How do you store your silver?

Discussion in 'Bullion Investing' started by myownprivy, May 21, 2018.

  1. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Nope.... The chemicals used to clean firearms react horribly with our coins.
     
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  3. CoinBlazer

    CoinBlazer Numismatic Enthusiast

    I'm not to worried, they are in a coin tube and not touching anything metal
     
  4. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    It is the fumes from the cleaning chemicals that does the damage. Only reason I know is that I learned the hard way.
     
  5. brandon spiegel

    brandon spiegel Brandon Spiegel

    You could have a combination of a home safe, and a safe deposit box if you wanted to.
     
  6. beef1020

    beef1020 Junior Member

    Good luck with that.
     
  7. Brian Calvert

    Brian Calvert Active Member

    I would be concerned, "ME" others don't, about keeping my metal in a BANK. They are all in trouble, if ever a run on the bank, they are not opening the doors for anyone. Home feels better.
    Now, as long as things are good, or after the run, your gold will be there, or 99.8% chance. If it were the 1930s, you would lose it... Todays PROMISES by our Govt are no better than those time. The DEBT will come due one day and they are going to turn to all the Americans to pay it. Not via more tax, but lump sum.
    I bought a GUN safe, don't need a a super one, just one like listed, papers, a couple hand guns, passport, Birth Certs, and metal / jewelry. Bolted to the Concrete. The only way they get my stuff is putting a gun to my head, even then, they wont get it all.
     
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  8. TheFinn

    TheFinn Well-Known Member

    Put it in a couple of boxes mixed in with some shoes, clothing in storage, with some hobby/craft items. Read, "The Purloined Letter" by Edgar Allan Poe.
     
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  9. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I’ll give a bit of first hand experience with just such an approach.... Forty-five years I lived with a crystal clear memory. At 45 it started to fade. Now at 58.... I would struggle to tell you what I had for lunch. Or even if I had lunch.... It is really that bad. I have run into several odd things I put away years ago recently. A box of odd coins I must have thought had some meaning twenty years ago. And just recently found a box of quarters. Probably 400-500 bucks worth. Why did I have them hidden in my woodshop? No clue... three years ago I set aside a hundred dollar bill in my office for emergency use. Still to this day I cannot find it. A month ago my banker asked if I wanted to do anything with the 500 buck savings account I opened fifteen years ago. I was miffed. I had a 500 buck account I had absolutely no recollection of. It’s like Christmas every day.... Be cautious of putting things in a “safe place”... I am living proof that crystal clear memories can disappear.... And I do miss it so....
     
  10. myownprivy

    myownprivy Well-Known Member

    No one has really addressed the issue of where they store their silver. Even if we're talking about $10,000 of silver, or approximately 30 Silver Eagle tubes, those will not fit in a small, medium, or large safe deposit box.

    Now, if you rent an extra large box (15″x22″ and 12 inches) for a few hundred dollars per year, you could fit them.

    I'm simply imagining this from my own perspective. If I spent $1000-$1500 on precious metals per year, and that usually takes the form on ounce of gold, doing that for 40 some years, that puts me at 40 ounces of gold which will easily fit in that safe deposit box.

    But what if I spent $40-$60k on silver instead. Where would I store that? I couldn't.

    I am sure there are members who spend more than I do on precious metals per year and many who spend less. If over a life time you are spending even in the neighborhood of $40-$60,000 on precious metals, if it's gold you'll be able to easily store it, but if it's silver, there's just no way you'll be able to safely store that much.

    So what do you do?
     
  11. CoinBlazer

    CoinBlazer Numismatic Enthusiast

    Well I suppose you answered you question with your last sentence
     
  12. myownprivy

    myownprivy Well-Known Member

    As much as I would enjoy the whole forum saying "myownprivy" you are right! I am not 100% confident I am right. I am very curious if there is something I have creative solution to this I have overlooked.

    I don't own a ton of silver (just a few hundred ounces) and they are presently stored some in the safe deposit box (until gold replaces them and In need to move them out) and half at home (no safe).
     
  13. ldhair

    ldhair Clean Supporter

    As a member of ANA you can insure with Hugh Wood at a rate that is much less than any other type of insurance I know of. They have several different plans to fit different needs. You can get a quote online. My policy will only pay 10% of the coverage amount on bullion.
    Works good for those that collect coins and silver but would not work for just trying to cover bullion.
     
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  14. Bman33

    Bman33 Well-Known Member

    I actually just ran into this problem. I got tired of worrying about my safe because it wasn't bolted down. So Last week I got a large safety deposit box. It got heavy real quick and now I know I will need to get a few boxes. I am going to split it up between two different banks. Problem solved!
     
  15. Nathan401

    Nathan401 Quis custodiet ipsos custodes?

    Your wrong. That much silver and more can be easily and safely stored in a safe. It's not complicated and fairly inexpensive to secure a location to store valuables. It's done all the time.
     
  16. crazyd

    crazyd Well-Known Member

    They are in a plastic storage bin under my bed. My address is....(kidding)
     
  17. Clawcoins

    Clawcoins Damaging Coins Daily

    Yeah, but your safe is still not bolted down.

    At my CU, the medium sized SDB could easily hold 60 tubes.
     
  18. Brian Calvert

    Brian Calvert Active Member

    Buy a gun safe for 600$ with mounting hardware. they have them that are 6 - 7 cubic feet. That is plenty of room, mount it to the floor in a spare room closet. Then, if you feel like to many people have access to your house, frame it in, add a hide away door, make closet 'itself" smaller and give yourself sideways access to the safe. Put info somewhere about it... You will get older and you don't want someone stealing it.
     
  19. Clawcoins

    Clawcoins Damaging Coins Daily

    I don't think any answer is good enough.

    That is because no matter what, it's going to take 77x more space to store silver than the equivalent 1 oz of gold for the OP. Essentially Silver-bashing?

    You can store silver ANYWHERE.

    In home safe, or safes. Whether a cheap Sentry safe, larger safe B, C rated, or more. Or a Small or large Gun safe. Or bury in your backyard, or a bank with one or multiple SDBs which will vary dependent upon bank/CU. In a plastic container under your bed, tin container in the garage, etc, etc, etc.

    But, if the OP is asking for a location map, and entry codes I don't think anyone is going to bite for that one.

    I hide all my ASEs in plain site. I drill a hole in each of them and hang them from the ceiling. With the windows open it's that sound of each coin clinking together that makes it all worth it. LOL All 12,500 sq feet of my house's ceilings are lined with them. Gold coins don't sound as good hung up. But they look good epoxied in my floors at the entry ways. LMAO :wacky:
     
  20. imrich

    imrich Supporter! Supporter

    Actually, the large gun safes (without guns) in a reinforced concrete bunker make great economical coin storage vault units with sealed ammo cans. The advantage to the large sealed ammo cans on tracks is you can access the interior better than safe deposit boxes, but they aren't going to be carried off. A dehumidifier is generally a nice addition.

    I've designed, over-seen construction of several hidden bunkers in homes. I've heard no complaints. They're even an answer for homes subject to natural disasters, as we've experienced several occasions where that was what virtually remained below grade.

    JMHO
     
  21. TheFinn

    TheFinn Well-Known Member

    Sell the silver and convert it to gold.
     
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