The importance of proper silver storage has recently surfaced when the owner of a storage unit has lost access to a storage unit after failing to pay rent towards the relevant storage unit. In fact, he/she has lost gold and silver worth $500 000 as a direct result of it.
Very few South Africans might be aware of Storage Wars, but it is a U.S.-based reality show that “…involves people bidding on abandoned storage units at auction in the hopes of discovering high dollar items after the renters of the units have defaulted on their monthly payments” (Man Finds $500,000 In Gold and Silver After Purchasing Abandoned Storage Unit at Auction, Wealth Wire, 17 November 2011). Now to make a long story short, recently at an auction held by American Auctioneers, which is a company that is featured on Storage Wars, a man has won the bid to become the owner of any content that can be found in such an abandoned storage unit. In fact, it cost him $1100 to be exact, but it was money well spent, considering that he discovered gold and silver worth $500 000 in the relevant storage unit. This was not captured on camera, but word is out that the lucky bidder found no less than “…16 gold Spanish coins, silver Spanish dollars, and several gold and silver bars” (Man Finds $500,000 In Gold and Silver After Purchasing Abandoned Storage Unit at Auction, Wealth Wire, 17 November 2011).
Now it simply doesn’t make sense that anyone in his/her right mind will store gold and silver to the tune of $500 000 in a rented storage unit, deliberately default on rental payments, losing control of the storage unit and its contents in the process, if something serious has not happened. The owner might be terminal sick or dead for that matter! Nonetheless, this shows that it is best not to keep one’s bounty in a storage unit on the premises of a third party. In fact, this shows the seriousness of selecting the silver storage option that works best for you, both in terms of cost and risk.