After seeing 50+ houses burn down

[quiksilver]

I went out and got another safety deposit box. I figure there is less of a chance of the government taking my stash as there is of a house fire taking it. After seeing the devastation on tv and some first hand I can tell you even if a safe survives certain catastrophes it will cost an arm and a leg to reclaim it from the rubble.

 

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[ParisRoubaix]

Most goes in my SDB, I only have a small stash at home and when I have a chance I bring it to the SDB for safe keeping.
The destruction was incredible and some are still without power, I would have up and moved my whole family if I were in that situation.

 

[Generic_Lad]

You don't have to take both of those risks though, its quite possible to store your PMs overseas (or at least in Canada!). Granted, the cost depends on how much you have, if you've got a couple rolls of '64 Kennedies its unlikely to be worth it, but if you've got a couple hundred or thousand ounces it might be worth it. Other than countries in the Eurozone and known corrupt countries in Africa, nearly any other country is safer for your PMs than the US.

 

[Dark]

You don't have to take both of those risks though, its quite possible to store your PMs overseas (or at least in Canada!). Granted, the cost depends on how much you have, if you've got a couple rolls of '64 Kennedies its unlikely to be worth it, but if you've got a couple hundred or thousand ounces it might be worth it. Other than countries in the Eurozone and known corrupt countries in Africa, nearly any other country is safer for your PMs than the US.

Where do you recommend someone stores their precious metals?

 

[Generic_Lad]

Where do you recommend someone stores their precious metals?

Diversity.

Every storage method has pros and cons. And there is no magic bullet.

You could store your PMs in a small safe at home, this allows easy access to them in a time of need and very low cost but leaves you open to burglary and any major natural disaster and their aftermath (for example, a major hurricane or earthquake might create widespread fires, etc.). While some safes are rated as "fireproof" the heat from the fire will most likely melt plastic slabs and may even damage the coins inside, requiring very expensive conservation.

You could store your PMs in a large safe at home, this nearly eliminates the risk of burglary (most thieves aren't going to be able to haul out a very large safe that is bolted to the ground!) but still leaves you at risk for natural disasters. Also, if you don't have a very large collection of valuables it can be very expensive.

You could bury your PMs in your yard. If stored in a suitable container they can remain nearly untouched if fire, flooding, etc. ravages your home, however, recovery isn't always guaranteed and in an unsuitable container your coins could be damaged quite easily. For example, you wouldn't want to bury a MS-67 Morgan, though the silver content isn't going to be affected so if you have "junk silver" or bars/rounds it is a potential way of storing them.

You could store your PMs in a domestic safe deposit box. In general, these are safe against robbery and natural disasters and are quite cheap. However, your PMs are not accessible if the bank is closed either due to hours (chances are you won't be able to get in your SDB on Sundays or after 5:00 or earlier) or due to a national disaster. You also run the risk of the government doing a repeat of the gold confiscation of 1933 and have to trade out true money for fake, fiat dollars.

You could store your PMs abroad in jurisdictions such as Hong Kong, Singapore, Canada or Switzerland. You are quite safe from robbery, natural disasters and government confiscation, however you have limited physical access to your PMs (shipping can take a while) and it is very expensive.

You could forsake physical PMs and just trade in ETFs, these are highly liquid and have less of a premium than numismatic bullion such as Eagles, but you lack the ability to use your PMs as true money, but at the same time you are immune to natural disasters, robbery, and its cheap.

Which one is the best just depends on your personal views. Someone who views silver as money is unlikely to want to hold silver ETFs, but someone that views silver as overvalued and the natural price for silver is in the $10/tOZ range might make a fortune shorting silver ETFs. If you believe the government is ready to seize your silver and you've got a sizable amount, sending it offshore might be your best bet for the peace of mind it offers, however someone with only 3-4 rolls of junk silver is unlikely to gain any benefit with storing it overseas rather than just storing it at home in a small diversion safe. Etc.

Different people have different views and as such will have different philosophies on which is the "best" way to store PMs.

 

[red89]

I know a guy who has a very large gun safe in their basement (probably around 1000 lbs) and he went as far as to weld rebar or something to the bottom, then pour concrete over that. I don't see how anyone can steal anything in there unless they have the combo...or a jackhammar, a few really strong guys, and a u-haul.

 

[fistfulladirt]

I don't see how anyone can steal anything in there unless they have the combo...or a jackhammar, a few really strong guys, and a u-haul.

Or any armed theif with a gun to the head of the homeowner. Can't convince me to keep my PM's piled up in a home safe.

 

[lovewiibrew]

People can do what makes them feel comfortable. Personally, I don't trust leaving my PMs in the bank with a potential economic/financial collapse looming.

 

[OnARoll]

Convert all of your silver to gold and have it surgically implanted inside your body

 

[usandthem]

Convert all of your silver to gold and have it surgically implanted inside your body

Just call me Goldmember.