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  1. #21
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    Default Re: Buying Gold: Safe Storage Space?

    A question that bothers me: if I want to exit the country with a significant number of Kruger Rands (let's say R1 million worth), what is the protocols at the port of exit (customs)? Can I take it out in my wallet or carry-on bag?

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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by LouisF View Post
    A question that bothers me: if I want to exit the country with a significant number of Kruger Rands (let's say R1 million worth), what is the protocols at the port of exit (customs)? Can I take it out in my wallet or carry-on bag?


    Befriend the president, then you can take out just what you want, when you want.

    In all seriousness, legally you won't be able to just take it in your gatsak, the max physical cash you are allowed to take across boarder is R25K and I'm sure Kruger Rands will also fall under this.
    It's in pubs where the world's greatest ideas begin.

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  4. #23
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    Default Re: Buying Gold: Safe Storage Space?

    I used to have a home gym that could only be removed from the room if totally dismantled.
    I stored all small valuables inside the square tubing. Take the end caps off, place items inside, close cap.

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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by Frog View Post
    I used to have a home gym that could only be removed from the room if totally dismantled.
    I stored all small valuables inside the square tubing. Take the end caps off, place items inside, close cap.


    Just very important if you do something like this that your wife as well as another trusted friend / family member know about it. Same as having a will but nobody knows about it or where you stashed it.


    As an example, way back my grandfather stashed his car's spare key. After he passed away we couldn't find it when the car had to be sold, after that we moved my grandmother to a different house and still didn't get the key, and to this day we still haven't found it even though my grandmother again moved to another place. He must have hidden it somewhere in that original house.
    It's in pubs where the world's greatest ideas begin.

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    Default Re: Buying Gold: Safe Storage Space?

    And the are of course other possible "golds" to that are much less risky to store.
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  7. #26
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by LouisF View Post
    A question that bothers me: if I want to exit the country with a significant number of Kruger Rands (let's say R1 million worth), what is the protocols at the port of exit (customs)? Can I take it out in my wallet or carry-on bag?
    Have a chain made and put it around your neck.......just talk like a rapper when you get confronted
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  8. #27
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by PaulWW View Post
    The words "safe & bet" used simultaneously about sum it up nicely at the moment!!

    Really a rocky ride we just need to weather I am afraid.
    Unfortunately yes.

    I think only time will tell who was lucky.
    1999 Discovery 1, 300 Tdi - "Tink Tanky"
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    "Logic is a systematic method of coming to the wrong conclusion with confidence."

    "A technician will let a system degenerate to the level of his understanding and maintain it there."

    "...it is abundantly clear that you are an arrogant C-nut." - Estee. (I was overwhelmed. It was the nicest thing someone has said to me in a week!)

  9. #28
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    Default Re: Buying Gold: Safe Storage Space?

    Rather buy gold based ETF ?
    Answering the call of the wild is just so much beter than answering the telephone.
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  10. #29
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    Default Re: Buying Gold: Safe Storage Space?

    FNB will store your Kruger rands for a very small annual fee.

  11. #30
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    Default Re: Buying Gold: Safe Storage Space?

    I know of someone who dug up the floor in their home, buried their gold coins in various locations around the house, and then re-tiled the whole floor...
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  12. #31
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by andrewdjulyan View Post
    FNB will store your Kruger rands for a very small annual fee.
    And then they get robbed....

    Happened in a prominent case not too long ago. People lost everything.
    1999 Discovery 1, 300 Tdi - "Tink Tanky"
    2004 Discovery 2 Td5 - "Blink Tanky"

    "Logic is a systematic method of coming to the wrong conclusion with confidence."

    "A technician will let a system degenerate to the level of his understanding and maintain it there."

    "...it is abundantly clear that you are an arrogant C-nut." - Estee. (I was overwhelmed. It was the nicest thing someone has said to me in a week!)

  13. #32
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by biltong View Post
    And then they get robbed....

    Happened in a prominent case not too long ago. People lost everything.


    Yes I actually wanted to mention this FNB robbery earlier, it was 2016 https://businesstech.co.za/news/bank...-r121-million/
    It's in pubs where the world's greatest ideas begin.

  14. #33
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    Default Re: Buying Gold: Safe Storage Space?

    SA gold coin exchange offers storage for around R100 pm. ALso sell Krugers.
    I wish I could trust the bank safety deposit box, but in our city a prominent businessman lost millions of Kruger rands from his safety deposit box.. Many millions, with apparently no recourse, stolen by a bank employee who is now in jail I believe.

    https://ewn.co.za/2019/04/16/former-...nced-in-august
    D
    Last edited by IanK; 2020/07/10 at 03:14 PM.

