Best way to buy and store physical PM's

[DemonD]

To buy:
Local dealer?
Online dealer?
Best for silver and gold? Recommendations please?
also, what kind of gold? (american eagles?)

To store:
Under the bed?
Safety Deposit Box in a bank?
A safe? (and if a safe, can someone recommend a brand and a store?)
With a depositor like bullionvault?

What I'm garnering at is since I have absolutely zero experience taking delivery and storage of physical precious metals, I'm trying to decide the best way to go about doing this. Any advice would be appreciated. thanks in advance.

[Finster]

Re: Best way to buy and store physical PM's

I'd say a local dealer, but obviously not all local dealers are alike. Try visiting one or more local coin shops. If you're happy with what you find, then that's the way to go. If not, then try one of the online dealers like Kitco, Monex, Fidelitrade, or Tulving. All of these are reputable, and your choice would come down to personal preference based on how well the particular services they offer meet your interest. If you prefer the dealer store it for you, some of these have that option, some on an allocated or unallocated basis. My opinion is that if you're having them store it for you, it is not important whether it is allocated or unallocated.

Physical possession is a good idea for some of your holdings, ultimate security in the unlikely event that it really hits the fan. But this is not very convenient for adjusting your position, so having some in a more tradeable format is a good idea, too. As for where to store that which you personally hold, the best advice is simply in a safe place. Ideally, you have easy access to it, and nobody else has any access.

[DemonD]

Re: Best way to buy and store physical PM's

Finster, not looking to trade PM's. If I do choose to do that, I go with GLD or SLV etf, plain and simple. And not to say I'm joining the tin-foil-hat crowd, I've just come to the realization that having a small amount of physical silver and gold where I have access to it and no one else does is a good idea right now, with the numbers that are being spewed back and forth between china and US dollar money supply, remittances, etc. I would say my own personal fear gauge has gone past a certain line in the sand where I now believe there is a significantly greater than zero chance that the US dollar will go the way of many fiat currencies that have been destroyed over the ages. Also I am currently in a dollar-based financial position right now where I'm sitting on some cash that I feel would be prudent put to other uses. And since my dad taught me how to clean, load, hold, fire, lockdown, and keep safe a gun, but never taught me how to maintain a store of precious metals (I think my 'rents had a safe deposit box but not sure), I want to know how you guys do it (since you folks seem to have a lot more experience than myself holding physical metals.)

Actually, a thought just ran through my mind, I wonder if there's an FAQ out there on the best ways to hold and store PM's. A tutorial for people in my generation on a DIY metals storing solution would be very useful I think. I'll go DAFS and see what I come up with...

[Tet]

Re: Best way to buy and store physical PM's

To buy:
Local dealer?
Online dealer?
Best for silver and gold? Recommendations please?
also, what kind of gold? (american eagles?)

To store:
Under the bed?
Safety Deposit Box in a bank?
A safe? (and if a safe, can someone recommend a brand and a store?)
With a depositor like bullionvault?

Local dealers seem to be best, I don't know about silver, American Eagles.
I used a safe, with the key left in the safe so maybe I'm not the best one to answer this. I know some guys who use a PVC pipe that the inside diameter of the pipe matches the outside diameter of the coin, I never had the balls to ask them where they kept the pipe though. After watching Katrina I'm thinking smokes and beer probably gets you more in time of crisis though and easier to store and purchase.

[grapejelly]

Re: Best way to buy and store physical PM's

Most from Apmex if you are in the US. Some from local dealers.

[DemonD]

Update:

Update 1:

After doing a ##$%(*^ search, I've found that my bank actually has a policy against storing coins and PM's in their safe deposit boxes. Ostensibly they are worried about a 1933 type event being done by... guess who? The department of homeland security. Wonderful. So it looks like I get to buy my first real safe. I was considering paying for a safe deposit box at a non-bank type thing, but I feel a safe would serve my purposes better at this point.

I will continue to update this thread as my adventures in PM buying continue.

Anyone have any advice for a safe?

[Jim Nickerson]

Re: Update:

Update 1:

After doing a ##$%(*^ search, I've found that my bank actually has a policy against storing coins and PM's in their safe deposit boxes. Ostensibly they are worried about a 1933 type event being done by... guess who? The department of homeland security. Wonderful. So it looks like I get to buy my first real safe. I was considering paying for a safe deposit box at a non-bank type thing, but I feel a safe would serve my purposes better at this point.

I will continue to update this thread as my adventures in PM buying continue.

Anyone have any advice for a safe?

I've got a safe that I used when I practiced to store narcotics. That muther must weigh at least 300lbs. It is "weigh" too heavy for two people to carry very far. Oh, and it doesn't weigh so much because I have it filled with gold.

A good safe is not cheap. I might consider looking for a bank that allows the storage of gold. A question, I thought the contents of a safe-box were private, so how would a bank know if you are putting gold coins in your box? The few times I've had safe-boxes entering them was a private affair.

[grapejelly]

Re: Update:

I would recommend a 2000 pound used safe. Delivered and set up by a safe company.

