The Best (and Worst) Places to Store Silver
Source: SilverSeek, Jeffrey Lewis (1/27/10)
"Although silver was never made illegal to own, the possibility is most certainly there."
Never Store Bullion in Safety Deposit Boxes
Anyone who lived through the Great Depression knows a safety deposit box is one of the worst places to store bullion. Although they are generally regarded as the safest place to store valuables, they aren't always safe from the law. In 1933, then President Roosevelt made it illegal for U.S. citizens to own more than $100 worth of gold.
As a result, safety deposit boxes of wealthy individuals were seized, and federal marshals were deployed into private banks to watch customers open their boxes. The contents were routinely examined, and the gold was immediately converted into paper currency. Very few gold coins survived the era, and the few that did are so rare that they fetch anywhere from $2,000 to $30,000 each.
Although silver was never made illegal to own, the possibility is most certainly there, especially in times of extreme hardship.
Don't Bury Precious Metals
Avid silver collectors and "gold bugs" recommend burying silver and gold to protect it from robbers and the government should bullion possession again be made illegal. Unfortunately, silver is the metal most prone to corrosion and loss of value.
A Bolted Safe Is Best
There is no better solution to safely storing your silver than a heavy safe in your own home. Not only is it in your possession at all times (unlike a safety deposit box), it is also kept safe from the elements and is incredibly difficult to steal. Ideally, the safe should be bolted to the ground in the least elevated part of the home, such as the basement.
Holding physical silver in today's inflationary economy is a smart strategy, and finding the right place to store your investments will help protect your wealth.