Gold Storage

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eyeball1's picture
eyeball1
Status: Member (Offline)
Joined: Jan 9 2012
Posts: 3
Gold Storage

What is the best method of Gold storage,besides in your home. I dont trust safe deposit boxes at the bank.

 

Perhaps a private safe deposit box?

 

What does everyone think of Gold money or, Bullion Vault as a option?

eyeball1's picture
eyeball1
Status: Member (Offline)
Joined: Jan 9 2012
Posts: 3
My other question do you

My other question do you need a FBAR for gold Money? If so that makes your sale taxable, if you have a gain.Where Gold in your hand can be sold to a LCD.

tricky rick's picture
tricky rick
Status: Bronze Member (Offline)
Joined: Dec 9 2011
Posts: 92
gold storage

Hi eyeball1...

 

  IMO if it is not in your hands, you don't OWN the PMs.  No matter what Maloney or Turk say...  the more intermediaries between you and your PMs the less chance of your redemption!  

  Recording those foreign purchases adds another level to that lasagne.  Shipping, or buying PMs out of country is no doubt a great way to protect it from OUR domestic problems, but seriously, how many can MOVE to a foreign country or EVEN travel to England or Canada...  to redeem their PMs (if still available) and bring them back home (customs and all that).  In Hands...  possession is 9/10s.

  Something else to keep in mind...   possiblity of an INTERNET holiday (to coincide with a bank?).  If so...  if it's not in yours hands... 

  Storage:  local of course (thought of renting a storage unit close by?) so a high degree of trust and secrecy will be SOP.  I recommend establishing a good relationship with local PM dealers... it's a good call on your part...  most don't think forward to the point of when they will have the REDEEM their PMS for the huge profits (or even just having PMs to trade to live on).  If you have several people you have worked with...goes a long way in disapating that stress (as if we won't have enought when that comes anyway!)

all in IMHO ...  if it gets to a point of TPTB going house to house to confiscate PMs (doubt it... would be a lot easier just to price the gold at an acceptable level to get us nuts to give it up!), well, foreign or in the fridge, the jig will be up but have to cross that ugly bridge when and if it comes.

Luck and health to you. 

 

 

eyeball1's picture
eyeball1
Status: Member (Offline)
Joined: Jan 9 2012
Posts: 3
tricky rick wrote: Hi
tricky rick wrote:

Hi eyeball1...

 

  IMO if it is not in your hands, you don't OWN the PMs.  No matter what Maloney or Turk say...  the more intermediaries between you and your PMs the less chance of your redemption!  

  Recording those foreign purchases adds another level to that lasagne.  Shipping, or buying PMs out of country is no doubt a great way to protect it from OUR domestic problems, but seriously, how many can MOVE to a foreign country or EVEN travel to England or Canada...  to redeem their PMs (if still available) and bring them back home (customs and all that).  In Hands...  possession is 9/10s.

  Something else to keep in mind...   possiblity of an INTERNET holiday (to coincide with a bank?).  If so...  if it's not in yours hands... 

  Storage:  local of course (thought of renting a storage unit close by?) so a high degree of trust and secrecy will be SOP.  I recommend establishing a good relationship with local PM dealers... it's a good call on your part...  most don't think forward to the point of when they will have the REDEEM their PMS for the huge profits (or even just having PMs to trade to live on).  If you have several people you have worked with...goes a long way in disapating that stress (as if we won't have enought when that comes anyway!)

all in IMHO ...  if it gets to a point of TPTB going house to house to confiscate PMs (doubt it... would be a lot easier just to price the gold at an acceptable level to get us nuts to give it up!), well, foreign or in the fridge, the jig will be up but have to cross that ugly bridge when and if it comes.

Luck and health to you. 

 

 

Thank you for your reply..

I think i will look for a Local Coin Shop, and store my self. I agree with whatt you say, also now that I need to file a FBAR welll Uncle sam knows everything I have, and will be there when I sell it.

 

My question to you is that I can buy at Bullion Vault for at spot prices but coins and bullion bought through a dealer runs like 5-7%, each way. is it still worth it to store yourself?

 

tricky rick's picture
tricky rick
Status: Bronze Member (Offline)
Joined: Dec 9 2011
Posts: 92
keep your eyeball1 on personal gold

I think so... buying local for personal hold you'll always be ahead of the game  (plus you've strenghtened that local resell connection).  Again, when the computer goes blank... how much gold did you have there?

Forgot to mention, there are lots of mail deliveries of PMs.  Haven't worked with them but Bullion Vault will probably ship PMs to your address.

although local buys are best UNDER THE RADAR...  you can get better pricing by using these larger outfits:  Kitco, GoldSilver, etc.

I have used Hannes at TULVING.com  for my larger purchases.  Cheapest pricing for the items I've found plus he ships FREE and overnight!  His minimum is higher (that's how he does it) but I have had nothing but success with him.

Now, if we could just get in there and delete the records of purchase...boy, that would be nice!!

 

 

KathyP's picture
KathyP
Status: Bronze Member (Offline)
Joined: Jun 19 2008
Posts: 87
FBAR

I've just contacted BullionVault to see if they know about the FBAR requirement.  Hope to hear from them.  The information on the FBAR requirement is very scary.

KathyP's picture
KathyP
Status: Bronze Member (Offline)
Joined: Jun 19 2008
Posts: 87
FBAR

Filing a Report of Foreign Bank and Financial Accounts is required for Bullion Vault holdings.  The form, TD F 90-22.1, is easy to complete.

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