Chase Bank Prohibits Gold Storage In Safe Deposit Boxes

[Reub]

I just saw this. Is it true that banks are now starting to prohibit storage of gold and silver bullion?

http://www.armstrongeconomics.com/archives/35834

"I have warned that if you are going to buy gold, make sure it is common
date $20, $10, or $5 gold coins since bullion is going to become a dirty
word. As of April 1, 2015, Chase Bank in the U.S. is advising its clients
who rent safe deposit boxes that they may not use a safe deposit box to
store cash or gold.
According to their new policy, “ Contents of box: You agree not to store
any cash or coins other than those found to have a collectible value.”
In other words, simply storing gold bullion or cash is now considered to be
money laundering as you are hiding assets from the government. They will
assume it is illegal gains, even if you can prove it is cash or gold you
bought after paying taxes. Welcome to the new totalitarian world of
government; you are merely a custodian of the government’s total wealth
and are seen as their property. You should have gold coins that are
collector’s items with common dates rather than modern produced bullion
coins."

[sophie]

I think Chase intended to ban only the storage of cash, not gold:

“Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value.”

Since gold gains are taxed at the "collectibles" rate, I assume that "collectible value" includes bullion coins.

Still, this is a bit uncomfortable.  Safe deposit boxes are supposed to be private.  Might this be about limiting Chase's liability in case their employees steal cash from boxes?

I'll stick with my box at a local bank without such grand aspirations (whatever they may be) as Chase.  If we hear too much more of this kind of thing though, maybe an in-home hidden vault might be the way to go.

[Reub]

Or the bottom of a peanut butter jar?

[Libertarian666]

I think Chase intended to ban only the storage of cash, not gold:

“Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value.”

Since gold gains are taxed at the "collectibles" rate, I assume that "collectible value" includes bullion coins.

Still, this is a bit uncomfortable.  Safe deposit boxes are supposed to be private.  Might this be about limiting Chase's liability in case their employees steal cash from boxes?

I'll stick with my box at a local bank without such grand aspirations (whatever they may be) as Chase.  If we hear too much more of this kind of thing though, maybe an in-home hidden vault might be the way to go.

This is an attempt to apply logic to governmental actions, which often leads to very bad results. The best bet is to assume the worst case, which is that they would say "for the purpose of this rule, bullion coins aren't collectibles".

[Wooly Mammoth]

Who's to know? It' snot like they're peeking over your shoulder when you fill your box with bullion.  It could be your stash of vintage Twinkies for all they know.

[mathjak107]

I think Chase intended to ban only the storage of cash, not gold:

“Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value.”

Since gold gains are taxed at the "collectibles" rate, I assume that "collectible value" includes bullion coins.

Still, this is a bit uncomfortable.  Safe deposit boxes are supposed to be private.  Might this be about limiting Chase's liability in case their employees steal cash from boxes?

I'll stick with my box at a local bank without such grand aspirations (whatever they may be) as Chase.  If we hear too much more of this kind of thing though, maybe an in-home hidden vault might be the way to go.

gold  regardless of form is taxed as a collectible  but unless they are rare coins and not  bullion coins  with no collectible value attached then they are considered bullion .

i wonder where the Chinese panda coins fit in since you pay a premium for the collectible value of them as each year was different .

[dualstow]

Chase will accept bullion. I wrote to them directly.

[MachineGhost]

Since gold gains are taxed at the "collectibles" rate, I assume that "collectible value" includes bullion coins.

Bullion coins don't have "collectible value".  They mean like semi-numismatic gold coins, i.e. pre-1933.

[MachineGhost]

Chase will accept bullion. I wrote to them directly.

Buillion or coins?  You have to be precise.  All coins may be buillion but not all buillion is in coin form.