Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Gold Bars Worth Over £350,000 Robbed From Pensioner By Fake Cops

Commodities / Gold and Silver 2015 Feb 19, 2015 - 04:17 PM GMT

By: GoldCore

Commodities

  • Story of pensioner in Paris who has had €450k of gold stolen by fake police highlights risks of storing gold in home
  • Criminals impersonating cops gained access to home claiming to be investigating gold robbery
  • 13 kilogram bars worth €450,000 taken, pensioner unharmed
  • Gold owners must take precautions
  • Greek depositors taking precautions by taking cash out of banks

A curious and sad story broke last night about a pensioner in Paris who had €450,000 worth of gold bars stolen from his home by con-artists posing as police officers.

The criminals arrived at his home claiming to investigate a gold robbery according to Agence France Presse. The pensioner was asked if he had gold bullion and he told them that he did and allowed them into his home to inspect it.

While one of the robbers distracted the 69-year old with paper work the other stole his gold – 13 bars, each weighing 1 kilogram or 32.15 ounces each with a total value of €450,000.

The story lacks details but if it proves to be true then it is a cautionary tale for owners of gold who take possession.

We have no details as to why he may have been targeted. It is unlikely that he was selected at random. The thieves must have had some information regarding his affairs. It highlights how discretion is of utmost importance when buying gold.

Storing gold in the home can be quite risky – especially in very large volumes. If one can afford to own €450,000 worth of kilo gold bars, one can afford storage costs. Insurance for gold held in the home is available although it tends to be prohibitively expensive.

We do not discourage holding gold in the home per se but it is essential to take certain precautions. No matter where one’s gold is held one should not disclose the fact that one owns gold except to one’s closest confidantes and indeed in a will.

It is also highlights the importance of buying from established and trusted bullion brokers who have a track record in terms of  being very protective of client’s confidentiality and privacy.

Gold has a mysterious aura, pun intended, evoking folklore and mythology which tends to intrigue and fascinate people. People with loose tongues enjoy relaying tales of gold and it’s owners to eager listeners. One should be certain that one is not the subject of such tales which may fall on ears whose curiosity extends beyond mere gossip.

In the not unlikely event of a currency devaluations, negative attitudes toward gold will shift dramatically. In such a scenario criminals will become very interested in the affairs of gold owners. Some desperate governments will too.

Discretion is vital, not just to protect gold held in the home but also to protect against being forced to ship one’s stored gold home – to hand over to criminals due to intimidation or tiger-raid style coercion.

In the UK and Ireland in recent years, there have been many instances of the homes of Indian national’s being targeted by criminals in search of gold jewelry. These thieves are aware of the strong cultural affinity that Indians have for the precious metal.

When buying gold in volume to be shipped to one’s home it is wise to use a reputable broker who is sensitive to security issues. One does not want one’s information being passed on to unknown third parties.

As with all investments diversification is important – even within asset classes.

If you are compelled to hold gold coins and small bars in your home as a kind of absolute bedrock insurance – and there are plenty of good reasons to do so – that is fine. However, be careful how this is done and other alternatives should also be utilised such as local safety deposit boxes run by reputable firms and the major international vaults in safe locations such as Switzerland and Singapore.

MARKET UPDATE

Today’s AM fix was USD 1,217.75, EUR 1,068.30 and GBP 788.60 per ounce.
Yesterday’s AM fix was USD 1,206.50, EUR 1,059.36  and GBP 781.77 per ounce.

Gold climbed 0.22 percent or $2.70 and closed at $1,211.20 an ounce yesterday, while silver slipped 0.36 percent or $0.06 closing at $16.45 an ounce.

Gold made gains yesterday as buyers viewed the recent price falls as excessive and a buying opportunity. The U.S. Fed minutes released yesterday showed that Fed officials were cautious about raising interest rates too soon, hurting the dollar.

The Fed’s dovish comments led to gold’s finish up 0.3 per cent on Wednesday after hitting a six week low of $1,197.56 earlier in the session. The close above $1,200 was positive from a technical point of view and emboldened technical traders to go long.

Spot gold last traded at $1,217.82 up 0.39% in late London trading while silver was $16.66 up 0.76% and platinum was also up 0.78 percent to $1,179.31.

The Greek debt saga continues and financial tragedy seems increasingly likely.

Greece officially applied for a six month extension to its loan agreement, Eurogroup chair Jeroen Dijsselbloem confirmed on twitter. U.S. Treasury Secretary Jacob J. Lew contacted Greek Finance Minister Yanis Varoufakis yesterday and warned him that failure to strike a compromise would bring further hardship on the country.

Bank runs continue as Greek depositors rightfully fret regarding bail-ins or a return to the drachma. The prudent money is diversifying their savings so as not to be financially decimated.

This update can be found on the GoldCore blog here.

Mark O'Byrne

Director

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160

W www.goldcore.com

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

GoldCore Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in