Buying Gold: Safe Storage Space?





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

    It seems like gold might be good to have in the near future.

    However, I am concerned about the safe keeping there of.

    Some gold dealers will sell you gold, and keep it safe on your behalf, apparently insured at al.

    However, I am a little concerned that they can sell you gold they don't actually have and since you have not viewed your asset, you need to trust them.


    Keeping it in your own house of course, is not risk free either. I have seen how quick and easy professionals opens a gun safe.


    So, is the storage risk of this commodity worth the "wealth preservation" it can offer?
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    Default Re: Buying Gold: Safe Storage Space?

    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 .

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    Default Re: Buying Gold: Safe Storage Space?

    There is a place in pretoria that advertise on radio now that you can store valuables with them and the savings on your insurance alone will pay for the service. However, if you need to insure / store your investment at R4000 a month its not really gaining momentum ito financial growth unless its bucket full of gold.
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    Default Re: Buying Gold: Safe Storage Space?

    I have ample storage space in my factory. Cranes and forklifts alike.
    All under cameras and alarms
    Just give me a call.
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    Default Re: Buying Gold: Safe Storage Space?

    Jokes aside

    Gold was always a good investment... when you bought at the right time. For now, with the R/$ and gold price so high I will not.

    Things will change in time for the better when the R goes down to R12 and Gold around $1000. Then I will buy again.

    To store? Certainly not in a safe. There are crannies and corners in your house that only you know about. A coin takes very small space.
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  10. #6
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    Default Re: Buying Gold: Safe Storage Space?

    I have X % of my wealth in Gold (in Krugerrands actually), bought when they were cheap (i.e. under 1.000 Ä). Before I did that I made sure what storage cost me at my bank (it is something like 40 Ä a year) and that the whole amount is covered by the banks insurance (it is).

    I know that storing gold costs money; I only own it as last reserve, if you will, so I don't actually really care if it depreciates or gains in value. Rather pay some money yearly for storage in a hopefully secure place, but that must include insurance (otherwise you could just as well dig a hole and bury it )

    Don't store it at home in a safe.
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by biltong View Post
    It seems like gold might be good to have in the near future.

    However, I am concerned about the safe keeping there of.

    Some gold dealers will sell you gold, and keep it safe on your behalf, apparently insured at al.

    However, I am a little concerned that they can sell you gold they don't actually have and since you have not viewed your asset, you need to trust them.


    Keeping it in your own house of course, is not risk free either. I have seen how quick and easy professionals opens a gun safe.


    So, is the storage risk of this commodity worth the "wealth preservation" it can offer?
    If you are serious check the altcointrader site, they sell gold. I used them before (not for gold but for bitcoin) and they are above board.

    From their site:
    "Gold is a store of value. All Gold and Silver on AltcoinTrader are fully backed by physical Gold and Silver. Gold, for example is represented by the Krugerrand and is securely stored off site at third party vaults. If you wish to withdraw Gold or silver in one-ounce units, you are able to do so and will be paid out in Krugerrands. You can choose to have them delivered or collect them from a retail partner in South Africa"
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  14. #8
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    Default Re: Buying Gold: Safe Storage Space?

    Why not just buy gold shares, or a gold index?

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    Default Re: Buying Gold: Safe Storage Space?

    Store it yourself.
    Donít use a safe.

    Create a storage space in an out-of-the-way place such as a hollow door, false bottom drawer or cupboard shelf, hollow table leg, a space behind a curtain pelmet etc.
    Consider the impact of possible fire.

    Make sure you document these locations and leave this in a sealed envelope with a trusted person.
    Done this for many years.

    Oh! Donít sell the table without taking out your goodies first!
    We almost lost some valuables when we disposed of a trousseau kist that had a hidden compartment disguised between the decorative engraving - remembered just in time.
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    Default Re: Buying Gold: Safe Storage Space?

    I am also inclined to think the hiding in plain sight is good.

    Gold stock? I am not comfortable with anything being kept electronic at the moment, accept for debt.
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  19. #11
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    Default Re: Buying Gold: Safe Storage Space?

    Cement the stuff into a paving area or garage floor. But try and not get Alzheimer's.
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  20. #12
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by jelo View Post
    Cement the stuff into a paving area or garage floor. But try and not get Alzheimer's.
    Or taste too much of your home made beer.
    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!)

  21. #13
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    Default Re: Buying Gold: Safe Storage Space?

    My late father placed a lot of his valuables in a safety deposit box in a bank

    Bank was held up

    all valuables gone

    bank just shrugged their shoulders

  22. #14
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by Rean Meyer View Post
    If you are serious check the altcointrader site, they sell gold. I used them before (not for gold but for bitcoin) and they are above board.

    From their site:
    "Gold is a store of value. All Gold and Silver on AltcoinTrader are fully backed by physical Gold and Silver. Gold, for example is represented by the Krugerrand and is securely stored off site at third party vaults. If you wish to withdraw Gold or silver in one-ounce units, you are able to do so and will be paid out in Krugerrands. You can choose to have them delivered or collect them from a retail partner in South Africa"
    This site only deals with Bitcoin which is overly priced...now here is an intangible instrument that carries a huge amount of value compared with tangible commodity values such as Gold and Silver. Go figure this one out...
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  23. #15
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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 .

    Make another plan or the stress will kill you before you can use that gold, at least get it to a place where you can also insure it.
    IMHO keeping it at your house under your bed will be better than having it in some random place where it also doesn't have any insurance, at least it's under your direct control then.

    Either insure it or sell it and rather buy gold shares.
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  24. #16
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    Default Re: Buying Gold: Safe Storage Space?

    No wanting to hijack the thread.....

    Please be careful when you buy.

    Do not make the mistake lots of people make and ONLY look at the dollar price, be sure to factor in the exchange rate as well, as we buy with Rands.

    Secondly, please do not fall into the "trap" of buying gold jewellery as an investment, unless you buy it at raw metal value only.

    This graph highlights what I am saying and is set in Rands and grams, but can be set in any currency and weight denomination.

    It is available on this website if you want o play around with it: https://www.gold.org/goldhub/data/gold-prices
    Attached Images Attached Images

  25. #17
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    Default Re: Buying Gold: Safe Storage Space?

    A friends father had a bunch of uninsured Kruger Rands locked up in his safe at home. 3 or so years ago they got robbed one evening. I can only imagine you open your safe very quickly regardless of what's in it if a perp is holding a gun against your young daughters head and another has a knife to your wife's throat.
    I never quite heard how much those Kruger Rands was worth, how much they lost, but it was in the 7 figures.
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  26. #18
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by PaulWW View Post
    Do not make the mistake lots of people make and ONLY look at the dollar price, be sure to factor in the exchange rate as well, as we buy with Rands.
    Jip, Gold is very expensive now. Certainly no bargain for us.

    However, the stock markets are at serious risk and I do think that gold will then be a safer bet.
    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!)

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  28. #19
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    Default Re: Buying Gold: Safe Storage Space?

    Quote Originally Posted by biltong View Post
    Jip, Gold is very expensive now. Certainly no bargain for us.

    However, the stock markets are at serious risk and I do think that gold will then be a safer bet.
    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.

  29. #20
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    Default Re: Buying Gold: Safe Storage Space?

    I am also inclined towards gold. Not as an investment, but as a safe store of value. The current trajectory in RSA points to the Rand losing ground in future, and a Zim scenario is not excluded. If you look at the gold price vs various currencies, it is basically a flat line with little growth. That is except for our own beloved currency represented by the Red graph. Expect this graph to further deviate in future.
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