I Am Going To Add Some Hard Gold To My Portfolio, Any Advice Out There

OneEyedDiva said:
The tamper evident features are cool. I always wondered how people knew if they were getting the real thing; that was a concern when I considered buying. If you decided to sell, how would you unload the bullion....would you go through the same vendor you bought from?
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Or you can simply buy gold coins from a reputable company. If you do that, you won't have any of those concerns. If you can't safely store them at home, you can rent a safe deposit box.

http://www.kitco.com/
 

many banks will no longer allow you to store gold or cash in your safe deposit box . chase for one banned it and others have followed suit .

also when you want to sell it can be costly to ship and insure . a few coins is no problem but a decent position in a portfolio is a lot to try to store yourself .

you also have no insurance via the bank on the safe deposit box so you would need to insure . double check too , if you take possession some locations charge sales tax on gold coins ny used to but no longer does . when i bought gold eagles and pandas back in the 1980's before i knew better i got hit for sales tax ..

unless you were planning for a zombie attack , if you just want the diversification just use gld in my opinion . it is so much easier
 
mathjak107 said:
many banks will no longer allow you to store gold or cash in your safe deposit box . chase for one banned it and others have followed suit .

also when you want to sell it can be costly to ship and insure . a few coins is no problem but a decent position in a portfolio is a lot to try to store yourself .

you also have no insurance via the bank on the safe deposit box so you would need to insure . double check too , if you take possession some locations charge sales tax on gold coins ny used to but no longer does . when i bought gold eagles and pandas back in the 1980's before i knew better i got hit for sales tax ..

unless you were planning for a zombie attack , if you just want the diversification just use gld in my opinion . it is so much easier
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I've kept coins in a Chase safety deposit box... but that was years ago.

What's the use of paying for a safety deposit box if one can't store anything of value in it ??
 

Big Horn said:
Or you can simply buy gold coins from a reputable company. If you do that, you won't have any of those concerns. If you can't safely store them at home, you can rent a safe deposit box.

http://www.kitco.com/
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I pretty much decided not to bother BH but thanks anyway. As Mathjak pointed out...banks now tell customers that federal law prohibits storing cash in the SD boxes, as I was advised when I opened a new box closer to home. That doesn't mean it isn't done, however. :) I think it's silly but I guess the concern is illegally gotten funds being hidden from the government.
 
KingsX said:
I've kept coins in a Chase safety deposit box... but that was years ago.

What's the use of paying for a safety deposit box if one can't store anything of value in it ??
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you can keep all kinds of things in a chase safe deposit box but not gold , cash or non collectible gold coins. some banks send a bank official in with you so they can check
 
mathjak107 said:
you can keep all kinds of things in a chase safe deposit box but not gold , cash or non collectible gold coins. some banks send a bank official in with you so they can check
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Are you kidding ?!

Talk about "1984" Big Brother !!

No thanks, I'd rather keep my coins hidden in mason jars on a 100 acres property. ;)
 
banks set their own policies . chase has been doing it since 2015 . that is when we got notice the gold and cash has to be removed so don't say no . there is no federal law that mandates it but banks are free to set policy . Chase Bank now has a “Updated Safe Deposit Lease Agreement.” the Bank implemented rules that prohibit box holders from storing money, coin , gold and currency in the box unless it is of a collectible nature. Furthermore, the bank instructed that the total value of all property kept in their box should not exceed $25,000.
 
mathjak107 said:
banks set their own policies . chase has been doing it since 2015 . that is when we got notice the gold and cash has to be removed so don't say no . there is no federal law that mandates it but banks are free to set policy . Chase Bank now has a “Updated Safe Deposit Lease Agreement.” the Bank implemented rules that prohibit box holders from storing money, coin , gold and currency in the box unless it is of a collectible nature. Furthermore, the bank instructed that the total value of all property kept in their box should not exceed $25,000.
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That isn't true.
 
this took place in 2015 when they started it and they can see right in your box via cameras when you take the box out and open it . and they reserve the right to have a bank employee accompany you . you also agree that if you get caught storing anything not within the terms of the lease it can be confiscated .

