A bank safety deposit box is an option, but in groovygirl’s opinion, not the best option. The Patriot Act changed EVERYTHING about banking. Here is a link to a very interesting article. Click here. The banker is now an extension of the gov. The laws are all in place, they just haven’t used them enough to upset the average joe.

If the state or government can not contact you (cough), think you are dead, box fees are not up to date, or think you are a terrorist, they can not only drill open, but seize what is in the box without your knowledge. (California is currently involved in a class action lawsuit where the state was going to banks and if they didn’t have current contact information for box holders, the state opened and sold the contents, because they needed the funds). This was just the state, not the Feds. If you have your gold at a private storage facility, you at least can try and sue them for breach of contract, if something is missing.

Most of the newer laws are part of the Patriot Act/Homeland Security Act, and it includes deposit boxes. It is possible that the FED will never open your box, but there are several laws, old and new, that allows them to do it. If you have a safety deposit box in a bank, check the contents at least every year. Pay your annual fee, make sure the bank has your current contact info, and get a receipt. DO NOT have all your gold and silver in one place in one bank. Don’t have anything in your safety deposit box that you can not live without if the bank was “closed” for a period of time. Of all non-home storage facilities for gold and silver, a private bank box is the least safe, and a private vault company, like Brink’s, is the better option.

Another problem with a deposit box….you may say to the bank, I had 50 gold pieces and now I have only 4. It is your word against theirs. At Brink’s, you have a certified listing of your holdings, audited by at least 2 people. Some private vaults have videos of routine audits. There is none of that at a bank vault. A bank safe deposit box is NOT insured from theft or damage. You must get your own insurance, usually it can be part of your homeowner’s policy, talk to your agent.

Since the Patriot Act/Homeland Security Act, every bank in America does not have “legally obligated fiduciary responsibilities to its depositors”, it does exactly what the State or Feds tell it to do. Of course, the banks do not advertise this. You have to read the Patriot/Homeland Security Act and do the research. I have no doubt that if the US gov asked for your gold, a law would be in place for the bank to empty your deposit box without warning. Right now with the Patriot Act/Homeland Security Act all they would have to do is link owning gold to a national emergency and it would be gone.

Having stated all this, I think the chance of the US grabbing your gold is unlikely. Not too many people own the physical metal and they are not likely to in the future. The gov and GS can and are trying to inflate/control the gold paper market to have control over the price on the upside. A default on the gold paper market at some point is much more likely.

Never have all your investments in one form, in one place.

In my opinion, a bank box is good for copies of important docs, instructions in case of your death (make sure your next of kin is on the signature list), and maybe SOME coins. No cash, as it is illegal to keep cash in a US bank box.

All aspects of the banking system in the US have changed and no one understands this shift.

Thanks for reading.

groovygirl

I feel overjoyed that he will not have to be moved:)

Big Smile great work everyone.

Thank you so much!

groovygirl

You have done exactly what I always suggest, never have all your holdings in one place in one form. Sounds to me like you have a great allocation of investments. There is nothing wrong with holding all your investments in GLD and SLV as long as you know the risks and the lack of transparency involved. I seem to remember that in 2008, these were the issues that contributed to the derivatives market imploding and still threatens the market today. GLD and SLV are clearly derivatives of physical gold and silver by simple math. They are presented as sure as physical metals by the market, and the less-educated investor may get fooled and not understand the risks of this investment. Investor education is the purpose of this blog.

Thank you for reading,
groovygirl

Supposedly, SLV and GLD are both Ponzi scams. Maybe. What’s my alternative, buy coins at 10-30% markup and keep them in my safe? take delivery of 400oz bars at the COMEX? Ask for an audit? Get Real! I own the etf’s, I own CEF, I own the miners, I own coins, an di may open a GoldMoney account. Barring a halt in trading, I’ll book my profit before they are outed as the fraud the onspiracy site whack-jobs say they are.