What's up with all these storage offers from PM dealers?
nibanny
Posts: 2,761 ✭
First was Gainesville and now Apmex
They both are good companies but I wouldn't feel comfortable.
I like my PMs as close as possible to me (and the bank at just one block is far already!)
They both are good companies but I wouldn't feel comfortable.
I like my PMs as close as possible to me (and the bank at just one block is far already!)
The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
0
Comments
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>they see a market. >>
They see or there is?
In God We Trust.... all others pay in Gold and Silver!
<< <i> Probably better/safer than a Bank Safety Deposit Box. >>
Gee, I can go to my SDB a few blocks away any day and pull stuff, look at my stuff or add to the pile easily all for a small annual rental charge.
How would this be safer or better than keeping the pile in a local bank?
Thanks.
<< <i>Probably better/safer than a Bank Safety Deposit Box. >>
Disagree. If a bank fails, SDB is still accessible when FDIC turns bank over to new owner. If the storage business fails, assets may possibly be frozen or tied up in court.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>Probably better/safer than a Bank Safety Deposit Box. >>
Disagree. If a bank fails, SDB is still accessible when FDIC turns bank over to new owner. If the storage business fails, assets may possibly be frozen or tied up in court. >>
Plus in a SDB you have the key to access it. At a private business, who knows what controls they have in place for employees accessing your things?
I wonder if/when local B & M's will start to offer this?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
----
Personally I'd bury mine before I left it in the hands of nameless faceless strangers. SDB is much better IMO.
<< <i>Since they are both big outfits I assume they already spend a bunch storing and guarding their inventories. If they could recoup some or all of that cost it would help their bottom line. In a very competitive business with thin margins this is probably a smart move on their parts as there are few other ways to trim overhead.
----
Personally I'd bury mine before I left it in the hands of nameless faceless strangers. SDB is much better IMO. >>
I'm couldn't care less about their bottom line---I care about protecting my assets. Do any of you guys remember a large gold company in Florida back in the 1980's that was selling gold with free storage? When they went out of business their vaults were empty and people lost everything.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>Since they are both big outfits I assume they already spend a bunch storing and guarding their inventories. If they could recoup some or all of that cost it would help their bottom line. In a very competitive business with thin margins this is probably a smart move on their parts as there are few other ways to trim overhead.
----
Personally I'd bury mine before I left it in the hands of nameless faceless strangers. SDB is much better IMO. >>
I'm couldn't care less about their bottom line---I care about protecting my assets. Do any of you guys remember a large gold company in Florida back in the 1980's that was selling gold with free storage? When they went out of business their vaults were empty and people lost everything. >>
The one that had a vault customers could look in and see all the gold bars being stored?
Which turned out to be lengths of 2x4 painted gold?
At least they got 72% of their value back!!!
couldn't agree more.
I'm assuming the storage offers from these two bullion dealers is for traders/speculators who don't want to bother with the inconvenience storage and two-way shipping and the associated time-lag.
Liberty: Parent of Science & Industry
<< <i>
<< <i>
<< <i>Since they are both big outfits I assume they already spend a bunch storing and guarding their inventories. If they could recoup some or all of that cost it would help their bottom line. In a very competitive business with thin margins this is probably a smart move on their parts as there are few other ways to trim overhead.
----
Personally I'd bury mine before I left it in the hands of nameless faceless strangers. SDB is much better IMO. >>
I'm couldn't care less about their bottom line---I care about protecting my assets. Do any of you guys remember a large gold company in Florida back in the 1980's that was selling gold with free storage? When they went out of business their vaults were empty and people lost everything. >>
The one that had a vault customers could look in and see all the gold bars being stored?
Which turned out to be lengths of 2x4 painted gold? >>
That's the one.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
have anything in common with NGE, but it does underscore that it can happen. Coin and bullion dealers going rogue or bankrupt is far more likely than your
local safe deposit box going bankrupt.
"Coin and bullion dealers going rogue or bankrupt is far more likely than your local safe deposit box going bankrupt."
Yup.
It's just like playing with fire if you ask me.
Too many positive BST transactions with too many members to list.
I might even start a website and post commentaries, prices and such. Of course I'd be better off if the price kept falling so I'd hire a guy to write negative articles everyday about how the price is going down. I'd bet he could make this prediction every day for 10 years while the gold price rises from 250 to 1700 and ounce and still be known as an industry expert.
Hmmm. do you think this could work??
<< <i>I have a great idea for a new company. I was thinking on opening a company that could sell gold and silver pools which I wouldn't deliver. Then I could charge the buyers for storage. Of course, I might lease out the metal, use it to speculate or pay bonuses. Then pay back the investors when the price falls and pocket the difference.
I might even start a website and post commentaries, prices and such. Of course I'd be better off if the price kept falling so I'd hire a guy to write negative articles everyday about how the price is going down. I'd bet he could make this prediction every day for 10 years while the gold price rises from 250 to 1700 and ounce and still be known as an industry expert.
Hmmm. do you think this could work?? >>
Bernie Madoff said it would work and P. T. Barnum agrees with him.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I have a great idea for a new company. I was thinking on opening a company that could sell gold and silver pools which I wouldn't deliver. Then I could charge the buyers for storage. Of course, I might lease out the metal, use it to speculate or pay bonuses. Then pay back the investors when the price falls and pocket the difference.
