where do you store your metals?

[ihsv]

The IRS suggests keeping them in a safe deposit box at your bank.

Just sayin'

 

[Matt Collins]

LOL, I just saw that the other night.

"I TOLD YOU NOT TO FORGET MY FATHER'S WATCH!! DO YOU KNOW WHAT HE WENT THROUGH TO GET THAT TO ME??!!"

(his father died of dysentery from hiding the watch up his ass)

That sounds painful.


What movie was this?

 

[moostraks]

The IRS suggests keeping them in a safe deposit box at your bank.

Just sayin'

rofl....The gubermint is your friend!

 

[dannno]

That sounds painful.


What movie was this?

Pulp Fiction.


Some of the best lines ever in that movie.

Bring out the Gimp!!

 

[ArchPaul]

That sounds painful.


What movie was this?

The scene

 

[DFF]

Some at home, some in my safety deposit box at my local community bank.

 

[tmosley]

This was the FIRST thing I thought of when I saw this thread.

 

[ArchPaul]

This was the FIRST thing I thought of when I saw this thread.

Walken deserves an Oscar for that scene. How anyone could do it with a straight face is a genius!

 

[slamminshaun]

Considering the potential confiscation risk, why would anyone publicly announce where they're keeping it?

 

[DFF]

Other than the watch up the ass, nobody's provided specifics.

 

[WRellim]

Other than the watch up the ass, nobody's provided specifics.

Probably because it is utterly foolish to do so (other than to your heirs... don't want that whole "Brinker Family" tragedy to reoccur because you didn't tell the wife & kids which tree you buried the bag of gold underneath... just sayin!)




But if you want "specifics" -- well, I keep a LOT (most, really) of my metal buried in the walls of my home; I cunningly purchased it in long sections of small, relatively thin diameter cylindrical form, grouped together with 2 or three other sections of similar size and grade, and then coated with a plastic "wrapper" -- and then even MORE cunningly, I have had it connected up to an electro-magnetic potentiality system that performs a bit of "magic" on the outer surface of those long, thin cylindrical sections -- shifts the metal's electrons there back and forth in a sinusoidal fashion at a rate that is essentially 60 times per second!

Cool, I know.

Even more cool though is that the OTHER ends of those sections of metal are hooked up to these plastic covered spade terminal thingees that are scattered all over the house, and I can connect lots of other magical devices, with a variety of things in them that use those shifting electrons to do a whole host of things, from generating heat to creating illumination, still others empower rotary-motion devices that I can then harness for a lot of useful tasks, and perhaps the most amazing of which I can use to flip on and off literally billions of different "settings" within the device (which leads to so many amazing things that there really isn't enough room here to describe them!)

 

[politicsNproverbs]

This advice from Larry Bates, FAMC:

Storage of Precious Metals

The following are suggestions and instructions for the storage of you precious metals:

1. Safe Deposit Boxes
Although bank deposit boxes are the most convenient avenue for storing your precious metals, eventually it will become necessary to bring them home. It is simply a bailee/bailor relationship. Due to this fact, you are only renting secured space and we should be more concerned with confiscation rather than bank closings. What you keep in your safe deposit box is not legally consuetude to be the asset of the bank. When silver prices reach $25-$50 per ounce and gold reaches $1,500-$2,000 per ounce, the market is telling us that things are not right in the economy and it is time to bring them home.

2. Personal Safes
Owning your own safe is another option for protecting precious metals. We must make sure that any safe we buy is heavy enough that it cannot be easily removed. Small "fire proof" cash boxes will not do. Another rule of thumb is to try to purchase a safe that resembles an ordinary bank vault. Try to find a safe that has at least 3/8 inch steel as well as door bolts that run throughout the door. Please feel free to call any FAMC economist or consultant for assistance in purchasing the right safe for your needs.

