Monday, October 25, 2010

"Keep Quiet About Your Gold"

Let's say you've purchased some physical gold and/or silver.  You paid for it in cash from a local dealer who doesn't know you, thereby assuring your privacy.  You bring it home and then . . . you do what with it?

Jeff Clark of Casey Research offers some suggestions.

1.  Put it in a safety deposit box - This is the easiest method, but it compromises your privacy.  Plus, with a safety deposit box you don't have access to your metals 24/7.

2.  Bury it - Advantages: "You don’t have to worry about losing your gold to a burglar or having it damaged in a fire. A lot can happen in the world that won’t disturb buried gold."  Be sure to bury it someplace inconspicuous where you can get to it easily.  Also, put it in a protective container first.

3.  Hide it in your house or put it in a home safe - Don't hide it anyplace obvious, and consider storing it in a home safe, preferably a floor safe that can't be easily moved.  I know someone who stores his valuables in a 700-pound safe he keeps in the basement.
However you store your gold, let exactly one person know the details. It needs to be someone in whose honesty and discretion you have complete confidence. It will be that person’s job to access the gold if you are incapacitated or die. If you are using a safe deposit box, his or her name should be included in the box registration, and they should know where to go to get the key.

Tell one person, but only one. No one else should know. This is especially important if you are using home storage. You don’t want to come home someday to find your house turned upside down because someone heard you’re living in a treasure chest. Even worse would be to come home and find your friendly local looter waiting to have a chat with you.

There’s just no other way to say it: keep quiet about your gold.

No comments: