Thursday, July 10, 2008

Unsafe Safety Deposit Boxes

In my posting of June 30 (Primer on gold coins) I referred to a statement in Failsafe Investing by Harry Browne in which he said safety deposit boxes are okay for storing gold coins. Perhaps that was once true (say, in the 19th century), but not anymore, as this report confirms (thanks to Rob Moody, Strike-the-Root):

Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets

I had misgivings about Harry's published recommendation for two reasons. For one, I recall him saying on his old radio show that he advised burying your gold coins in your backyard, or generally, some location not likely to be discovered by state confiscators. That would rule out anything to do with a bank. Secondly, since Roosevelt's confiscation order of April 5, 1933, no property is safe in any institution. If you want it safeguarded, you'll have to take that responsibility alone.

3 comments:

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Amela Jones said...

Is there any further reading you would recommend on this?

Amela
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Stephanie Goodrich said...

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