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The No 1 Gold Stock for 2019

Safe Deposit Boxes Are Not Safe for Silver & Gold Buyers

Commodities / Gold and Silver 2014 Apr 26, 2014 - 06:14 PM GMT

By: GoldSilver

Commodities

James Anderson writes: 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.

http://goldsilver.com

Mike Maloney is the owner and founder of GoldSilver.com, an online precious metals dealership that specializes in delivery of gold and silver to a customer's doorstep, arranges for special secured storage, or for placement in one's IRA account. Additionally, GoldSilver.com provides invaluable research and commentary for its clients, assisting them in their wealth building endeavors.

© 2013 Copyright  GoldSilver - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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