Re: Secure Storage for Physical PMs OUTSIDE the banking arena
in response to
by
posted on
Jan 03, 2011 06:22AM
Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
i second that request. Unfortunately if you have 1 ton of silver you 'll need too many mayo jars. Here are my brief findings:
BMG (bullion management group) out of Toronto will store and independently audit your hoard at...get this...scotia bank....for 1.5%. I'd be ok with this but their fees are astronomical.
Goldmoney uses Kitco as a gateway to certify your gold, if you don't buy it direct from GM and charges a mere .5%....not bad.
A bank in zurich charges a mere .345%, which is the normal fee for private banking there. However i have VAT issues with silver NOT gold. To sell silver, Swiss charges VAT, but not on pure gold....interesting huh!
For me none of these work...for various reasons. I have mine currently stored at johnsonmatthey and some in a massive safe..."somewhere."
I'm in bangkok also looking at some options and have essentially narrowed it down to diviying up your hoard among 3 or 4 countries , ie: Canada, Thailand, Panama? (im going there to meet Simon Black privately in Feb), and maybe an offshore island if you can find a good reliable place. The other thing for me is to wait a bit, and convert at least a quarter of my silver to gold and then storage becomes vastly easier.
If you don't know simon, he used to be with Casey research doing the Without Borders, but now he runs the Sovereign Man letter....I think he's got his head on straight.