  15. #34
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    Default Re: Buying Gold: Safe Storage Space?

    My 2c worth to bear in mind - If the Banks get robbed and it is in a safe deposit box or if it is in a safe box elsewhere and gets stolen it is gone, also if there is another strict lockdown and one is restricted to your home you ain't gonna get near it and you might need it to barter for food, etc if worst comes to worst. If you have gold shares or ETF or whatever and the stock exchange collapses or is closed as has happened in Zim, you are also stuffed, so to me the only option is to have the physical stuff where you can access it personally and your immediate family also knows where it is in case you walk under a bus. It also still needs to be accessible if your home gets burnt down by some mysterious means.
    kind regards
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  17. #35
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    Default Re: Buying Gold: Safe Storage Space?

    Is it possible to buy Kruger Rands but keep in a vault in Switzerland?

  18. #36
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    Default Re: Buying Gold: Safe Storage Space?

    There is a company that uses the old US Embassy building as a storage facility for valuables. You can rent a safety deposit box there and I told the premises are far more secure than most banks.

    There is always the issue of an inside job though I guess.
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  19. #37
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by LouisF View Post
    A question that bothers me: if I want to exit the country with a significant number of Kruger Rands (let's say R1 million worth), what is the protocols at the port of exit (customs)? Can I take it out in my wallet or carry-on bag?
    Afaik RSA passport holders can carry 1.5 ounces of gold out of the country vs foreign passport hilders can carry 15 ounces out.
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  20. #38
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    Default Re: Buying Gold: Safe Storage Space?

    For physical gold I don’t trust anyone to store it for me. I am a firm believer of “security by obscurity”, i.e. in some nook or cranny somewhere. Definitely not in a safe.

    Just don’t forget where you put it.
    Last edited by boerbok; 2020/07/11 at 03:11 PM.
    Hans

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  22. #39
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by plunger View Post
    I still dont understand the allure of gold.I took some out of a major bank in the center of Durban before lockdown as I was worried about a complete breakdown . This was on the last day. The bank only cost R200 a year. They informed me the service is not available anymore so only existing clients can use the facility.
    I put it in a major mall in a private vault. The cost is about R4000 a year. The risk is all yours. I have to tell you I feel uncomfortable as the offices are actually in the vault.
    If I go back in six months time and the pigeon box is empty I have absolutely no recourse as the risk is all mine.
    Not only that but the pigeon boxes look very easy to get into. I watched the locksmith break into one in the old bank as I lost my key . It took him ten minutes to actually change the lock and the old one looks very substantial.
    Its a big dilemma .
    Plunger-I am guessing that your hoard of gold is tucked away at IBV at Gateway? (-right there near Mt Edgecombe, where ChopperTown used to be!).

    Now,-and I'm open to correction, but I believe Vivian Reddy -big businessman/skelm and crony of Zuma et al-is the holder of that franchise and key of IBV Vaults. - many bling car-shows etc. held there for/by him -always featuring his collection of supercars and bleached wife!

    He fancies himself a bit of a 'Bond 007' type-fella 'n all, so if anyone gets their grubby hands on your gold, -for a good story to tell - it may as well be him!

    Personally, though, I'd be very reluctant to have my stash held by this character-and under those terms - especially knowing how smart the Durban Phoenix/Stanger criminal uncles are!

    -A well planned heist with a few cash-heist gangs co-operating could see that place successfully targeted quite easily, I think .......

    I'd go for the well tucked away nook in your house/garden/private island -with a sealed treasure map to be given to your wife/family in the unfortunate event of your untimely demise!


    Read about Vivian Reddy here.....

    https://mg.co.za/article/2016-09-16-...-nuclear-deal/

    https://mg.co.za/article/2012-11-23-...ic-benefactor/

    https://www.indianspice.co.za/2019/0...-vivian-reddy/

    https://www.dailymaverick.co.za/arti...-vivian-reddy/

    https://mg.co.za/article/2016-09-16-...-nuclear-deal/

    https://www.news24.com/news24/southa...gular-20170715
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  23. #40
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    Default Re: Buying Gold: Safe Storage Space?

    EISH !
    I still think an ETF on or offshore would be better, especially if USD based.
    Answering the call of the wild is just so much beter than answering the telephone.
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