I might even start a website and post commentaries, prices and such. Of course I'd be better off if the price kept falling so I'd hire a guy to write negative articles everyday about how the price is going down. I'd bet he could make this prediction every day for 10 years while the gold price rises from 250 to 1700 and ounce and still be known as an industry expert.
Hmmm. do you think this could work?? >>
It. just. might. work! should we call it, Kitco?
<< <i>I have a great idea for a new company. I was thinking on opening a company that could sell gold and silver pools which I wouldn't deliver. Then I could charge the buyers for storage. Of course, I might lease out the metal, use it to speculate or pay bonuses. Then pay back the investors when the price falls and pocket the difference.
I might even start a website and post commentaries, prices and such. Of course I'd be better off if the price kept falling so I'd hire a guy to write negative articles everyday about how the price is going down. I'd bet he could make this prediction every day for 10 years while the gold price rises from 250 to 1700 and ounce and still be known as an industry expert.
Hmmm. do you think this could work?? >>
Could? Could? Surely you jest.
Pard, I'll sell you a credit default swap GUARANTEEING that it will work for only a $600 premium annually. That's for $10 million coverage, and hey, you know me, I'm good for it!
PM me and I'll let you know where to send the geetus.
It seems like a good idea for those who are trusting souls and dont want to deal with storing PMs at home or at the bank.As for me I will pass.I prefer my PMs to be close at hand.However if I had many thousands of silver ounces,or hundreds of gold ounces I would need to rethink my strategy.
<< <i>It seems like a good idea for those who are trusting souls and dont want to deal with storing PMs at home or at the bank.As for me I will pass.I prefer my PMs to be close at hand.However if I had many thousands of silver ounces,or hundreds of gold ounces I would need to rethink my strategy. >>
I take it that you're not one of those trusting souls. I'm not one either.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>I have a great idea for a new company. I was thinking on opening a company that could sell gold and silver pools which I wouldn't deliver. Then I could charge the buyers for storage. Of course, I might lease out the metal, use it to speculate or pay bonuses. Then pay back the investors when the price falls and pocket the difference.
I might even start a website and post commentaries, prices and such. Of course I'd be better off if the price kept falling so I'd hire a guy to write negative articles everyday about how the price is going down. I'd bet he could make this prediction every day for 10 years while the gold price rises from 250 to 1700 and ounce and still be known as an industry expert.
Hmmm. do you think this could work?? >>
It. just. might. work! should we call it, Kitco?
Nadler's only expertise is as a tool.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
AARGH Matey ! ! !
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
<< <i>
<< <i>
<< <i>
<< <i>Since they are both big outfits I assume they already spend a bunch storing and guarding their inventories. If they could recoup some or all of that cost it would help their bottom line. In a very competitive business with thin margins this is probably a smart move on their parts as there are few other ways to trim overhead.
----
Personally I'd bury mine before I left it in the hands of nameless faceless strangers. SDB is much better IMO. >>
I'm couldn't care less about their bottom line---I care about protecting my assets. Do any of you guys remember a large gold company in Florida back in the 1980's that was selling gold with free storage? When they went out of business their vaults were empty and people lost everything. >>
The one that had a vault customers could look in and see all the gold bars being stored?
Which turned out to be lengths of 2x4 painted gold? >>
That's the one.
International Gold Bullion Exchange (IGBE)
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>FDIC insurance is a marketing scam to convince depositors not to worry. FDIC is funded only for small emergencies. If depositors knew the true financial health of their bank they would be very worried, especially with the fact that banks can legally gamble in the markets with depositor money. Banking is the ultimate Ponzi scheme as most deposits have been loaned out and "invested" at many multiples of their true true value. If and when the music stops MOST depositors will not find a chair. FDIC is worthless in the failure of a TBTF bank. >>
I would have agreed but not since the bailouts.
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.
<< <i>
<< <i>FDIC insurance is a marketing scam to convince depositors not to worry. FDIC is funded only for small emergencies. If depositors knew the true financial health of their bank they would be very worried, especially with the fact that banks can legally gamble in the markets with depositor money. Banking is the ultimate Ponzi scheme as most deposits have been loaned out and "invested" at many multiples of their true true value. If and when the music stops MOST depositors will not find a chair. FDIC is worthless in the failure of a TBTF bank. >>
I would have agreed but not since the bailouts. >>
What exactly did the bailouts change other than higher FDIC account coverage due to justifiable, increased fear of depositors? The amount of insurance coverage per account is irrelevant if there is not enough insurance money in the event of a large banking failure. Increasing the insurance coverage decreases the number of accounts that can be made whole when the coverage is actually needed. FDIC is set up strictly for sporadic, non-TBTF bank failures. It offers a false sense of security from a banking crisis. Stay tuned, barring another bailout, BOA is getting closer to proving my point. Fact of the matter is earlier bailouts not only prevented the banks from going under, they also prevented depositors from losing their shirts because FDIC would not have put a dent in the account losses.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i> Probably better/safer than a Bank Safety Deposit Box. >>
Gee, I can go to my SDB a few blocks away any day and pull stuff, look at my stuff or add to the pile easily all for a small annual rental charge.
How would this be safer or better than keeping the pile in a local bank?
Thanks. >>
I'll keep mine on hand thank you.
<< <i>Banking is the ultimate Ponzi scheme >>
It's close but I'd have to say the "First Place Prize" still ....goes... to...........(drum roll.).............................Social Security