Hey everyone,
Is it a good and safe idea to store gold bullion in the vaults of a major bank?
Thanks,
Yoshi
Although it is almost impossible to make broad generalizations that work for everyone, as individual circumstances/beliefs etc. are always unique [as per Austrian praxeology], if the amount of gold [ or of any other form of wealth] involved comprises a significant part of money/wealth/savings that you cannot afford to lose , it is probably not a good idea to keep it all in one place, regardless of whether that one place is a bank, or some other financial institution, and especially not in your own name, where possible.
And especially not in a bank or financial institution in the country where you reside/are a citizen [although the government, wanting easy access to your wealth, definitely would call that a good idea, of course [;)]. ]
Large amounts of bullion “might” be stored in custodial accounts at various Swiss banks, for example[ but again don’t just use one bank].
Small amounts of wealth that you can afford to lose [eg, single gold bullion coins] might be kept in safe deposit boxes at your regular bank, I suppose, although again, as I said, there really are no rules/generalizations that can be safely made, as individual circumstances and world-views, philosophies/psychologies are always unique.
[You could also bury some gold coins in your back yard or elsewhere, I suppose, as the French are traditionally supposed to do.]
Regards, onebornfree.
Yes for some not all. In the 1930s the evil Rosevelt administration passed a law allowing the government to confiscate gold and pay $25 per ounce. The government turned around and sold the gold for $35. During this time, banker representatives would accompany deposit box holders when opening their boxes in search of gold.
What is the chance of this happening today, I would say less but definitely more than zero. The better stratagedy is for the US Government to pay market price today for gold and then turn around and create 10% more currency thus giving the previous holders of gold an INSTANT loss greater than 9%.
The solution is to store your gold out of the USA in multiple countries. These have safe deposit boxes. The alternative is to store both gold and silver in different places around your home or other property.
you could put some in a safe deposit box and banks may have arrangements where bullion can be store in their vaults other than in a safe deposit box..i dont know. call a bank and ask.