-- Published: Sunday, 27 April 2014 | Print | Disqus
By James Anderson
Many silver and gold buyers forget one of the main reasons to buy physical silver and gold bullion today is due to the world's current fragile financial system.
Some even make the mistake of buying physical bullion and then storing it in a Safe Deposit Box at their local bank.
Why is that a mistake?
Safe "deposits" held within regulated bank boxes are not very safe, nor private, nor FDIC insured deposits.
Here are some major drawbacks of putting bullion into Safe Deposit Boxes:
- Most likely not insured by the bank.
- In the USA, the FDIC does not ensure your "Safe Deposits".
- The IRS can freeze and even seize your box.
- A Safe Deposit Box is not cost effective for bulk silver storage.
- Difficult to diversify internationally via Safe Deposit Boxes.
- Safe Deposit Boxes are subject to bank holidays (for example during 9/11 banks were closed in the USA. Brink's Salt Lake City remained open for business).
- In the USA, bank Safety Deposit Boxes are beholden to bank regulations.
We are pleased to announce a new
Segregated Vault Storage option in Sydney, Australia!
Click here for further details.
Silver and gold are some of the only financial assets which can be completely private held fully outside of failing financial institutions.
We believe every investor should have investment grade bullion in hand first. But given that home insurance policies will most likely never cover silver or gold bullion, segregated non-bank vault storage is also a cost effective and intelligent ownership option.
Through these various vault storage options, you can have fully insured 3rd party documentation of your holdings. And you may always elect to take physical delivery at your demand or securely liquidate holdings when necessary.
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-- Published: Sunday, 27 April 2014 | E-Mail | Print | Source: GoldSeek.com