Are there any bullion depository institutions with multiple branches that function like a bank? Example: I deposit 100 ounces of gold in recognizeable form (say Krugerrands) at the New York Branch. I go to London and I can withdraw 100 ounces. Now I know there would be recordkeeping and storage costs but I'm leaving that out for simplicity.
Good question but I think there would be some kind of law against being able to do that with pysical Gold.I am thinking a system that allow's this would make it easy to launder money.Getting payment in cash from a Gold ETF or Gold Certificate in another country is more likely possible.
The closest thing out there right now that resembles that is the Perth Mint Certificate Program. I guess in a round about way one could sell gold to a dealer that sells Perth Mint Certificates and then use the funds to buy a Certificate. The transaction could be reversed at another dealer.
First State Depository Company comes to mind, but they're for storage and unconnected to other institutions in the example you posed, making deposits/withdraws. While you cannot buy gold in US banks, in other countries you can. Scotia Bank Canada for instance offers customers gold products. UAE banks have been buying gold to back their customers deposits. Swiss banks have Precious Metals Accounts that you can invest in -or- you can store your own certified PMs in their banks. Wherever you could access a Swiss bank branch, say major urban areas (NYC, London, Zurich), you may have international access to your PMs. Theoretically at least, a system for such a scenario as you inquire about is plausible.
Thanks for the great reponses. I was just thinking "Say I get all of these PM's so I can be comfortable if this country continues to go down the toilet, how I am I going to get them out. I'm not the Hunt Brothers, I can't afford to charter a 707 to take my metals to Swiss banks."
Why would they do this? Is bullion used as currency in Europe? If not, why would you need "easy access" to it?
Just because one country goes down the toilet and you have PMs doesn't really imply other countries haven't also gone down the toilet, that you will have any easier (comfortable) of a life style after that time, or be able to withdraw your PMs from an SDB any sooner than you'd be able to export your PMs yourself (smuggling gold is quite illegal) or be able to use the banking withdraw concept you've posed in this thread. If the PMs are out of your hands and in an institution there is always the chance that you wouldn't automatically have the convenient access you may now have should things in the world drastically change. Just something to think about without getting lost in a fantasy that PMs are some magic solution if a nation or several are in even worse economic crisis.
Having some of your precious metals in a safety deposit in Canada is a good idea,the only problem is you need to be a Canadian Citizen to open an account.I don't know if there are any private storage facilities here or not.If you had your PM's in Canada you would have to eventually take them back to the U.S.,which then could lead to siezure at U.S. customs.In the event of a financial crash you may need your PM's to survive.Exchanging some of your PM's for some Canadian cash may not be a bad idea either.The Canadian dollar used to be laughed at but not any longer.It is almost at par with the U.S.dollar and our banking system is among the best in the world.I hope things don't get that bad,but you never know.
The only problem I see with this is, "you deposit your cleaned pocked marked St. Gaudens bullion" and then go to another bullion bank and withdraw your MS69 St. Gauden's Double eagles. Here in lies the problem.
