I have no problem during normal economic times of a private storage facility holding onto one’s physical precious metals, like gold and silver; however, it is increasingly becoming clear that we are not in normal economic times. In fact, these are becoming increasingly more dangerous times. To that end, I sadly have to believe having another party, no matter how responsible they may be, holding onto physical precious metals is no longer a good idea.
My reason for this opinion is not because these firms are not a safe haven to keep precious metals from theft, fire, or other unforeseen disasters, it is simply a question of what safeguards are there from some a secret federal court order, a law that was passed in the midnight hours, or a Presidential Executive Order that, in essence, orders the confiscation of physical precious metals?
The answer is sadly none – Other than some legal protest in court which will eventually be settled with a pretty piece of paper with some numbers on it… To be taxed of course. Now, how about those firms that hold precious metals in other countries? Has the term Nationalization not come to mind? While the U.S. may have a structured court system, does one really believe that some executive in a foreign institution, in possession of that physical precious metals, is honestly going to say “No” when there is a machine gun pointed directly into his/her face? Give me a break.
Also, if you have your precious metals, in the form of physically backed ETF’s, this can also present a significant danger, in that, government operatives will simply notify the institution to turn over the physical precious metals and you will, again, get a pretty piece of paper with some numbers on it… To be taxed of course.
It is far easier, and more convenient, to confiscate precious metals when they are in a few strategic locations; as opposed to, many million of remote locations.
In short, if you prefer your Precious Metals to some pretty piece of paper with some numbers on it, do not put yourself in a compromised position of having a third party holding onto it.
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