Where shall I store my Silver & Gold?

[365DaysofSilver]

Hello all,

I wanted to know where the best place to store my precious metals would be, with being a new stacker I don’t think it’s financially viable to hire a safe deposit box in my bank.

I currently store all my gold & silver at a different address from where I live & as an experiment I buried some in my garden (see video below). I’ve been looking into safes but they are so expensive & some cost more than what my whole stack is currently worth!

Any advise & ideas would be great!

Thanks in advance.

 

[dicker]

Hi - I use a Safety Deposit box.

Don't keep anything at home too risky.

Best

Dicker

[CosmikDebris]

Wherever you have 24 hour access to it in my opinion.

[MetalMandible]

I tend to side with the team that believes in having a cheap decoy safe in a reasonable location and then hiding your stash very tactfully.  With enough creativity, you can hide it in places just about no one would ever find.  Yes, there are higher level burglars out there who may have a means of locating it, but chances are these are the same people who are capable of dealing with most quality safes.  Realistically, the odds of such individuals breaking into your home with that intention are extremely slim.

[KevinFlynn]

Anywhere that will not be mentioned here...

I have some minor value sitting in a box on my couch table. I'm carrying some coins with me at all times. But most of what I have I'm keeping in my safety deposit box.

[Coverte]

Just bear in mind, if using a safety deposit box, in most instances, the insurance can very often remain your own responsibility.  

[365DaysofSilver]

53 minutes ago, KevinFlynn said:

Anywhere that will not be mentioned here...

I have some minor value sitting in a box on my couch table. I'm carrying some coins with me at all times. But most of what I have I'm keeping in my safety deposit box.

The main thing that puts me off a safe deposit box is not being able to access it if there was a crisis. You would also only be able to access it during working hours, what are your thoughts on that? 

[Bigmarc]

Why would you need your coins in a crisis? Wait until the bank opens, unless the crisis is happening in the bank.

[jultorsk]

Not to be Captain Obvious here but anyone you've ever met can recognise your ink and prolly your dog, too. 👀

First rule of stacking...

🤷‍♂️

[pricha]

The temperature extremes in an attic is not good for silver . Gold not so much a problem. The decoy safe is a good idea , but once we are talking serious money it has to be a safe deposit box. Yes you have to pay insurance , but you should really be paying insurance if stored in the house, and that would be just as expensive as safety box hire AND insurance for the box.  

[dicker]

If you do have to keep PM’s at home, I would strongly suggest getting a couple of “fur missiles”.  

Rotties, German Shepherds, Giant Schnauzer’s etc.

One is not enough, you need two to take someone down quickly or set about a group of attackers.  

Even the “travelling folk” don’t risk any of their antics where a home owner has a couple of attack dogs on point.

 

[ady]

I think a safe a magnet to a thief, let alone deposit box which can be raided by the authorities. There are plenty of places to cache. Once had a modern tubular bed which took one ounce rounds nicely, a stud wall, kick board in the kitchen, under the bath, or chimney breast, a dummy brick in a wall, there  are no end as long as you are possession.

[Gordy]

as Jultorsk said, you have your side profile on show, people will recognize you, plus your ink, your dog and your back garden, i'd look at improving your PERSEC before you buy a safe or find a hidey hole... mine is found on a treasure map where 'X' may or may not mark the spot!!! 😂 seriously though, its hidden away and i only talk about my 'hobby' with mates i trust and family who know, other family members don't know as loose lips sink ships....

[pricha]

36 minutes ago, ady said:

I think a safe a magnet to a thief, let alone deposit box which can be raided by the authorities. There are plenty of places to cache. Once had a modern tubular bed which took one ounce rounds nicely, a stud wall, kick board in the kitchen, under the bath, or chimney breast, a dummy brick in a wall, there  are no end as long as you are possession.

The authorities can not raid a safety deposit box any more than they can raid your house. They need a warrent. As for hiding metals around a house. A professional burglar with a detector could search a house in minutes . A professional as opposed to an opportunist would need a reason why they would suspect valuables were in the house. That's where people need to be careful . I always use my work address when possible for new items. I don't discuss my "hobby" with anyone at work . 

[Roy]

I use the 'William Wallace' method.

