Reason #1 – PRIVACY:
Banks require clients to provide their social security number and a photo identification as a condition for renting a safe deposit box. Your information is then filed in the bank’s central data system. This information can be easily accessed by government agencies (such as the IRS) or attorneys armed with court orders. If no one is aware you have a safe deposit box, the contents (your gold) are much safer.
In 1933, President Roosevelt issued Executive Order 6102 requiring all citizens to turn in their gold for paper money or face a fine of $10,000 and/or 5 years in federal prison. As government chartered institutions, banks are now required to file “suspicious activity reports”. In a future “financial emergency” these reports could be expanded to include persons who are “believed to own gold in violation of federal law”. U.S. Private Vaults is not subject to federal banking laws and would only cooperate with the government under court order. Fortunately, the Fourth Amendment to the U.S. Constitution is very specific about search and seizure. There are no blanket search warrants or “fishing expeditions” allowed.
Reason #2 – A Collapse of the Financial System:
In the event of a financial crisis, the government could declare a “bank holiday” to “protect” the system. If this were to occur, the ability to access your gold at a crucial moment would be impacted. U.S Private Vaults is not subject to bank holidays and would therefore remain open.
Reason #3 – Cyber Terror
Secretary of Defense Leon Panetta recently stated that the next “Pearl Harbor” is likely to be a “cyber attack”. If this attack were launched against the banking system, client data (such as records relating to the ownership of your safe deposit box) could be lost. At the precise moment when gold would be most important for your financial survival, it would be beyond your reach.
Reason #4 – Civil Unrest
As economic conditions deteriorate, people become desperate. Will we see a time when “the 1%” i.e. anyone who appears to be successful/prosperous become targets of the 99%? Many successful people have installed home safes to keep their gold and other valuables as an alternative to dealing with the banks for the aforementioned reasons. Unfortunately, they may be making themselves a target for violent home invasions. While the safe may be secure, what would occur if the life of a loved one was threatened unless the safe was opened?
A PRIVATE safe deposit vault such as U.S. Private Vaults offers the safety of a bank (without the disclosures) while avoiding the inherent risks of keeping gold and other precious assets at home.
Share this Post