Gyroscopic Investing

Here is yet another example of why it is important to insure those lovely round yellow objects you keep in a bank safe deposit box. How many PPers continue to practice a false and irresponsible economy by failing to insure their gold?
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http://www.bbc.com/news/world-asia-india-29798153

INDIA: ROBBERS DIG TUNNEL TO LOOT VAULT

Police in northern India are searching for thieves who robbed a bank by digging a 125-foot (40-metre) tunnel straight into the vault late at night.

They stole cash, jewellery and other valuables worth hundreds of thousands of dollars from a branch of the Punjab National Bank in Haryana.

The tunnel started in an empty house nearby, police said.

Correspondents say the thieves appeared inspired by popular Bollywood film Dhoom which depicts a similar robbery.

Bank officials at the government-owned bank in Gohana town were stupefied when they discovered the huge hole in the ground on Monday morning.

Police say they believed the robbery took place on Saturday night.

The robbers emptied 77 of more than 350 lockers, the Press Trust of India (PTI) quoted Superintendent of Police in Sonepat district Arun Nehra as saying.

A special team has been set up to investigate the robbery but no arrests have been made so far, he said.

Bank officials said the exact value of the stolen goods was yet to be estimated.

Bank manager Devender Malik said "it appeared the robbery was carried out after meticulous planning by the robbers which may have stretched over several days".

Fortunately, I insured the gold I lost in that tragic boating accident a while back.  However, had I been robbed instead, I sometimes wonder what kind of proof of ownership and/or proof of theft would have been required for the insurance company to pay the claim.

flyingpylon wrote: Fortunately, I insured the gold I lost in that tragic boating accident a while back.  However, had I been robbed instead, I sometimes wonder what kind of proof of ownership and/or proof of theft would have been required for the insurance company to pay the claim.

When thieves tunnel into a bank vault and loot safe deposit boxes it is big news, and there is little or no doubt that your insurance company will compensate you for the loss.

It is far more difficult to prove that your gold was stolen when you keep it at home or another "safe" place, including the pickle jar buried in the back yard, or if you "lose" it in a tragic boating accident.

And another thought: How safe are the gold coins in your home safe, no matter how well hidden it is, when a robber threatens to harm you or a loved one? Just askin'...

This sort of thing is so rare it ranks right up there with your chances of contracting Ebola. I also would note that India is not exactly a first world country.

I just want to say I'm happy they used 'loot' in the headline b/c it is in fact a word of Indian origin.