Welcome to Vault Wholesale’s new website
I am Joshua Abramson, the Silver Fox. In our blog, we’ll address some of the top issues in the precious metals industry today, the practical, the funny, and the serious.
My goal is to present a balanced perspective, a practical voice giving good advice. We are not scare mongers, biblical capitalists, survivalists, or end of the world, end of economic system advocates. We sell the most popular precious metal products to educated investors.
Let us know what you’re thinking, either in the comments field, by e-mail, or give us a call at 360 329 COIN (2646), seven days a week. We’ll be glad to answer your questions and to address any topics you’d like to hear more about.
Today’s topic is one of the most popular ones we discuss: what to do with your precious metals! After you make a purchase from us, how to store your precious metals is a logistical challenge, with no perfect answer. Let’s go through the major options and discuss their pros and cons.
1) SAFETY DEPOSIT BOXES
Safety deposit boxes are one of the most secure ways to store your metals. You lock the stuff up and you know most likely, it’ll always be there.
Things in your safety deposit box aren’t insured. If the bank gets swept away in a flood, you’re not covered for the loss. And even though I promise not to engage in end of economic systems fear mongering, we have seen the disappearance of banks over the last few years. You might go to your branch one day to retrieve your metals and find that you’re unable to get in, or your bank doesn’t exist anymore.
2) BIG SAFE
Big safes are certainly secure, a great way for you to lock up your precious things and know they’re secure. The great big heavy ones are hard to move, and unless you have an experienced safecracker breaking into your house, your stuff is pretty safe.
It’s hard to get the proper level of insurance for precious metals and other valuables in your home safe. There are only a few companies that write policies for “commercial” insurance coverage levels; they require a TL–15 or better-rated safe, which is a pretty sophisticated piece of hardware. You’ll also need to be hooked into a central alarm system, which can be a tip-off to a certain undesirable element that you have stuff worth stealing. Then again, if somebody breaks into your house and they’re armed, it doesn’t matter what kind of safe you have. They’ll make you open it.
Depositories are perhaps the most secure method of storing your precious metals and valuables. Two of the best are Delaware Depository Service Company and First State Depository Company. Your own private Fort Knox, with video capture to validate the intake of your precious goods when they arrive.
The depositories are in Delaware, which in times of strife can be clear across the country from where you need your precious metals close at hand.
4) EXCHANGE TRADED FUNDS (ETFs)
Exchange Traded Funds are a great way to have all the benefits of owning precious metals, without having to procure, store, and liquidate physical bullion. You get all the benefits without the fuss of dealing with heavy metals.
You get all the fuss of paper without the benefits of the heavy metals. At the end of the day, ETFs are a financial instrument, a piece of paper. They’re also heavily leveraged and funds go broke. If your interest is really in wealth insurance, physical metal is much more secure than a paper instrument.
5) A HOLE IN THE BACKYARD
No joke. Here at Vault Wholesale, we ship our purchases within 24 hours of receiving cleared funds. I was confirming a trade with a new customer and asked him if he was in a hurry to get his metal, as paper checks take a number of days to clear and bank wires post the same day. He said, “Oh I’m in no rush, I just need to dig a bigger hole in the backyard.” He wasn’t kidding.
There’s a large contingent of you out there that are protecting yourself against a meltdown in society and economic systems. You like to keep your precious metals close at hand. And many of you do bury your precious metals on your property.
Metal detectors and a backhoe.
Well, that covers all of the basic options for how to store your precious metals. None is perfect, and I’ve yet to find a completely failsafe method. Let me know your thoughts and what works for you, either in the comments section, or
give us a call at 360 329 COIN (2646).