This topic contains 12 replies, has 10 voices, and was last updated by DOUG T. 4 years, 10 months ago.
February 3, 2012 at 7:13 pm #17567
What are some good options for investing or storing physical gold and silver in a safe secure insured location?
I’ve identified the following and would appreciate others experience or comments or alternatives.
1. Goldmoney.com. Allocated bullion metals in own account, in partial or full bar form. Insured. Covertible to many currencies. Vault storage in ViaMat or G4S vaults in NY, London, Zurich, Hong Kong. Online tracking and conversion. Physical delivery upon request.
2. Bullionvault.com. Almost identical to goldmoney.com.
3. US depositories: Deleware Deposit Service Corp-Wilmington, First State Depository-Wilmington, Diamond State Depository-Wilmington, ViaMat-Miami, Brinks-Salt Lake City, GoldSilver Vault-Idaho.
4. Sprott Physical Gold or Silver Trusts. Trades like an ETF with physical audited published storage in private Canadian vaults. Physical delivery on request.
5. Canadian Trusts. (CEF, GTU). Similar to Sprott Trusts, but can’t request physical delivery of gold.February 6, 2012 at 11:59 am #27128
I have used Bullionvault for about 4 years (choosing the Swiss vault) and have holdings in CEF. The latter was recommended by Richard Russell in his Dow Theory letters. I have also heard good things about Sprott. However, my main concern is that one can be given all the reassurances in the world but no-one knows what will happen in an “Armageddon” scenario, e.g. will the Swiss refuse to release bullion? Therefore it is prudent to have coins or bars stored at multiple private locations too.February 7, 2012 at 6:34 pm #27136
Has anyone used Perth Mint? It looks like there is a minimum of $50,000 to use their storage.February 9, 2012 at 3:01 pm #27145
Thanks. I agree that it is prudent to not put your eggs in one basket, and that applies to countries, companies, and vaults. I recently started using GoldMoney using a couple of vault locations. I may consider bullionvault as well in the future.
I also use DDSC for gold held in my IRA because of requirements that it be held by a trustee, and they all seem to use one of the Delaware vaults. If an armageddon situation ever hits, no one really knows whether the metals in the US vaults will be able to be released or confiscated.
The Sprott, CEF, GTU trusts are also a way to store in Canada, and can be traded like ETFs. Just as with the US vaults, no one knows whether delivery of metals would be allowed.
I have Perth Mint certificates through Europacific, with claims to gold production. When I bought them, there was a small minimum, but no where near the minimum you mention.
The best we can do to try to preserve our wealth and attempt to keep it is to spread the risk of confiscation across forms, countries, vaults, companies, and governments….keeping it out of the major banks.February 12, 2012 at 9:47 pm #27152
I have used Goldmoney for several years, with storage in Switzerland, and found them to be a good option for out-of-US holdings.
However, nothing bests personal possession of gold and silver where you can get to it near immediately. For physical purchases and confidential delivery of precious metals, after MANY years of research, NO ONE beats Miles Franklin (see http://www.milesfranklin.com or email owner and President, Andy Schectman at email@example.com. Totally trustworthy, incredibly knowledgeable and great personal investors in the metals–walking the walk, as well as talking the talk.
They also handle private storage in Canada, if desired.
Ken MetcalfeFebruary 25, 2012 at 12:38 am #27166
Here’s a website that compares 3 bullion vaulting services, which may be helpful: http://politicalmetals.com/compare-afe-bullionvault-goldmoney/.
I see that it was last updated in September 2011, but it could be a starting point for someone looking for vaulting options
Nigel BarakMarch 13, 2012 at 5:21 pm #27188
I would like someones thought on this idea: What if I were to open a bank account in say Uruguay, go there. Purchase bullion from say the Perth MInt, take delivery at the bank and place in safety deposit. I wonder what problems would show up and various government ramifications.
Dale Pahrman, philipsburg, MTMarch 16, 2012 at 9:32 pm #27189
Thank you all so much for the info. It is very useful. Has any one heard of Goldline International or Merit Finacial for buying Gold. They both advertise a 1% fee to buy or sell their Gold Coins etc.
Thanks!April 5, 2012 at 8:27 pm #27201
Thought people might be interested in a new Gold/Precious metal storage option. A Canadian company called Safebox Condominium Vaults will be opening storage facilities with a new twist. You buy a storage box like a condo. You pay monthly fees on the box. You can use it, rent it, or sell it to someone else because you own it. Here is the promo from the website:
“SafeBox Condominium Vaults is a private, high-security facility that sells safe deposit boxes as distinct condominium units. Just like a residential or retail condominium, each safe deposit box in the SafeBox facility enjoys strata title that is registered on Land Titles in the purchaser’s name. Purchasers may use their private safe deposit condominium to store their most valuable property, rent it when they are not using it or re-sell the unit as values appreciate. SafeBox is an affordable way to own prime real estate in Markham while protecting life’s most precious goods.”
They have plans to open new facilities across Canada with the Toronto (Markham) facility set to open this summer. Their website is http://www.safeboxvaults.com/markham/April 6, 2012 at 10:00 pm #27202
Apmex now has opened up a wholly owned storage service called Citadel, which uses Brinks depository in New York. Seems there are some tax advantages to Delaware depositories over New York depositories, but Brinks is well respected.April 19, 2012 at 3:04 pm #27203
The Toronto “SafeBox” option sounds interesting. As this is a privately owned piece of real estate Not associated with a financial institution, would it be reportable to the IRS? I don’t think anyone wishes to break the law but would this be a private loophole in the new USA reporting requirements? any knowledge would be much appreciated.
Thanks!April 25, 2012 at 7:57 am #27209
The Problem i have with gold is not buying it – but selling it.
Pretty much every physical buyer I have approached in Australia is buying at more than 15% off market.
Given I don’t need to buy or sell in australia who can recommend someone who buys back at a valid price?March 22, 2013 at 8:41 pm #18044
Texas is looking at establishing its own sovereign gold depository similar to Ft Knox, but independent of US govt to avoid any risk of confiscation. I’m sure this has something to do with the U of Texas recent purchase of $1 billion + of gold bullion that they want to make sure is safe and accounted for. They plan to allow pension funds and private investors to store their bullion there as well.
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