Safe, safe deposit box, or hiding place?

Which option do you think is the most secure?

I am still trying to decide myself, because I have my gold and silver almost entirely in safe deposit boxes. Then, I keep a very small amount of silver in a hiding place. For me, a safe seems like a bad idea because it's obvious to a would be thief where your valuables are. However, even a hiding place on home seems like a bad idea for anything of significant value, so I limit that to always less than 50 ounces of silver and no gold. I do worry that my bank knows I have something significant in my safe deposit boxes because of how heavy they are and how frequently I add to them.

 

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I wouldn't have one iota of concern about my bank. Even if they did have a criminal in their employ, they would require both keys to access my box. And I hold one of those keys.... And yes, a safe does give the message that valuables are inside. In my case it would take a four man crew and a scissor lift to remove mine. I would never advocate one of those small portable safes for anything except maybe document protection.

 

Be careful with how much you put in the bank. I used to have a box with Chase and they limited their liability to $20,000 or so.

 

Good info for the most part.
You really think that the bank needs your key to open up their box.
Think again...
And what happends after hours OR when the bank is in lockdown, how easily can you get to your stuff.

I have NO need for a SDB.

 

There really isn’t a risk-adverse option for storing coins or bullion. That’s why collectors need some sort of insurance that can be bought from a company such as Hugh Wood.

 

Quite honestly.... Before I secured my box I asked a good friend of mine that has been a lifetime bank employee. I had a similar worry. My concern was my wife being unable to find my key in the event of my demise. He reassured me that the only way to access that box without my key is to drill out the cylinder. I cannot attest to that but I took him at his word.

 

You can open a safe deposit box for free with many accounts. So, it's a good idea to have at least two to get around that maximum liability.

Yes, a bank needs both keys to open your box. However, that doesn't mean you should worry that an unscrupulous banker might not fully lock the box when you put your stuff away. I always insist on turning my own key and checking the locks.

 

The problem with this is if you buy insurance you create a pretty big record of having these valuables. A big part of having bullion is not just as an extra savings, but also as protection against a possibly tyrannical government that might seize your other assets. However, having said that, they can also seize your safe deposit box. Hence, many people choosing to store at home.

 

That is actually a very good thought. Thanks for that.

 

I agree, keep the key in your hands all of the time. I also have had the lock drilled before too. I can see their insurance company demanded it.

Jim

 

I came in here without my tinfoil hat and now my hair will probably fall out.

 

You can say that, but I don't think this really falls into that tinfoil hat area.

People who buy bullion do so on the margins of normal. Let's start with that. We're dancing on a fine line between normal and paranoid. But I'd argue it's the amount of bullion you own even more so than your reasons for owning it that determine which side of that line you're on.

When you put money in the bank, your deposit is FDIC insured, but it's also transparent to the federal government in exchange for that insurance safety. As long as you are following the law and paying your taxes, you get protection for your money in exchange for being an upstanding citizen.
Your cash deposits at banks, stored in USD, are also vulnerable to how our country manages its currency and how the rest of the world views it. While we are the strongest currency in the world and likely will be for all of our lifetimes, that's not quite a guarantee. So, again, in exchange for us keeping our money in US dollars, deposited at a US bank, the federal government protects our money from bank failure.

I don't think it's tinfoil hat territory for a person to not have complete faith in that trade off I described. Not all of us trust the government completely. Not all of us follow the laws 100% and have never lied on our taxes. Not all of us believe our economy is wonderful and will always be managed correctly.

For those reasons and all sorts of others, some of us put some of our US dollars into gold and silver. But in exchange for the anonymity that comes with owning bullion and the separation from the USD system that comes with owning bullion instead of cash, we sacrifice the piece of mind that comes from FDIC covering our cash deposit and/or that comes with purchasing a rider to our HOA policy to cover our bullion.

So having said all of that, that leads us to this topic. So, you've decided to buy bullion, now how will you protect it? It's not covered by FDIC. There's no investment manager who is a fiduciary handling this for you. There is no HOA covering your bullion. It's YOU, and only you protecting your bullion.

I say it's perfectly rationale for a normal person to have concerns about our tax laws, our government, and our economy. And with that concern, putting 5-10% of their assets into bullion. However, if your concern with our tax laws, our government, and our economy is greater than 10%, you might need a tinfoil fat, because you're looney tunes. There's reasonable concern, and there's paranoia.

 

Even if one doesn’t believe he’s paranoid, it never hurts to hedge one’s position.​

 

And if you think there's a single sharp numeric threshold between "rational" and "looney tunes", you might have other problems.

 

I think holding more than 10% of one's assets in bullion means you have crossed the threshold between normal and looney tunes. I think that every percentage point above 10% moves you further on that cwazy wabbit spectrum inside of looney tunes.*

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This obviously does not apply to dealers or to people who suddenly find themselves holding more than 10% of their assets in bullion due to a short term spike in prices.

 

A simple hiding place is all I need.

Cat litter with fake crap, I hide my silver eagles under the litter.

Noone will know.

 

That’s creative

 

AT

 

I keep mine at home. I live in a very rural area where the neighbors (with guns) keep an eye out on who is driving on the road. I also have a VERY protective Pitt Bull that will attack if you try to come into my house uninvited and if that doesn't stop anyone my .357 magnum, AR-15, or my tactical carbine will stop em cold. Oh and beware my wife is a better shot than I am. Especially with the .357 Magnum.