2011 GOLD high $1,500.00, SILVER high $24.00

Krispy, you write of sdb's.. I am most certain that when I moved mine so that there was no 'mistake' on who the authorized signer is (in case someone went in saying they were my late husband, there would be no mistake..and I had reason to believe that could happen..) I was given a cutsheet on what I could and could not store there, in the box. No cash, papers, collectible items only.. I occasionally worry about what is in there, mostly because it would be difficult to privately move it out. Perhaps it would not be covered were it to mysteriously disappear..sometimes I wonder if it is all worth it. Of course the answer is yes, but more and more I read here gives me cause to worry perhaps a bit. One can only hope to become educated enough to be secure in their decisions. Personally I have done almost all of the suggestions listed, except store in someone's vault. I can relate to the commercial..the dog, his bone, the bank, and the hole in the ground!

 

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Nonetheless now quoting Travelers Insurance spots soliciting consumers' fears through visual metaphors of theft, SDB bank vaults, holes in the ground... this from a provider of Home, Auto and Business insurance. Like I suggested above, one needs to find the appropriate agents who write specific policy to cover items not covered in a bank SDB. While the bank may tell you what is not covered, that doesn't mean you cannot seek and find an third party to insure against the improbable loss from within a secure bank vault. This is part of the policy service that Hugh Wood specializes in. While no one entity can nor will be liable for all risks and cover your property accordingly, you may be able to cover more of those risks yourself by purchase of redundant or overlapping coverage and all without putting yourself at risk as the defender of your hole in the ground!

 

I can't seem to find it, but there was a story of a rogue bank employee that went through people's SDB and put them on eBay....some were documents and items that can never be recovered.......rare family items....etc etc....

 

Again:

Nothing is absolutely safe, even in a safe.

 

All depository institutions are suspect in my opinion except Comex. Morgan Stanley was caught and paid a pretty hefty fine. If the situation has been connected to an insolvency or bankruptcy, the victims probably would not have come out whole. SDBs are safe enough for most people. Holdings in a Comex warehouse backed by a receipt are probably the safest option, even safer than personal physical possession. Once you have the warehouse receipt in your possession with serial numbers of the bars, it removes them from the registered category so that they are shielded from involvement in the futures market.

 

Curious..have I once again found myself looking for info in the wrong spot?....bars??? No bars here..eagles,maples, kruggerands, swiss francs, and some little angels(?) Tell me, are they NOT considered bullion? Sheesh, I can't figure all these nuances..bars with serial numbers??

 

Cloud: I understand that there may be a more ideal situation for protecting what one owns by investing in the type of vehicles you explained, but I wonder how many individuals expressing these views of where to or how they prefer/insist on storing their physical PM investments or collectibles of precious metals composition fits the bill of the safest scenario you presented. What is the most ideal and safest option is not likely the norm on the individual level. I'd speculate that most (not all) members with comment here are talking about things they do indeed own or invest in that are not threatened by involvement in the futures market. The level of investing you are talking about seems quite far beyond those individual investors holding smaller ounce bars, individual rounds, junk grade coin investment and the like. I feel the scale of the discussion has to be kept in some regard nearer to each individuals reality and personal safety. Again, I agree that SDBs are safe enough for most people.

 

China announced they produced over 340 tonnes of gold in 2010, 8% more than last year.

http://www.cnbc.com/id/41445340

 

Sorry, I misunderstood. But I know there are many who do purchase gold coins and store them for a fee with the same person they bought them from. This is a classic scam. I never fell in to it. And as you stated, you certainly collect your items and then safeguard them. I was confused when it was asked about the store fees. I will blame my meds.

 

Investors’ $102 Billion Metals Wager Showing Bull Market Intact from Bloomberg.com[2/7/11]

 

Does a reported figure like this include metals that might be bought from already coined metals (bought from other countries), scrap/reclaimed metals, etc. and get melted and put into their production or is it all from newly mined material, adding to the world supply? Also, another 'clever' achievement of the Chinese auspicious 8 that they always strive for and exploit for sentiment, luck, etc.

BTW, Happy New Year – Year of the Rabbit.

 

Well, if the banks make bad loans without FDIC protection, they win anyway. But the depositors are left holding the bag, like they were in the '20s and early '30s. This way, at least, depositors have some recourse for getting their money back.

Having experienced the stock market crash of 1987, I am almost certain that there would have been bank runs if the FDIC (and FSLIC at that time) hadn't been in place. I certainly would have been eager to get my money out of my account fast. But because the FDIC was in place, I didn't panic, and very few others did, either. Of course, the system has been abused, most notably during the S&L crisis of the late '80s and early '90s, but at least the small depositors were protected.

Saying that, I agree with your argument about mortgages. And I agree with your argument about having physical possession of PMs.

 

After getting wiped out completely of all stock and real estate holdings along with my cash in the crash, I will just say that the bullion coins I had secreted allowed me to keep my family off the streets and relocate to start over. Even though I lost 50% of my purchase price on the gold, it was the best insurance I could have had.

 

Current Bid..
Gold: 1366.60
Silver: 30.06
Platinum: 1856.00
Palladium: 831.00



Interesting today.

 

The reason for this escapes me
​

 

I recently saw a news story about one of the mines here in Nevada that has stepped up gold production to over 1 million a week ? When prices soar, production increases greatly. The reason Nevada is broke is that they don't tax mining very much. But when the ore is all gone, there won't be any revenue at all. And all the mines are owned by foreign corporations. Go figure ?

 

Amazing how silver exploded today ... up nearly $1 an ounce to over $30 again

Wow

 

The rationale behind that is, I think, is that the government could theoretically declare a bank "holiday" and seize assets in safety deposit boxes, like what was reputedly done in the 1930s in the US, and apparently in the 1990s in Russia.*

*I have seen no independent confirmations of these actions, but stories about them can easily be found on the Internet.

 

That wont happen. At least for the US

 

I know this won't convince everyone, but it is a little better than Snopes who has similar answers.

http://www.fdic.gov/consumers/consumer/news/cnspr97/sfdpstbx.html

Jim