personally not worth even getting involved with . if it was a few coins i would keep it at home . anything more and i would pay to store it properly and have it insured in the process too . i used to store my eagles at the bank of Delaware through fidelity investments . i think storage and insurance was less than 1% a year . ..

with the etf's like gld or iau now , i have zero reason for not buying my portfolio positions through them .. my current gold position is multiple 6 figures so there is no way i want that in my possession
 
mathjak107 said:
this took place in 2015 when they started it and they can see right in your box via cameras when you take the box out and open it . and they reserve the right to have a bank employee accompany you . you also agree that if you get caught storing anything not within the terms of the lease it can be confiscated.
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No, it can't be. Show me that in the law.
 
it is not a law .... i never said it was a law . it is bank policy and they are fully within their rights to do so . it is in the contract you agree to when you sign the box rental agreement , that you will not store forbidden items, it is no banking law . geesh!
 
mathjak107 said:
you can keep all kinds of things in a chase safe deposit box but not gold , cash or non collectible gold coins. some banks send a bank official in with you so they can check
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I had a safe deposit box at Chase for several years. Finally switched to TD because Chase's rates got ridiculous, even with my "discount", TD's rate is half the price and the bank is within walking distance. I don't remember anyone at Chase telling me I couldn't store cash but that was so long ago. I was told that when I opened the box at TD last year, however. I never had a bank officer do anything but access my box for me...never heard of anyone going in one of those little rooms with the customer with one exception. When accessing the box of a deceased person, an auditor is sent in to see the contents of the box. At least that's what they did when my father passed away in 1984. I believe they still do it.
 
chase started the no cash no gold thing in 2015 but i think most were effected in 2016 . they don't send anyone with you but they do reserve the right to have someone accompany you to open it , just like you agree to it that anything not permitted can be confiscated or turned over to authorities .
 
mathjak107 said:
it is not a law .... i never said it was a law . it is bank policy and they are fully within their rights to do so . it is in the contract you agree to when you sign the box rental agreement , that you will not store forbidden items, it is no banking law . geesh!
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mathjak107 said:
chase started the no cash no gold thing in 2015 but i think most were effected in 2016 . they don't send anyone with you but they do reserve the right to have someone accompany you to open it , just like you agree to it that anything not permitted can be confiscated or turned over to authorities .
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First you say it's not a law, but then you say they can "turn it over to the authorities."

I wasn't going to answer any further posts, but this was too silly to ignore.
 
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yes , it is exactly what it says . if they suspect it is hiding money or gold when there terms prohibit it they can consider that suspicious activity because you are doing what they prohibit so there must be a reason and they can turn it over to authorities and let them research the sources . it is right in the agreement you agree to .

why are you so animate about breaking the rules chase set in place ? you make no sense , it is what it is and it clearly states it . this is a waste of my time with you

page 6 states it ....

http://www.rmegold.com/dl/chase-letter/Chase-Deposit-Box-Letter.pdf
 
mathjak107 said:
yes , it is exactly what it says . if they suspect it is hiding money or gold when there terms prohibit it they can consider that suspicious activity because you are doing what they prohibit so there must be a reason and they can turn it over to authorities and let them research the sources . it is right in the agreement you agree to .

why are you so animate about breaking the rules chase set in place ? you make no sense , it is what it is and it clearly states it . this is a waste of my time with you

page 6 states it ....

http://www.rmegold.com/dl/chase-letter/Chase-Deposit-Box-Letter.pdf
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The letter that you sent me is five pages. There is no page six nor any mention of authorities.
 
really , no mention of authorities ? go to page 2. it says

"you agree that we may turn over to any law enforcement agency or gov't agency any object of yours which we believe at our sole discretion to be prohibited by the terms of this lease and we will bear no liability for doing so

you forfeit all rights to any contents stored in the box that are not permitted by the terms of this lease.you hold us harmless for any loss or liability for any actions we take at our discretion with respect to any non permitted contents ."


so there you go , when you sign it you agree .
 

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