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  • » Bullion Baron: Storing Gold & Silver, Safe Deposit Box In Australia

#1 2015-02-11 04:32:27

Bullion Baron
Silver Stacker
From: Adelaide
Registered: 2009-09-14
Posts: 7,258
Trades :   139 
Website

Bullion Baron: Storing Gold & Silver, Safe Deposit Box In Australia

61_bullion_baron_header_ss.gif

SDBs offer the safety of a secure storage facility, while leaving the physical handling of precious metals or other valuables to the individual. This avails the owner with a level of privacy and independence that allocated or unallocated accounts don't, even if stored in a similarly secure premises (see my article 'How Safe Are Unallocated Bullion Accounts?' for more information about the risks that this type of precious metal ownership entails).

You can't choose to store your bullion in a SDB facility and expect that all service providers will offer the same level of protection.... Read More

CONTINUED: Storing Gold & Silver: Safe Deposit Box In Australia

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The following 6 users say thank you for this post: tozak, Burg0, sammysilver, Lunardragon, Antalon, silversearcher

#2 2015-02-11 05:42:11

tozak
Silver Stacker
From: Australia
Registered: 2011-05-05
Posts: 2,035
Trades :   175 

Re: Bullion Baron: Storing Gold & Silver, Safe Deposit Box In Australia

Good written article, I still think if things get bad fast then Banks will be effected sooner than Private Vaults just because the legislation is already there ready to go, that's my opinion.

I would love to see a poll done one day to see who trusts Bank safety deposit boxes and who doesn't, then as things get worse it would even make a good indicator to track if regular polling was done.


The whole world only one block apart

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#3 2015-02-11 06:43:04

Bullion Baron
Silver Stacker
From: Adelaide
Registered: 2009-09-14
Posts: 7,258
Trades :   139 
Website

Re: Bullion Baron: Storing Gold & Silver, Safe Deposit Box In Australia

Thanks tozak. I do think the differences are marginal at present, so understand some leaning toward the private services, just don't think the banks deserve the bad rap they get.

You may be right that trust in the banks will reduce if the Australian economy, housing & bank balance sheets deteriorate.

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#4 2015-08-01 09:18:34

hermespan
Member
From: Vietnam
Registered: 2013-01-22
Posts: 25
Trades :   

Re: Bullion Baron: Storing Gold & Silver, Safe Deposit Box In Australia

I would never store my shiny collectibles in the nation I reside or do business in. But neither would I stash all those Indian gold toe rings, baht necklaces, Perth Mint kilos and RCM 100 ounce bars far away either.

So if you live in Southeast Asia as I do, or you live close enough by - say Taiwan or that bigger island south, sell your house and car, divorce your wife, live out if a suitcase in Hanoi, Jakarta and Chiang Mai. Your blood pressure with thank you.

I recommend the best private safety box service in Singapore. Ah, Tamil women with pistols! Ask around. Everybody knows it and they have several branches. Hong Kong is a pain in the neck to deal with unless you speak Chinese. The 'private' safety box services demand you have some legal residency status. I smell the PLA. Kuala Lumpur has one with many good features. Jewellery dealers in Bangkok can recommend the very best one there. 

The huge advantage of Singapore is that there is *less* criminalization of cash - import limits without papers to the financial coppers is USD23,000. Ever notice that cash limits haven't been updated for what 50 years? Like we are all gangsters!

Vote with your feet. Expatriate your money - it belongs to you, not Big Brother.

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#5 2015-10-11 02:43:00

silversearcher
Silver Stacker
From: Australia
Registered: 2012-11-06
Posts: 686
Trades :   13 

Re: Bullion Baron: Storing Gold & Silver, Safe Deposit Box In Australia

Another interesting article. Not sure with the new bail in laws introduced how secure SDBs are if a bank becomes insolvent. As shown by the Cyprus confiscation template and the involuntary conversion of ordinary depositors into shareholders in Spain, "bail-in" means unlimited stealing from businesses and the population. Major international forums like the G20 have been stampeded into endorsing the "bail-in" model. So whether a SDBs are deemed as a unsecured deposit all cards are on the table in how a bank responds to insolvency. It's easier to confiscate " bail in " than to " bail out " which means the Government assists with handing money or more to the point the tax payer foots the bill.

Cheers

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#6 2015-10-11 03:00:23

Bullion Baron
Silver Stacker
From: Adelaide
Registered: 2009-09-14
Posts: 7,258
Trades :   139 
Website

Re: Bullion Baron: Storing Gold & Silver, Safe Deposit Box In Australia

Have not heard any reports of assets stored in safe deposit boxes being seized in recent bail-ins, though access to to them in Greece was restricted for a period of time (while the banks were closed).

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#7 2015-10-11 03:05:35

Monsta
Member
From: Sydney AU
Registered: 2015-09-24
Posts: 339
Trades :   

Re: Bullion Baron: Storing Gold & Silver, Safe Deposit Box In Australia

Agreed that I would prefer a private vault to a Bank SDB.

The only thing you should have in an SDB is paperwork or photos, possibly backups of photos on Hard drives or DVDs. Never gold, never silver, never anything of direct monetary value.


Opinions expressed are my own, correct, and generally unpopular with others. All rights reserved, some wrongs still available.
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Currently Stacking: Silver kilobars via allocated as the prices drop.

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