KeyBank Bans Gold Bullion from “Safe” Deposit Boxes

Discussion of the Gold portion of the Permanent Portfolio

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dualstow
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Re: KeyBank Bans Gold Bullion from “Safe” Deposit Boxes

Post by dualstow » Sat Jun 15, 2019 11:41 am

Gold can be insured, and can’t the bank just say they are not responsible for lost items?
Kbg wrote:
Sat Jun 15, 2019 10:12 am
I think this is no more complex than liability. I’ll bet if you signed a release they wouldn’t care what you put in your box unless what was in the box was illegal or dangerous to their employees’ health.
I don’t know exactly what I signed, but my box is free and I regard it as pretty good security only.

If I store it at home, I’ll get shot. I feel better keeping it at the bank. But, I have no illusions about the bank making me whole if if my coins vanished.

I’d have to have insurance.
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Re: KeyBank Bans Gold Bullion from “Safe” Deposit Boxes

Post by Kbg » Sat Jun 15, 2019 3:21 pm

dualstow wrote:
Sat Jun 15, 2019 11:41 am
Gold can be insured, and can’t the bank just say they are not responsible for lost items?
Kbg wrote:
Sat Jun 15, 2019 10:12 am
I think this is no more complex than liability. I’ll bet if you signed a release they wouldn’t care what you put in your box unless what was in the box was illegal or dangerous to their employees’ health.
I don’t know exactly what I signed, but my box is free and I regard it as pretty good security only.

If I store it at home, I’ll get shot. I feel better keeping it at the bank. But, I have no illusions about the bank making me whole if if my coins vanished.

I’d have to have insurance.
Agreed!
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Re: KeyBank Bans Gold Bullion from “Safe” Deposit Boxes

Post by Tortoise » Tue Jun 18, 2019 11:25 am

dualstow wrote:
Sat Jun 15, 2019 11:41 am
If I store it at home, I’ll get shot. I feel better keeping it at the bank.
Agreed. There was a home burglary in my neighborhood a few weeks ago, and the owner was home at the time (midday). The burglar severely beat the man and escaped with a safe. The man died later in the hospital.

Although I don’t know, it’s quite possible the burglar knew about the safe beforehand, and that may have motivated the burglary.

That’s why I don’t keep a safe at home to hold lots of valuables. No matter how careful you are not to tell anyone about it, it’s always possible that knowledge of its existence can leak out somehow (even if just indirect knowledge based on your patterns of behavior).
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Re: KeyBank Bans Gold Bullion from “Safe” Deposit Boxes

Post by dualstow » Tue Jun 18, 2019 11:30 am

Sorry to hear it. Something like that happening in your vicinity is worth more than 1,000 articles about it happening in other states and countries.
(Tortoise) Although I don’t know, it’s quite possible the burglar knew about the safe beforehand, and that may have motivated the burglary.
Contractor, appraiser, employee of the safe company who delivered it, someone who spoke to any of the above. Too many possibilities, yup.

Look at the poor pangolin. They have scales for protection, and they are being killed for that armor.
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Re: KeyBank Bans Gold Bullion from “Safe” Deposit Boxes

Post by Xan » Tue Jun 18, 2019 1:11 pm

Tortoise wrote:
Tue Jun 18, 2019 11:25 am
dualstow wrote:
Sat Jun 15, 2019 11:41 am
If I store it at home, I’ll get shot. I feel better keeping it at the bank.
Agreed. There was a home burglary in my neighborhood a few weeks ago, and the owner was home at the time (midday). The burglar severely beat the man and escaped with a safe. The man died later in the hospital.

Although I don’t know, it’s quite possible the burglar knew about the safe beforehand, and that may have motivated the burglary.

That’s why I don’t keep a safe at home to hold lots of valuables. No matter how careful you are not to tell anyone about it, it’s always possible that knowledge of its existence can leak out somehow (even if just indirect knowledge based on your patterns of behavior).
Wow, that's just awful.

I've thought of having a gun safe installed in the master closet, for my shotgun and maybe a rifle. May as well stick some coins in there too. But maybe it's not such a hot idea...
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Re: KeyBank Bans Gold Bullion from “Safe” Deposit Boxes

Post by dualstow » Tue Jun 18, 2019 1:53 pm

If you do, Xan, consider one of those gun safes that opens rapidly with a combination of hand movements.
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Re: KeyBank Bans Gold Bullion from “Safe” Deposit Boxes

Post by Ad Orientem » Tue Jun 18, 2019 9:00 pm

They can be a pain in the @$$ but banks are probably the least flawed and dangerous way to store PMs for the average investor. Home storage is high risk. I don't care what kind of security system you have, or how many pit bulls, or guns etc. you have. If they have a gun to your kid's head and tell you to pop the safe and hand over your gold... that's what your gonna do.
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