My bits and pieces are scattered all around the country 😊

Edited October 2, 2021 by Roy

[Bixley]

If you hide your coins round the house I think it is very important to let the executors of your will know where they are hidden. And give an indication of what they are and approximate value. After all, you don’t want rarities being sold for bullion prices to the local pawn broker, or worse still, being lost with the sale of a house. I have given full details of my meagre stash to my and my wife’s executors, including details of dealers and sources of online information about coins for example Chards and Numista. Also notes about the tax status of gold with regard to capital gains tax and inheritance tax and the fact that it is untraceable by the authorities. Accidents can and do happen. You and your loved one can get wiped out in a car crash.

[KevinFlynn]

9 hours ago, Mothballjim said:

The main thing that puts me off a safe deposit box is not being able to access it if there was a crisis. You would also only be able to access it during working hours, what are your thoughts on that? 

Certainly.

I am basically not stacking for a crisis scenario, precious metals are a wealth preserving cornerstone in my investment portfolio. While I won't deny that we could drift into a crisis scenario, hyperinflation, partial breakdown of society, I'm too lazy to prepare for that.

The reason I'm using a safety deposit box is security. My living situation is less than ideal for hiding precious metals at home. I live in a rented apartment. This rules out works on the building substance which is usually needed for the best hiding places (hint here). I am also away from my apartment regularly, over weekends or for whole weeks. The idea of leaving part of my wealth unattended would make me nervous.

So I got a safety deposit box with a large precious metals dealer (my bank accounts are with an online bank), at a city with multiple dealers and pawn shops, where I'm doing most of my trades. It's reasonably secure, it's insured. I can sleep better. It's added expenses, but I'm not only keeping precious metals there. I need to get there to use my precious metals, but I would need to travel to be able to sell at reasonable prices anyway - no opportunities in this remote place.

 

Hypothetically, if I had an owned home, I would include something like a strong room, a built in safe. Also several built in compartments. Hide some decoys in the more obvious spaces. Also have an alarm system with responders.

[Roy]

Wise words @Bixley.

I had the same discussion on here a few years ago after I lost one of my best friends. One of those sobering moments.

I accepted the fact that my wife would most likely outlive me, she's younger and in far better health.

We set up a standard account for her here and I told her to get in touch with the forum when it's time for her to liquidate. She knows the user names to trust.

It's not a perfect solution but I'm sure a far better choice than turning up at a dealer with a briefcase full of coins. The forum should hopefully assist and collectively give her fair/market value for my 'stack'.

I don't have any concerns over CGT or IT because  @sixgun will be bringing the coins over on his yacht, and we all know what dreadful luck he has.

As you say, accidents can and do happen.

 

[Coverte]

For anyone contemplating buying a safe, I would suggest paying in cash and collecting it, even if that entails hiring a van for bigger, heavier safes.

It's also prudent to check if a safe meets your insurers criteria, there are a lot of low grade ones now; I was advised very many years ago used safes are often actually better in both quality and for insurers - I doubt qualities have improved since then. 

Edited October 3, 2021 by Coverte
Typo

[paulmerton]

On 02/10/2021 at 17:07, Mothballjim said:

I currently store all my gold & silver at a different address from where I live & as an experiment I buried some in my garden (see video below)

Please be aware that a complete stranger who watches that video can easily work out the precise location of the burial point.

I just did (not even kidding).

It's important to realise that anybody else could do the same, so you might want to avoid burying any more coins, or even move the existing ones, just in case someone less trustworthy also works out where your back garden is 

 

Edited October 3, 2021 by paulmerton
missed a word out

[SilverJacks]

All of the above. Most of the ideas/information on this thread can be combined.

Leave as many barriers in place as you can. I mean anything that makes it more difficult for a thief to steal.

Don't leave all your eggs in one basket and let only someone you really trust know about it, in case the worst should happen.

 

[Chrisplym]

Anyone have any recommendations for safe deposit box insurance and idea of cost per thousand? Thanks.

[Robda1986]

I'd suggest leaving a sealed written document I.e a treasure map either with your will or with your solicitor to be forward on to your next of kin ie spouse kids ect and hide your pms in the specified location 

[Bigmarc]

5 minutes ago, Robda1986 said:

I'd suggest leaving a sealed written document I.e a treasure map either with your will or with your solicitor to be forward on to your next of kin ie spouse kids ect and hide your pms in the specified location 

And instructions on the best way to sell it. I know my family will go to the cash for gold bloke down the market.

[Skyfiller]

The wife is the only other person authorised to access mine but she doesn’t know it exists. I have two very close friends that know it exists and will inform her if anything happens to me.