Opinion:
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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Wonderful thoughts. But now come down to it. Where does one store it? Buried in the back yard? Certainly not in a safe deposit box where assets can be so easily “frozen”. If one saves it in a “precious metals storage vault”, all of ther agreements state thdy are not liable for government actions, so where does that leave you. If you buy a big fancy safe for your home to store it and a thief comes in and holds a gun to your family’s head, won’t you open it up? So where does that leave you as far as where it store the dumb stuff!? Argh!!
Right, concentration of metals invites government seizure. Our government has been in the grip of anticompetitive forces for generations. As of 1903 these forces organized into one entity, calling itself “The Pilgrims Society.” Have a look at the documentary and be convinced.
I have 370oz and I’m getting ready to buy another 500oz soon. When silver finds its true market price i may be sitting in a quarter of a million dollars worth of PMs just at the same time as others are struggling to make ends meet. That is a very scary thought… That said, I totally agree with you
Pretty much the echo of my thoughts on the subject. I do a keep a small amount in storage but it’s a really rare exception for me and something I do with only one company on an interim basis. My general policy is if you can’t hold it, you don’t own it as far as PM’s go. Anything paper related is a total waste. One might as well just stand on a street corner throwing money at strangers. The paper game is pretty much the same thing when you think about it.