Current price of Gold

 

 

 

Is your gold safe in a bank safety deposit box? No, it isn’t.

 

Traditionally, a bank safety deposit box has offered the pinnacle of security. If you wanted to be sure that documents, jewelry and yes, gold coins and bars, were secure, you would go to your bank and rent a deposit box.

But times have changed, particularly in the U.S.

 

According to a recent ABC News investigation. "California law used to say property was unclaimed if the rightful owner had had no contact with the business for 15 years. But during various state budget crises, the waiting period was reduced to seven years, and then five, and then three. Legislators even tried for one year. Why? Because the state wanted to use that free money."

 

And California isn’t the only state that is helping itself to the contents of safety deposit boxes. It is happening across the board. While it used to be that banks would only open “delinquent” boxes, where people had died and nobody had claimed the contents, that is no longer the case.

 

There are stories of people who pay their box rental, do business at the bank on a regular basis, and still find that the bank has helped itself to the contents of their safety deposit boxes.

 

And that’s not all. In the U.S., Canada and the UK, the fight against terrorism and organized crime has resulted in thousands of boxes being drilled and emptied.

 

Put simply, a bank safety deposit box is no longer a safe place in which to store your gold coins or gold bars. Not even in Switzerland, where boxes are being opened in accordance with new agreements to discourage tax fraud.

 

Once again, and we have said the same elsewhere, we encourage you to keep your gold at home. If you own gold, keep it well hidden and out of sight. And don’t talk about it. Other than telling your partner about the gold you have, don’t tell anyone else.

 

When you hide your gold in your home, and nobody knows it is there, that is about as safe as you can get.

 

It’s certainly safer than storing gold in a bank safety deposit box.