Quote:
Originally Posted by jasdad
Hello all, my wife and I decided to use some of the money in our savings and buy gold coins in an attempt to diversify assets. My question is where to keep them? I felt it will be safest in a bank. My wife who is reading a lot about the economy these days insists that it is not safe in a bank and the US government can actually force you to give it up and they have done it before which makes no sense to me. My understanding is that if you have a safe at the bank no one can ever ask you what or how much you have in it. Which brings another question what if the bank is robbed? We have never done this before so any help or input from you guys will be appreciated.
|
Looking back through history, gold hasn't been a good hedge against bad times.
Buying stock in gold mining companies is usually a better bet than buying gold coins.
In the U.S., if you do buy gold coins, they belong to you and not the government.
Items placed in a safe deposit box belong to you and are your business, unless they are illegal or dangerous contraband (drugs, explosives, etc.) Safe deposit box items are also
not covered by FDIC insurance. If the bank is robbed, burns down or blows up, unless you've found private insurance of your own, you're out of luck.
"Bank holidays" are one concern. After 9/11 and previous times, banks have been closed for periods of time. Access was not available to safe deposit box items.
If the thought of bank holidays bothers you, find another storage location. Reinforced fire safe bolted to a home foundation, buried in sealed PVC pipe, or spread in several locations.
__________________
When someone with experience proposes a deal to someone with money, too often the fellow with the money ends up with the experience and the fellow with experience ends up with the money. -- Warren Buffett
Please Do Not Annoy, Torment, Pester, Lague, Molest, Worry, Badger, Harry, Harass, Heckle, Persecute, Irk, Bullyrag, Vex, Disquiet, Grate, Beset, Bother, Tease, Nettle, Tantalize, or Ruffle Members of the Howling Bohemian Curmudgeon Club.
Linear Mode
