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Re: Safety Deposit Box Insurance

Posted: Wed Sep 16, 2020 12:45 am
by boglerdude
"Anecdotally speaking, HSBC begged me to accept a measly $60K worth of silver in place of the gold that they were being paid to hold for me around 08' when I called some in during the last financial crisis- which while bad had not nearly the debt the system has in it today.
It was instructive for me. If a giant bank like HSBC had to bother with my petty call in during the last crisis how bad will it be the next time around?(if were not already there/close)"

via https://mises.org/wire/whats-price-gold-it-depends

Re: Safety Deposit Box Insurance

Posted: Fri Sep 18, 2020 10:06 pm
by FarmerD
Libertarian666 wrote:
Mon Sep 14, 2020 10:12 am
sophie wrote:
Mon Sep 14, 2020 9:41 am
SWP looks interesting.

Does anyone know what the FATCA reporting requirements are for an Active Non-Financial Foreign Entity such as this? For individuals, I mean. The business is not required to report to the US government - but individual account holders may have to do so.
Good luck getting that information in a definitive form. I've tried, and so have the people at Global Gold, but there doesn't seem to be a definition of what counts and what doesn't.

I've filed the FATCA reports just to be on the safe side.
Quick FYI - Texas Precious Metals has partnered with SWP. Basically, buy gold with Texas PM and they will arrange storage with SWP.

Also, according their the Texas PM website:
SWP is a privately owned and operated provider of secure storage. It is classified as an Active Non-Financial Foreign Entity under the U.S.-Cayman Islands Model I Intergovernmental Agreement (“U.S. IGA”). As such, SWP is not subject to any U.S. FATCA registration or reporting.

It is our understanding that precious metals held directly outside the United States do not have to be reported by US taxpayers on form 8938 (Statement of Specified Foreign Financial Assets), nor on FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Learn more here. We do recommend our clients consult their tax advisors on this matter.


https://www.texmetals.com/store-gold-in-caymans

Re: Safety Deposit Box Insurance

Posted: Fri Sep 18, 2020 10:16 pm
by FarmerD
Libertarian666 wrote:
Mon Sep 14, 2020 10:12 am
sophie wrote:
Mon Sep 14, 2020 9:41 am
SWP looks interesting.

Does anyone know what the FATCA reporting requirements are for an Active Non-Financial Foreign Entity such as this? For individuals, I mean. The business is not required to report to the US government - but individual account holders may have to do so.
Good luck getting that information in a definitive form. I've tried, and so have the people at Global Gold, but there doesn't seem to be a definition of what counts and what doesn't.

I've filed the FATCA reports just to be on the safe side.
Libertarian666, I just sent you a PM on a related idea.

Re: Safety Deposit Box Insurance

Posted: Sun Feb 21, 2021 11:19 am
by vnatale
dopplerdave wrote:
Sun Sep 13, 2020 8:20 am

I do not trust safety deposit boxes. Banks occasionally close or remodel their branches and sometimes consolidate their boxes. There are horror stories elsewhere on this site about what has happened. Some years ago, I put my gold in a Wells Fargo branch and arranged for the annual fee to be paid from a Wells Fargo debit card linked to my bank account there. A couple years later I was unable to access my box because the fees were not paid. It turned out the card had been canceled after my wallet was stolen. It took them 2 weeks to sort things out before I could access my box. I have opened an account now with SWPCAYMAN and kept a small number of coins in it for about one year. (They can buy and sell for you as well as provide segregated storage). And they are insured by Lloyd's. So far I am very impressed, but I plan to pay them a visit as soon as Cayman opens again to visitors to see the facility and meet the people before moving my US gold there. (It is much cheaper to move via an armored service than to sell and repurchase). I would be very interested in knowing if anyone else has had experience with them.


After watching this movie....

The Bank Job (2008)

https://www.imdb.com/title/tt0200465/?ref_=ttls_li_tt

...in which Jason Statham and his crew totally wipe out a bank's safety deposit room.....I got quite nervous about using a bank's safety deposit box.

(Big) if something like this were to ever happen there is no way you'd be able to recover in any way what had been in your safety deposit box. How often has something like this ever happened in rea life?

But is it true that when a bank is shut down during that shut down time one does not have access to one's security deposit box?