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Replies: 25 / Views: 3,093 |
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Valued Member
Canada
281 Posts |
Quote: It seems this would have nothing to do with safety deposit boxes which most people in the U.S. would use to store PM in a bank. If that's your case starbux, I would rethink that strategy if I were you. Please read this; http://investmentwatchblog.com/u-s-...those-boxes/
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Pillar of the Community
United Kingdom
616 Posts |
That's okay there is nothing surprising in what was published from the memo but my guess is context is missing. I can honestly say confiscation is nowhere on my current radar and the items listed in the memo make no sense for DHS to be seizing for financial reasons. I just assume this is the same as freezing a bank account.
Further, the DHS "shall, at the discretion of the agent supervising the search, remove, photograph or seize as evidence" any of the following items "bar gold, gold coins, firearms of any kind unless manufactured prior to 1878, documents such as passports or foreign bank account records, pornography or any material that, in the opinion of the agent, shall be deemed of to be of a contraband nature."
Edited by starbuxinvestor 04/03/2013 12:09 am
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Pillar of the Community
 United States
2168 Posts |
A safe deposit is the last place to keep PM. Read up on it for yourself. Wills and ins policies are all I would keep there. Not insured byu the bank and if the bank closes you're stuck
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Pillar of the Community
United Kingdom
616 Posts |
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Valued Member
Canada
281 Posts |
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Pillar of the Community
United States
1200 Posts |
@miggs---The two news sources you cite are obscure, minor-league sources that are three years ago and are neither world class reportage nor current.
The California thing is legit but well-known. That's old news.
The article from NBC10 Philadelphia says "The decision, made on Wednesday, caps an unusual civil case that combined history, coin collecting and whether the set of rare $20 "double eagles" should have ever let the U.S. Mint in 1933." Let the US Mint WHAT in 1933? These people didn't even bother to proof-read their own work or put out well-written copy. Not Pulitzer material.
I've read both of those sources and I'm not weeping. There's no real news or anything that qualifies as current events in either.
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Valued Member
Canada
281 Posts |
Quote: minor-league sources that are three years ago and are neither world class reportage nor current- Excuse me for not citing Reuters or AP Freddy but if the "California thing is legit", who cares who cited this story? The point is about not leaving PM's in a safety deposit box. 2 years ago, they did it, they got away with it and they'll do it again. There's nothing "old news" about that. Forget history and you're doomed to repeat it,remember that? You're not weeping because it didn't happen to you but I suspect those box holders in Cali who got ripped off are
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Pillar of the Community
United Kingdom
616 Posts |
Miggs if those articles cause you to worry about safety deposit boxes then don't use them. Had seen those articles before I put PMs in my SDB.
Edited by starbuxinvestor 04/03/2013 08:47 am
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Valued Member
Canada
281 Posts |
I never did and never will I don't trust banks In a crisis or emergency, they're not going to let me just walk in and take what's mine. I mostly own silver and there's only so much you can put in there before you can't even lift it to get to your room lol. But if you you feel comfortable with your PM's in there, then more power to you.
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Pillar of the Community
 United States
2168 Posts |
I agree about safe deposit boxes. I know people that work at banks and money should not be placed in a safe deposit box anyway. The items in it do not have insurance either. If all goes bad banks will not let you in. If you die, no one can enter the box until everything settles. The only thing that can be removed are wills and life insurance polices. Food for thought. I have read many articles on the dangers of valuables in the safe deposit box. No argument everyone can do as they please, but truly check all out prior to placing valuables in one.
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Bedrock of the Community
United States
36878 Posts |
I like to buy physical metals because there is no third party risk. Once you store your metal in a Safe Deposit Box you have lost the ability to control it. No problem getting to it when times are good but if things go south then what?
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Pillar of the Community
 United States
2168 Posts |
I'm actually going to call my local dealer to check on prices for 'junk' silver. I have read that it is becoming hard to find as well as having higher premiums. I will take possession immediately as well!
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Pillar of the Community
 United States
2168 Posts |
Well I called and their premium is a little higher on dimes and quarters but quite a bit higher on halves but still reasonable and available.
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Bedrock of the Community
United States
36878 Posts |
Halves usually sell for more than the dimes and quarters. A National dealer pays more for the halves also, usually 1 or 2x face higher than the smaller coins.
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Pillar of the Community
 United States
2168 Posts |
Yes, I know but my local dealer until now charged 3% over spot for all. Now a little different. Has to do with less wear on the halves or so I've been told. At least they use .715 as the factor and not .723 as when struck.
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