Chinese Coins Forum

Resources => Chinese Numismatic Events => Topic started by: Gilmore on February 02, 2012, 08:45:42 PM

Title: Offshore Banks Will Need to Disclose Precious Metals Held by U.S. Clients
Post by: Gilmore on February 02, 2012, 08:45:42 PM
Watch Out my American friends! The IRS is after your metals. Holding precious metals in safety deposit boxes in onshore or offshore banks becomes (as expected) a real concern. As many said before, if you do not hold your gold and silver in your possession, you do not own it!

http://nestmann.com/offshore-banks-must-report-precious-metals-held-by-u-s-clients/ (http://nestmann.com/offshore-banks-must-report-precious-metals-held-by-u-s-clients/)
Title: Re: Offshore Banks Will Need to Disclose Precious Metals Held by U.S. Clients
Post by: tamo42 on February 02, 2012, 09:11:24 PM
Safe deposit boxes are not safe from "official" inspection.
Title: Re: Offshore Banks Will Need to Disclose Precious Metals Held by U.S. Clients
Post by: low on February 02, 2012, 10:36:26 PM
So what is the safe way to store precious metal?
Title: Re: Offshore Banks Will Need to Disclose Precious Metals Held by U.S. Clients
Post by: Gilmore on February 02, 2012, 11:17:48 PM
So what is the safe way to store precious metal?

I guess this is a tough question to answer. Although banks are considered to be safe they do not insure your valuables stored in the safe deposit boxes. Also, you can see that the government can inspect them if they choose to. If a bank holiday is declared you'll have no access to your metals. 
On the other hand, holding all the metals in your possession holds a risk of robbery or theft. Probably the best way is to store the PM in few different locations but not all in one place in order to minimize the risk.

Here is a short article I came across some time ago talking about bullion storage. You can see from the comments that everyone has his own creative idea.
http://silverdoctors.blogspot.com/2011/05/where-do-i-store-all-this-silver.html (http://silverdoctors.blogspot.com/2011/05/where-do-i-store-all-this-silver.html)

Here is an interview worth listening to http://www.youtube.com/watch?v=M9epzQo72y8 (http://www.youtube.com/watch?v=M9epzQo72y8)
Title: Re: Offshore Banks Will Need to Disclose Precious Metals Held by U.S. Clients
Post by: KonaJim on February 02, 2012, 11:28:58 PM
Home Security is a good idea.
Title: Re: Offshore Banks Will Need to Disclose Precious Metals Held by U.S. Clients
Post by: Gilmore on February 02, 2012, 11:54:38 PM
Beautiful dog and nice view from the pool.
Dogs are definitely a good home security solution, but try to avoid the Poodles and Chihuahuas if you are looking for a dog for that purpose.
 
Title: Re: Offshore Banks Will Need to Disclose Precious Metals Held by U.S. Clients
Post by: Underbidder on February 03, 2012, 12:40:27 AM
I like the plan of having both rarities and bullion, in several places.
Bullion is just bullion...meaning don't worry about what condition its in, as much as being able to secure it when you need it, and hide it when you don't.