3. Underground Storage (Midnight Gardening)
In periods of extreme economic and civil disorder, many folks may desire to become "midnight gardeners." If you are planning on burying precious metals, there are a few steps that should be taken to insure protection of the metals from other people as well as the elements. The following is a list of items recommended for underground storage:

A. PVC pipe (4" to 12" in diameter and at least 5 feet long)
B. PVC end covers
C. PVC sealant for end pieces
D. Silica gel or crystals(can be found in hobby shop-used to dry flowers)
E. Old iron pipe

Before sealing the pipe, use a porous cloth as a bag for the silica in order for it to absorb any moisture. Make sure to place the bag inside the PVC pipe while in storage. Obviously, it is not suggested to completely fill the pipe. Also, do not store all metal holdings in one place. It is recommended that the PVC be buried approximately 5' to 6' deep. Bury the iron pipe one and a half feet above the PVC. Make sure all your metals are individually wrapped or kept from being loose and scraping one another in the process. Always remember the location of the pipe for later retrieval.

The most important element of security is secrecy. Be vary careful with whom you share information about you holding. If you need further ideas for storage or security, please contact your staff economist or consultant at either FAMC office.
[...]

FAMC, Inc.
3400 Players Club Parkway
Memphis, TN 38125
1-800-325-0919
Fax 901-761-5901
Website: http://www.famcinc.com/

More google Links for the backyard idea, which seems to me to be the only really "safe" thing to do:

Midnight Gardening your coins:
http://www.google.com/search?hl=en&q=Midnight+Gardening+coins&btnG=Search

 

[politicsNproverbs]

Off topic question:

Since I cannot start a thread (I still don't understand that), how can I ask a question re: coin collections? Any wizard/experts on this forum on that subject?

We recently learned our uncle died and he evidently had a coin collection that he left in his Will for all the neices and nephews (17 in all, so unless he had a literal "pot of gold," we're not holding our breath on a big inheritance ;-) .

At the above Larry Bates' FAMC site, he says this about "Rare Coins" (and I am "assuming" that the coin collection of an 84-year-old man, would consist of "rare coins" - ? ):

Rare Coins
Rare coins should comprise no more than 10% of your entire precious metals holdings as a rare coin's worth is based more on its numismatic or collector value rather than its precious metal content. This market is very limited and can be manipulated by a few large dealers or telemarketers who offer "specials" or "newly discovered hoards" of coins. Many use the promise of great return on "high powered" rare coins to motivate the greed factor, but usually the only thing high powered about the coins is the salesman's commission and the only thing rarer than the coins is a buyer for them when you get ready to trade or liquidate. Call an FAMC economist or consultant for specific recommendations relative to current market trends.
[...]
FAMC, Inc.
3400 Players Club Parkway
Memphis, TN 38125
1-800-325-0919
Fax 901-761-5901
Website: http://www.famcinc.com/

That doesn't sound promising, lol.

I'm not the executor of the Will, of course. She is some neighbor who lived near our uncle out of state. So I also wonder, what if she doesn't know squat about liquidating a coin collection, and goofs up the deal?

 

[Mahkato]

Just a small sample of my collection.

I still need to build another cell for the rest of it.

You should come over to my place some time. If you want, I can store a few stacks for you; I have a bit of room on the top shelf.

 

[LibForestPaul]

Pulp Fiction.


Some of the best lines ever in that movie.

Bring out the Gimp!!

Which one is the Treasury Officer and which one is Homeland Security. I suppose the first is Homeland Security, since he wants English spoken.

 

[Bruno]

Off topic question:

Since I cannot start a thread (I still don't understand that), how can I ask a question re: coin collections? Any wizard/experts on this forum on that subject?

We recently learned our uncle died and he evidently had a coin collection that he left in his Will for all the neices and nephews (17 in all, so unless he had a literal "pot of gold," we're not holding our breath on a big inheritance ;-) .

At the above Larry Bates' FAMC site, he says this about "Rare Coins" (and I am "assuming" that the coin collection of an 84-year-old man, would consist of "rare coins" - ? ):



That doesn't sound promising, lol.