[rabot10]

Re: Update:

[quote=grapejelly]I would recommend a 2000 pound used safe. Delivered and set up by a safe company.[/quo

I have researched safe’s over the years for purposes other than PM’s, (all legal stuff) and come to the conclusion that it’s not worth the time. You can only stop the local teens from getting into almost any of them. And the ones that really work are very expensive and draw a lot of attention. I’ve had to have the BIG ones at a few points over the years and always felt that the guys installing it were going to rob me lol. I started hiding all the real valuables in the house and left the safe as the target for whoever wanted it.fficeffice" />

The best way to buy PM is on the futures market, you have to open an account buy a contract and tell them you want delivery – they even have storage set up if you want it or will drop it on the front porch. You can get gold and silver at a little below spot if you wait to buy the contract just before expiration.

I have done it and it works like clock work with no hair cut from the dealer, that’s if you want to hold the stuff rather that paper. If you go this route expect to hear this from your broker “in the 38 years I’ve been in this business no one has taken delivery - just roll the contracts boy”

[Finster]

Re: Update:

I've got a safe that I used when I practiced to store narcotics. That muther must weigh at least 300lbs. It is "weigh" too heavy for two people to carry very far. Oh, and it doesn't weigh so much because I have it filled with gold.

A good safe is not cheap. I might consider looking for a bank that allows the storage of gold. A question, I thought the contents of a safe-box were private, so how would a bank know if you are putting gold coins in your box? The few times I've had safe-boxes entering them was a private affair.

Again, no absolute safety. The words of Franklin D Roosevelt's 1933 Executive Order confiscating gold are chilling:

"Your possession of these proscribed metals and/or your maintenance of a safe-deposit box to store them is known to the Government from bank and insurance records. Therefore, be advised that your vault must remain sealed, and may only be opened in the presence of an agent of the Internal Revenue Service."

[Jim Nickerson]

Re: Update:

Again, no absolute safety. The words of Franklin D Roosevelt's 1933 Executive Order confiscating gold are chilling:

"Your possession of these proscribed metals and/or your maintenance of a safe-deposit box to store them is known to the Government from bank and insurance records. Therefore, be advised that your vault must remain sealed, and may only be opened in the presence of an agent of the Internal Revenue Service."

Several things to keep in mind: in the end we all die, and there is no such thing of which I can readily think to which I can apply a label of "absolute safety." So the best one can do is seek reasonable, relative safety, right, Finster?

I am sure tonight someone will die on the LA freeways, and perhaps somewhere houses will be blown totally away along with the people who live there (even along with their safes, and in LA, perhaps with the next earthquake safes will fall into bottomless chasms in and around So. Cal.)--shit happens.

If I had 10 ounces or so of gold, I would figure out a place to hide it. If I had more than that I would put some of it in a safe deposit box. Unless someone knows, and I mean knows as a fact, what the future holds (which they don't) there to me is a limit to how much physical gold people who are not in the "high net worth" wealth category can reasonably tie up. If society implodes and one were to have $200K in gold (18-20lbs) and you can't buy gasoline, you can't use ATM's, what are you going to do, try to find your way to a safe place carrying all your gold which might not be redeemable anywhere you go? Which will be more valuable to put in your backpack: 20lbs gold, 20lbs ammunition, 20lbs water and food?

If I were worried enough about this society to need a 2000lb safe in which to place my gold, then with apparently a net worth of such magnitude that would allow for such gold hoarding, I believe I would just figure out a safer place to live and move there.

[spunky]

Re: Best way to buy and store physical PM's

A good basic safe will run you 300$ , lag bolt it to the floor. Everyone should own some form of home deposit box ( fire proof ) to keep important papers, documents and PM's in.

I have 3 reliable coin dealers within 40 minutes drive, and I am in rural southern Indiana. You'll need a 50$ digital scale, and start reading on Kitco and Gold eagle websites. Jason Hommel has some links on his silver stock site for local coin dealers.

Buying silver rounds and Krugerands are the best value Why pay extra for any fancy coin or gold eagles ??? . Yes guns, clean water and good dog, and canned food your best bet in your armageddon scenario, but that really isnt a reason not to hold PM's.

You will be able to sell your gold and silver when the bonar is worthless,and if uncle sammie dont know ya got'em , good for us . The bars, coins and rounds are fun to play in , when you are bored, drunk and depressed. :cool:

[Finster]

Re: Update:

Several things to keep in mind: in the end we all die, and there is no such thing of which I can readily think to which I can apply a label of "absolute safety." So the best one can do is seek reasonable, relative safety, right, Finster?...

True Jim, but anyone under the illusion that the contents of a safe deposit box are private needs to know they may not be.

[jk]

Re: Best way to buy and store physical PM's

it should be easy to store small quantities of valuables in your home without resort to a safe [which attracts attention]. e.g. pull off baseboards or unscrew outlet covers to find pockets. you know your own residence, and a little thought should do the trick.

[Jim Nickerson]

Re: Best way to buy and store physical PM's

it should be easy to store small quantities of valuables in your home without resort to a safe [which attracts attention]. e.g. pull off baseboards or unscrew outlet covers to find pockets. you know your own residence, and a little thought should do the trick.

I think when one adds the transaction costs, taxes when selling gold, and cost of a safe, then the cost of the safe adds a lot it seems to the costs of owning "some" gold. I haven't figured out where I think it would be cost effective to buy a safe to store my gold.