Your Gold isn’t always safe in Bank Vaults…or at home! – 2022
When it comes to Gold Bullion, where you store your investment really does matter. For some people, the primary choice for gold bullion storage is banks. However, financial events worldwide continue to prove that your gold isn’t always safe in bank vaults. In 2008, we saw the collapse of Lehman Brothers and the subsequent bailout by the U.S. government has put a spotlight on the safety of our banking system.
The 2008 crisis was caused by U.S. banks taking on too much risk with their depositors’ money, which led to a domino effect when those banks couldn’t meet their obligations. If you think this couldn’t happen in Australia, think again. We’ve seen an unprecedented amount of stress in the Australian banking system, as well as foreign banks doing business here. It’s not hard to imagine what would happen if these foreign-owned institutions went under. And they very well could go under.
It’s important to keep your wealth diversified away from the possibility of any single institution going down. This doesn’t mean you should be putting all of your eggs into one basket! But it does mean you need to have other options available.
If you’re looking at ways to protect yourself during times of economic uncertainty or natural disasters, then Gold Bullion may just be the solution. With physical ownership of gold, it’s yours, and it’s yours alone. You don’t have to worry about someone else being able to take advantage of you while you sleep, and you won’t have to wait until something bad happens before you can get access to your funds.
Security Issues Attributed to Bank Vaults
Recent financial events in different countries have demonstrated just how unstable the banking system is and how governments don’t always have the public’s best interests at heart when economic turmoil arises.
In the United States, for example, the government reportedly seized more than $32 billion worth of unclaimed property in banks including uncashed dividend checks and safe deposit boxes, supposedly in a safekeeping effort.
As reported by ABC News , the banks are required to turn that property over to the state for safekeeping, though, “The problem is that the states return less than a quarter of unclaimed property to the rightful owners.” To make matters worse, one particular client had discovered her loss when she tried to retrieve important paperwork she required for her husband who was dying, but frustratingly found that her documents had been put through a paper-shredder. Furthermore, it was revealed that not all of these properties were unclaimed, which resulted in a class action lawsuit against the state of California in 2008.
Bail-In Laws Spells Trouble for Bank Deposits
Meanwhile, when Greece’s economy collapsed in 2015, many depositors found that they had not only lost their jobs, homes, and livelihoods but also the ability to withdraw funds from their banks, as directed by the government. This has happened in Cyprus as well and there’s no telling how bad things will be should the same economic downturn happen in Australia.
Let’s not forget the bail-in legislation that is currently in effect in various countries in Europe, America and North America and Australia, which practically gives banks free rein on how much to confiscate from their depositors in times of financial crisis. The European Union has declared that all deposit amounts above €100,000 can be reasonably confiscated.
Banks do not offer insurance coverage on their safe deposit boxes and would often require that you place the items you store with them under your home insurance policy. This means your premiums will also increase depending on the value of the assets you keep in a bank vault. Moreover, SDBs in banks aren’t always safe from heists as well as from the nefarious acts of some governments.
Insurance is another very important issue that private vaults pay much more attention to than bank vaults. Although usually fully insured, bank vaults have their general insurance policies that are not specifically tailor-made for vaults. There are certain clauses (usually in small print) that clients need to understand in order to be sure that what they are getting is a true ‘all risk’ insurance for their stored bullion.
Additionally, private vaults are much more transparent than most bank vaults. Most bank vaults either do not allow or make it very difficult for personal visits and audits by clients. By contrast, private vaults in general allow much better ease of access for their clients. There were even some cases where clients could not withdraw their bullion but were offered to be paid in cash instead.
The safest place for your gold is in a privately owned vault. You don’t have to worry about losing your gold if you lose your job or get sick or die. Your gold is completely secure. It is protected against fire, flood, theft, robbery, and other disasters. If you own a home, you may also store your gold at our facility.
Privacy is one of those problems that everyone faces. When it comes to bank safes, it is impossible to prevent anyone from accessing them. But the good news is that even if someone gets into your safe deposit box they won’t get access to your personal information unless you give it to them voluntarily. And even if somebody does manage to gain access to your data, they might not be able to do much with it. In any case, your own bank should protect your information and not report it to authorities because they could also profit from the theft.
One Simple Truth
The simple truth is that people, particularly those in Australia, do not want to risk losing their hard-earned wealth to unforeseen circumstances. Unfortunately, we live in a world laden with many risks that not even digital storage solutions or home security options can guarantee to prevent or solve. While banks offer safe deposit services they are simply no longer enough.
Some banks still do offer safe deposit services but unfortunately all of these come with drawbacks. Banks do not provide insurance coverage. They rarely offer easy accessibility for clients. Many of them have stringent rules regarding who can visit and how. Some of them even take away your gold when you go on vacation.
In summary, there are several reasons why choosing a private vault over a bank vault is a wise decision. Not only will you be able to enjoy peace of mind knowing that your valuables are safe, but you’ll also save money. Private vaults provide a wide range of safe deposit services and all of them are tailored towards the needs of the client. So whether you’re looking for a high quality vault solution for your business, or just a reliable safe deposit service for your family’s precious metals, contact Private Vaults today!
Despite the changes that have occurred in the banking sector over the past few decades, the degree of safety, security, and peace of mind that private security vaults may offer has reintroduced safe deposit box services as a relevant and popular option for people who wish to protect their valuables. This is because: Home safes, burglar alarm systems, CCTV cameras, and home content insurance coverage aren’t always enough to protect high-value items that are important, irreplaceable or apart of your wealth creation strategy. Burglars and thieves are always on the hunt for homes to invade and if you store jewellery, collectibles, fine art, currency, and precious metals in your home, the fact is that you and your family face increased risks.
A More Secure Alternative
Gold bullion storage outside of the banking system is your best bet, when it comes to keeping your bullion investments secure. You need to keep your gold in a place where you can maximise your control over these assets while minimising the access by other entities such as the banks and governments. While this may sound like an expensive proposition, it doesn’t have to be.
The key is to find a reputable company that offers the right level of security and protection for your precious metals. If you are looking for a way to invest in gold without having to worry about what happens if the market crashes or if the government seizes your money, then consider investing in physical gold bullion bars.
While most people think that gold bars are too bulky to carry around, they actually make great travel companions because they’re small enough to fit into suitcases and backpacks. They’re also easy to transport and store, so you won’t have to worry about losing them.
You can buy gold bullion over the phone, 1300 888 782 or you can visit us in Redcliffe, Queensland, Australia.
CNBC pointed out in an article, “Owning gold is one thing, storing it is another,” explaining that storing precious metals at home or in a bank vault is fraught with all kinds of problems, while safe deposit boxes are proven to work and are inexpensive.
Today there are private safe deposit box storage facilities who understand that your gold isn’t always safe in bank vaults. This is why you have many storage services on offer to secure your bullion, as well as for other assets you want to safeguard from potential government confiscation.
Independent facilities like Private Vaults Australia (PVA) are proud to offer secure storage completely separate to the banking system. To learn more about how your gold isn’t always safe in bank vaults, contact PVA or read the the PVA blog for more interesting news, tips and ideas to guide you.
2 Months Free, No long term commitment necessary.* Limited spots available.
My background involves the ownership of many businesses including owning and running multiple Chiropractic offices but mainly focused in Nerang on the Gold Coast for 30 Years.
I have a passion for accumulating and holding Bullion and have done so for many years. My extensive Business skills and Bullion knowledge makes it easy to assist others buying, selling and storing their Bullion.
Peter and Cassie work together to assist anyone from the experienced Bullion Investors to the complete novice. They are here to answer any questions to help you.