Silver bullion storage, safety deposit box?

SilverStandard

What are the best ideas to store Silver bullion.

My home safe is full and want other ideas.

Not in a bank safety deposit box, they can come and take them.

http://www.dailymail.co.uk/home/moslive/article-1222777/The-raid-rocked-Met-Why-gun-drugs-op-6-717-safety-deposit-boxes-cost-taxpayer-fortune.html#ixzz0vDmuPx7Z

To bury is a good idea as long as you go deep enough so that metal detectors cant find it.

Other ideas?

shaun_from_Africa

Not in a bank safety deposit box, they can come and take them.

That report you linked to was nothing to do with the security or safety of a bank safety deposit box.
The places in question were 3 privately owned storage facilities and the reason that they were raided was due to the fact that the police thought they were being used for money laundering and that the correct id checks had not been carried out on the people renting the boxes.

As long as you follow the correct procedure and have proof of ownership of your bullion, I can't see you having much of a problem with barclays or nat West.

SilverStandard

shaun_from_Africa wrote: »

That report you linked to was nothing to do with the security or safety of a bank safety deposit box.
The places in question were 3 privately owned storage facilities and the reason that they were raided was due to the fact that the police thought they were being used for money laundering and that the correct id checks had not been carried out on the people renting the boxes.

As long as you follow the correct procedure and have proof of ownership of your bullion, I can't see you having much of a problem with barclays or nat West.

Do you really think banks are any safer?

In the past when they confiscated bullion the safety boxes were the first things they went after.

joerugby

My house contents policy insures the contents of my natwest box

DiggerUK

shaun_from_Africa wrote: »

That report you linked to was nothing to do with the security or safety of a bank safety deposit box.............As long as you follow the correct procedure and have proof of ownership of your bullion, I can't see you having much of a problem with Barclays or Nat West.

Shaun, you don't post much, but when you do you are always spot on.
Not a lot of problems with Lloyds or HSBC at Digger Mansions either.
Take care.

shaun_from_Africa

In the past when they confiscated bullion the safety boxes were the first things they went after.

And when exactly did the UK Government last confiscate privately owned bullion?
To the best of my knowledge, this has only hapened when a seizure order has been made when the bullion was thought to be purchased from the proceeds of crime. (But I will be happy to be proven wrong if you can post a verifiable link to a case of it happening to a non criminal).

You really only have two options.
Store the bullion in a bank or safety deposit storage facility where you can have it insured for loss but there may be a miniscule possibility of it being taken by the government if the economy crashes or we get invaded,
or you can bury it in your garden where it may be stolen, or get damaged or tarnished. (whilst it's true that oxidation on coins or bars shouldn't affect their value, it may make them harder to sell if you intend selling to small scale dealers or private buyers.

sabretoothtigger

How about a gun made out of silver, it solves both problems. I heard of someone who made the base of their bed out of silver, the frame is so large I cant see anyone running down the road with it

with a melting point of nearly 1000c you could make a fireplace and chimney liner from it. The worlds most bling barbecue grill . It conducts electricity well? Get an electrician to hook up poles of it to your house ring main

niccy

100% safe

PM me

jamesd

SilverStandard wrote: »

Other ideas?

Any place where physical duress by criminals against you and those you love can't persuade you or them to disclose the location, or where they couldn't get it even after you've told them. A safe in your own home is a particularly bad idea. It puts you and the valuables in the same private place, so there's ample time to forcibly persuade you.

You're forgetting the big risks, while concentrating on the rare ones. Crooks are more of a threat than police and government.

Try exchange traded holdings or safe deposit boxes in a broad range of countries, so that if the unlikely chance of government action does happen, you're not going to be affected greatly. And it'll leave you considerably better protected against the bigger criminal risk.

SilverStandard

joerugby wrote: »

My house contents policy insures the contents of my natwest box

Does your insurance cover Government confiscation?

shaun_from_Africa

Does your insurance cover Government confiscation?

Probably not but as you've yet to show any evidence of this actually ever happening in the UK, I don't think it's too much to worry about.

I have a box stored in the vault of my local Nat West and I have insurance cover for this.
This insurance doesn't provide cover for nuclear fallout so does this mean that I shouldn't bother with the insurance as there is a very small possbility of some nutter setting off a nuke nearby? (I could then probably sell "glow in the dark" Canadian maples and Krugerrands at a good mark up)

As VAT is normally paid on silver purchases, the government could very easily compile a list of who has large bullion holdings, so hiding them in your garden wouldn't be much use if the "confiscation team" come knocking.