Where should one store their precious metals?
A question came in from Bill in Tokyo asking what we thought in terms of storing precious metals with either companies or buying close-ended funds or anything else. This is a tough question to answer simply because there is no absolute correct answer. There is a lot of personal preference involved with storing one’s wealth and a certian comfort the person must have.
You can hear our opinions with the help of Doc but we would like to hear what all of you think. How do you store your metals? And where do you shy away from storing your PMs?
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b, you’re right—I usually get pretty close on my calls but am sometimes off on the timing.
I bury my metal, and jewels Ive acquired over the years, Ive got it all in one chest, an antique, said to have been used by La Feet. I have a map written on sheep skin, it rolls up nicely. On the map of course is the famous “X”, Im gonna give it to somebody on my deathbed.
A little twist, I sorta forgot where exactly I buried it, so the “x” is just kinda in the general vicinity of where I put it, thats ok tho cause I wrote some clues on the map.
Hope I got them right, I was writing by a full moon, at midnight on all hallows eve, in the fog, ahh what the heck, theyll find it.
funny.
You can store PMs, gems,art, or anything in a secured vault or storage facility. Some of these are expensive, but if done properly you can win. You can get a SKR (safe keeping receipt) for a portion of your asset and leverage it in an investment vehicle which will cover the cost of storage and also pay for an insurance wrap of the entire asset.
Fees are paid and asset increases in value. You win!
I agree with Corey. Personally, I’ve got to have piece of mind and there is no way I get that with a third party. I dealt with Tulving several times on the buy side and it wasn’t a pleasant time waiting for delivery. Luckily, I didn’t buy any in the later years they were in business. Storage, I handle on my own and I sleep well. No one but my wife knows what I’ve got or how to access it. When I sell, it will be with a trusted coin shop in my local area.
Great points Silverdollar.
Big Al, Cory, and Doc – great show and interesting topic to cover.
Big Al & Cory – you made a good point about buying PMs to get rid of 3rd party risk, and that using a 3rd party doesn’t get rid of the anxiety and that was the impetus for getting money out of the “system” in the first place. To me, having a personal plan for where you store PMs makes more sense that worrying about delivery, or the ability to get to the metals, or the 3rd party getting robbed or not being trustworthy.
My gold is buried under a big W in Santa Rosita park. Remember, a big W.
I also have a lot at the Central Fund of Canada, which I hope I won’t regret.
‘Major issues with the system’ Cory is why we all need to be our own personal bankers. As for Bonzo just tell a trusted friend as to where your bullion is hidden. Presumably all the hordes of gold that come to light down the ages were due to their owners never laying claim to their security!
VIX is in the money. Keep it coming, Doc. Thanks.
CMC, I added to my china shorts today. I believe we definitely are topping and it’s just a matter of how deep the coming correction is—hope for lousy earnings.
Fore sure… What does your crystal ball show for the very short term (next couple of days) in gold miners? Any quirks showing up beyond the usual sideways to down?
Likewise Al – ‘whatever hard assets we have we know where they are’!!
As an aside for Bill haven’t all the safes in Japan now got sold out?
All the safes sold out in Japan? Where did you here that? From the ALT media? All I have read is where one model of safe that a chain store, Shimachu Co., was selling was sold out. And that is all I heard unless you read the sensationalized ALT media headlines, like from ZeroHedge, that makes it sound as if all the safes are sold out in Japan when in fact the articles just say that there has been an increase in demand and that one model that cost $700 is sold out. I would not say safes are all sold out just because one model is sold out. The ATL media is known to exaggerate things.
Gerold Cellini…………several years ago………GOT TOOK by CORSLIM on his PHYZ…
only trust others with what you can afford to give up…………….jmho.
Remember CORSLIM was a trusted governor of a state in the USA…….. LOL
“Sell your possessions and give to the poor. Provide purses for yourselves that will not wear out, a treasure in heaven that will never fail, where no thief comes near and no moth destroys.” Luke 12:33.
Remember the poor will always be with us………..If, you are broke , you then become the burden, and we are not to be a burden……
Luke 12:1-40 would be a good read…
As Wayne would Matthew 25, vv 1-13 – the wise and foolish maidens.
thanks Archie, ….good passage…..
Sinclair mentioned several years ago………GOTS…….get out of the system…rule number 1.
OOTB, I agree with get out of the system in the form of buying assets and not being in cash, as that could be bad in a bank failure bail-in event.
ditto …agree…………
If you are worried about bank bail-ins it is only a problem if you have deposits, more specifically uninsured deposits, in a systemically important bank.
gold is easy to store, silver is much harder to store as well as transport. beware of private vaults such as 24/7 private vault in Las Vegas, they got stuck up several years ago.
You got the bounce Doc,…one day off, none too shabby.