Safe Deposit Boxes Aren’t Safe

Discussion of the Gold portion of the Permanent Portfolio

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Kevin K.
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Safe Deposit Boxes Aren’t Safe

Post by Kevin K. » Fri Jul 19, 2019 8:50 am

I’ve often wished I could hold physical gold rather than paper but this article in the New York Times makes me glad I don’t.

https://www.nytimes.com/2019/07/19/busi ... theft.html
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Xan
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Re: Safe Deposit Boxes Aren’t Safe

Post by Xan » Fri Jul 19, 2019 9:53 am

That is absolutely horrifying.
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Kriegsspiel
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Re: Safe Deposit Boxes Aren’t Safe

Post by Kriegsspiel » Fri Jul 19, 2019 10:37 am

Maybe I'm wrong, but I imagine credit union SDBs are safer? They're locally owned and locally accountable, unlike goddamn Wells Fargo.
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Ad Orientem
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Re: Safe Deposit Boxes Aren’t Safe

Post by Ad Orientem » Fri Jul 19, 2019 12:06 pm

There is no absolutely safe form of secure storage. That said, for the average person SDB's are the least risky form of secure storage that isn't likely to cost a lot of money. What happened to that poor man was indeed horrible. But it was also a statistical anomaly. Consider the incidence of lost or stolen property stored in SDBs as opposed to lost or stolen valuables stored at home. This man's story is being reported in the NY Times precisely because it doesn't happen very often. Fatal shark attacks get a lot of attention for the same reason. Home burglaries by contrast, rarely get even a few lines unless the loot is exceptionally valuable.

It's also worth noting that insurance is not hard to get for SDBs and is usually quite reasonably priced. My physical PMs are stored in two SDBs in two different banks in two different states and I check them both several times a year.

Edit: The Times also notes there are no Federal laws requiring banks to compensate customers for lost or stolen property. That has long been a point of irritation with me. However, a friend pointed out that banks probably would cease offering SDBs altogether if such a law were passed. Get insurance. And don't get it through the bank.
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Re: Safe Deposit Boxes Aren’t Safe

Post by technovelist » Sat Jul 20, 2019 3:32 pm

Wells Fargo is clearly at fault here.
I hope he gets a big judgement against them.
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Re: Safe Deposit Boxes Aren’t Safe

Post by Ad Orientem » Sat Jul 20, 2019 4:22 pm

Unfortunately that is not likely. But I do agree WF is at fault. They have a truly dreadful history.
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Re: Safe Deposit Boxes Aren’t Safe

Post by ochotona » Sun Sep 15, 2019 8:16 am

MacroVoices podcast on private vaulting services for gold. I haven't heard it yet, will listen today.
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Re: Safe Deposit Boxes Aren’t Safees

Post by mathjak107 » Sun Sep 15, 2019 11:55 am

Chase bank won’t allow gold bullion or non collectable gold coins or cash in their boxes
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Re: Safe Deposit Boxes Aren’t Safees

Post by dualstow » Sun Sep 15, 2019 12:35 pm

mathjak107 wrote:
Sun Sep 15, 2019 11:55 am
Chase bank won’t allow gold bullion or non collectable gold coins or cash in their boxes
Seems to be the case. See this thread:
viewtopic.php?f=5&t=9955&p=177307
https://www.reddit.com/r/TactiCat
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ochotona
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Re: Safe Deposit Boxes Aren’t Safe

Post by ochotona » Mon Sep 16, 2019 5:45 am

I would never use Chase Bank for anything, that's why I go to a bank which is independently owned, out in the country, and they have a sign on their front door saying "concealed carry welcomed!"
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mathjak107
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Re: Safe Deposit Boxes Aren’t Safe

Post by mathjak107 » Mon Sep 16, 2019 9:41 am

I like chase a lot ..in fact I have fee trading through youinvest and all kinds of perks from being a chase private client , by just letting them baby sit my etf I pulled away from vanguard
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Re: Safe Deposit Boxes Aren’t Safe

Post by dualstow » Mon Sep 23, 2019 1:16 pm

I visited my box recently. It felt very different than last time, partly because of the rapid turnover at the bank.
I don’t like change in this area of my life. Makes me a bit nervous. But...it’s all still there. That’s what counts.
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