Safe Deposit Box Location

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Cortopassi
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Re: Safe Deposit Box Location

Post by Cortopassi » Thu Jul 26, 2018 8:03 pm

hardlawjockey wrote:
Thu Jul 26, 2018 7:24 pm
When I started the PP and bought my first set of gold coins I had to decide where to store it and it all boiled down to 3 options ...

1. Bank (or some other entity) safe deposit box
2. A home safe
3. Cleverly hide where nobody will normally look.

Ultimately I chose option #3. My reasoning was that options #1 and #2 are only giving you a false sense of security. The linked article explains why option #1 doesn't work perfectly. With option #2, if burglars invade your home and find a safe they will rightly assume there is something valuable inside of it. With option #3 however, you aren't advertising the presence of your gold and it just seems far less likely that it will ever be found.

That's my logic any way. You are all free to poke holes in it.
I agree with #3, but I will never have the balls to do it. Gold needs to be under some kind of lock and key to me, even if a hidden in a toilet tank, behind a fake wall plate, etc. likely would work just as well.

I also like the idea that most safes offer some level of fire protection, so if your house burns down, they might make it more intact.
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Xan
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Re: Safe Deposit Box Location

Post by Xan » Thu Jul 26, 2018 8:19 pm

hardlawjockey wrote:
Thu Jul 26, 2018 7:24 pm
When I started the PP and bought my first set of gold coins I had to decide where to store it and it all boiled down to 3 options ...

1. Bank (or some other entity) safe deposit box
2. A home safe
3. Cleverly hide where nobody will normally look.

Ultimately I chose option #3. My reasoning was that options #1 and #2 are only giving you a false sense of security. The linked article explains why option #1 doesn't work perfectly. With option #2, if burglars invade your home and find a safe they will rightly assume there is something valuable inside of it. With option #3 however, you aren't advertising the presence of your gold and it just seems far less likely that it will ever be found.

That's my logic any way. You are all free to poke holes in it.
I lost all my gold in a boating accident, but I would seriously consider diversifying, and splitting it among those three.
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eufo
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Re: Safe Deposit Box Location

Post by eufo » Thu Jul 26, 2018 10:20 pm

I've been contemplating this subject a lot lately since moving into more physical gold from paper.

I think the idea of diversifying locations and methods is likely the route with the least potential for being ruined. Safe deposit boxes can be drilled, confiscated, or become unavailable in a crisis. Home safes can be stolen or opened through coercion. Hidden spots can be forgotten when moving, accidentally found by the wrong party, or even thrown out.

Multiple locations in the home and at least one location (preferably more) outside of the home seems prudent. None is guaranteed, but a good mix should protect against a total loss.
Don't agree with me too strongly or I'm going to change my mind
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Re: Safe Deposit Box Location

Post by boglerdude » Fri Jul 27, 2018 1:32 am

A few coins on hand in case of emergency. . .in case you need to barter your way out of the country?

If people stop using dollars for transactions you're better off with food, water, weapons

For investment amounts...Im thinking Perth mint ETF when its out. Whats the risk, hacks? Bail-ins? Any precedents for those sorts of disasters?
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Mountaineer
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Re: Safe Deposit Box Location

Post by Mountaineer » Fri Jul 27, 2018 5:02 am

Store it in a vat of aqua regia. I was trying to think outside the box. 8) http://www.metalminemedia.com/2013/03/g ... regia.html
“He who denies the existence of God, has some reason for wishing that God did not exist.” — Augustine Of Hippo
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Desert
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Re: Safe Deposit Box Location

Post by Desert » Fri Jul 27, 2018 1:29 pm

Mountaineer wrote:
Fri Jul 27, 2018 5:02 am
Store it in a vat of aqua regia. I was trying to think outside the box. 8) http://www.metalminemedia.com/2013/03/g ... regia.html
A solution (pun intended) that only a ChemE could love. ;)
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ochotona
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Re: Safe Deposit Box Location

Post by ochotona » Fri Jul 27, 2018 2:11 pm

I use the vault at a locally owned community bank out in a rural part of Texas.
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Re: Safe Deposit Box Location

Post by hardlawjockey » Fri Jul 27, 2018 3:07 pm

Xan wrote:
Thu Jul 26, 2018 8:19 pm
hardlawjockey wrote:
Thu Jul 26, 2018 7:24 pm
When I started the PP and bought my first set of gold coins I had to decide where to store it and it all boiled down to 3 options ...

1. Bank (or some other entity) safe deposit box
2. A home safe
3. Cleverly hide where nobody will normally look.

Ultimately I chose option #3. My reasoning was that options #1 and #2 are only giving you a false sense of security. The linked article explains why option #1 doesn't work perfectly. With option #2, if burglars invade your home and find a safe they will rightly assume there is something valuable inside of it. With option #3 however, you aren't advertising the presence of your gold and it just seems far less likely that it will ever be found.

That's my logic any way. You are all free to poke holes in it.
I lost all my gold in a boating accident, but I would seriously consider diversifying, and splitting it among those three.
My diversification consists of ETF's and about a year's worth of living expenses in #3. Probably won't be buying any more physical gold.

Not sure which of those two is the safest but I don't spend much time worrying about it.
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Re: Safe Deposit Box Location

Post by bedraggled » Fri Jul 27, 2018 3:15 pm

Ocho, does a community bank in a rural area give a feeling of security? I have a good safe deposit box situation but I wonder now after reading this thread.
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ochotona
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Re: Safe Deposit Box Location

Post by ochotona » Fri Jul 27, 2018 6:04 pm

I know the staff by name, so I believe they'd let me in to empty my box in advance of any emergency banking system shutdown. The contents are insured also.
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Re: Safe Deposit Box Location

Post by bedraggled » Fri Jul 27, 2018 9:06 pm

Thanks. My box may not be as well situated.
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Re: Safe Deposit Box Location

Post by Mountaineer » Sat Jul 28, 2018 10:05 am

ochotona wrote:
Fri Jul 27, 2018 2:11 pm
I use the vault at a locally owned community bank out in a rural part of Texas.
Oh what the addition of a u and and an l do to a perfectly good storage solution. ;)
“He who denies the existence of God, has some reason for wishing that God did not exist.” — Augustine Of Hippo
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