What Are The Aden Sisters Thinking?
We recently wrote about Gold coin storage options and specifically mentioned to avoid BANK safe deposit boxes for storing Gold and other precious metals. Seek NON-BANK solutions instead.
So we were quite surprised to see in the October 2013 edition of the Aden Forecast that the Aden Sisters mix some questionable advice along with the sound.
The specific question of where to store physical Gold is posed. The answer was to spread the risk and to only choose Gold storage solutions that you can feel comfortable with (a primary reason so many of our readers are flocking to U.S. based Hard Assets Alliance). That’s good advice.
For safety AND quick availability, they recommend some Gold stored in a home safe or other unassuming safe place at home. Also sound advice, just do not go overboard here. As they mention, Gold, Platinum and Palladium can be tucked about anywhere but BE CAREFUL! Don’t hide it so good that you or your heirs cannot find it – or don’t even know to be looking for it! Silver, of course, is much more bulky.
Now The Bad Advice
The Aden Sisters next state that “a safe deposit box is still one of the best ways to store metals. It has proven over time to be the safest and most cost effective method of storage”. I don’t know what data they are using to determine that it is the safest, but a small army of precious metals analysts disagree.
Now I am PRESUMING they mean bank safe deposit box for Gold storage because they follow up with more good advice stating that private storage facilities have become popular but the safety and reliability depends on the integrity of the owners.
We could not agree more! Which is precisely why we advise AGAINST BANK safe deposit boxes. Where is the integrity in the banking industry these days? Jamie Dimon, really?
MAYBE your local bank is trustworthy, but they will still follow the orders, even the SUGGESTIONS of the U.S. Government. 10 day bank holiday? Ok, we shut down. You cannot get to your Gold in your safe deposit box.
Gold declared illegal? You will only get to open your safe deposit box in the presence of an officer from the U.S. Treasury and IRS. This is not speculation, this has happened.
Owner of record on the box die? The safe deposit box is SEALED. Get your attorney.
Want Your Gold Insured?
The Aden’s also mention that you can get insurance on the contents of your safe deposit box. Huh? How do you prove what was in it, give the insurance company an itemized list of your Gold? Not me.
Then how do you prove it was still in the box at the time of alleged loss?
Insurance companies specialize in one thing and one thing only: finding ways NOT TO PAY.
We are all for insuring our Gold. But that comes at no extra cost from most of the vendors we discuss here at BuyAndStoreGold. (NOT necessarily private box accounts, again – same issues)
Bank Safe Deposit Box Is Cheap
The Aden Sisters mention that a bank safe deposit box is one of the cheapest storage solutions. Point taken. Sometimes you get what you pay for.
More Bad Advice
They go on to mention the Perth Mint storage program. OK, we might go for that, but it’s still a government and I am betting most Gold coin owners looking for a storage vault would opt for one NOT owned by a government.
Then they mention Deutsche Bank, offering storage in London, Zurich, New York and Singapore. WHAT?
Why on earth would you deal with another BANK (does ANYONE trust a bank anymore?) when you can get the same Gold coin storage vault options with Hard Assets Alliance, or a bullion account with BullionVault or GoldMoney?
Does Deutsche Bank offer 24/7 online access to your Gold account? Will they ship your Gold coins to you within a couple of days at a reasonable price?
Hard Asset Alliance does.
Maybe Costa Rica Is Different
The Aden Sisters have been living and working in Costa Rica for decades; maybe their bankers there are still honest, upstanding citizens. But surely they have been keeping up with the news from here in the States?
One friend opened an account at a Central Texas bank, choosing it because it was the 2nd oldest in the state or something like that and would be around for another 125 years for sure.
Within one year that bank was bought by, don’t worry, it’s OK, the oldest regional bank in Texas – over 100 years old, so it’s still the same good ‘ol Texas folk and reliability.
LESS THAN 1 YEAR LATER that bank was bought out by an “up and coming” Texas bank formed in 1983. NONE of the same people work at their local branch who were there less than 2 years ago when they decided on that bank and opened their account AND safe deposit box.
If you want Gold coin storage vault options that are non-bank, in the U.S. or offshore (your choice), reasonable fees that INCLUDE INSURANCE and will ship you your Gold at just 48 hours notice, then take a good look at Hard Assets Alliance (visit website – see our review).
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