until proven innocent" with the government thieving agencies.

 

So your issue is the police confiscations then? You have to be counting that as government theft, since without that it's simply not arguable money is safer in a bank than at home, given theft statistics.

 

There's a simple solution to this. Stay legal, pay your taxes, secure your future, sleep at night. That way the government won't take your money, yet you'll still have to worry about the thieves on Wall St.

 

No, not police only. There is far more stolen by other government agencies than you local, county or state police. If you ever read news articles I encourage you to notice the claims that police "found" money, guns and ammo in searching a home ... none of which are illegal, but all of which were likely taken as evidence ... but, evidence of what?

All of my money has had the tax paid on it. But if your mind immediately goes to this thought then you've just made my point for me.