I'm not the executor of the Will, of course. She is some neighbor who lived near our uncle out of state. So I also wonder, what if she doesn't know squat about liquidating a coin collection, and goofs up the deal?

You should be able to start a thread. PM Bryan or Josh if you can't.

Have you tried a local coin shop to appraise the coins?

 

[politicsNproverbs]

Thanks Bruno!

Thanks Bruno!

Our deceased uncle and his now-executrix neighbor lived/live in another state, so I don't know if she took the collection to a local coin shop yet. I don't know his neighbors, but I hear they are nice. There is an attorney in between (whom she hired) who sent the notices, copy of the Will, etc. (which didn't say much, except the coin collection and any residuary estate was to go to the neices and nephews in equal share, yet he knew there were a lot of neices and nephews -- 17 at the latest count -- so who knows... )

In the one sentence re: the coin collection, it says "California and Silver." Does that mean anything? Does California mean gold or silver? It says California AND Silver (?)

I'm curious if the coins are bullion or numismatic, etc. etc. But don't want to bug the executrix. :o I wish I had a list of the specifics of the collection... I'd head over to Heritage http://coins.ha.com/ or elsewhere online, and see what I could find as comparison.

Initially I thought it couldn't possibly be worth much, he lived rather "frugally" from what I understand. So unless he was stuffing money under the mattress...lol. Then again, when we were kiddies and he lived in WPB, he either worked at, or played the stock market there. When we would walk him to work, he would talk about "stock market" on the way, which was the first I ever heard of it at 8 years old. He was the "utlimate bachelor" with a boat, did a lot of outdoor/camping type traveling. Later he was into mutual funds, and worked for the feds at SSA until his retirement. But there's no mention of stocks or anything like that in the Will.

Alas, patience is a virtue. But my "investigative nature" wants to take off running on this, lol. I'd rather "hurry up and know" if there's nothing there worth getting excited over.

-------------------

And thanks for the tip re: emailing Bryan or Josh. I know one of them explained the "thread starting rule" to me maybe a year ago or so in an email, but I can't remember what it was.

 

[Scribbler de Stebbing]

In the one sentence re: the coin collection, it says "California and Silver." Does that mean anything? Does California mean gold or silver? It says California AND Silver (?)

There were California gold coins at one time, around the time of the gold rush. Don't know too much about them, but you can google. Rattling around in my brain is the notion that fakes were also produced during and after that time, so do have them tested if that's what they are.

 

[tremendoustie]

Off topic question:

Since I cannot start a thread (I still don't understand that), how can I ask a question re: coin collections? Any wizard/experts on this forum on that subject?

We recently learned our uncle died and he evidently had a coin collection that he left in his Will for all the neices and nephews (17 in all, so unless he had a literal "pot of gold," we're not holding our breath on a big inheritance ;-) .

At the above Larry Bates' FAMC site, he says this about "Rare Coins" (and I am "assuming" that the coin collection of an 84-year-old man, would consist of "rare coins" - ? ):



That doesn't sound promising, lol.

I'm not the executor of the Will, of course. She is some neighbor who lived near our uncle out of state. So I also wonder, what if she doesn't know squat about liquidating a coin collection, and goofs up the deal?

Don't get gyped.

I'd post an inventory here, and we can give a rough idea, based on online research if nothing else.

Of course, quality can be subtle and important, but at least you'll have a basic idea.

I would certainly never trust the word of one expert. Make sure you get two or three people to look at it separately, and make sure they come up with similar numbers.

 

[politicsNproverbs]

Thank you Scribbler!

Ha, the California Gold Rush... sounds very exciting.... gives me visions of Bonanza, lol. A very quick google (zonking out here, too tired to really dig) seems to show those weren't worth toooo much. The "Fractional California gold" seem to be worth more.

And I would hope ("assume") the executrix will have them tested. Since I've never been a beneficiary before, I don't know the protocol for these things... don't want to be a butinsky. ;-/