What you should do when you decide to go for Non-Fungible Storage (Allocated Storage)
Here is what you should do when you decide to store silver in non-fungible storage (allocated storage):
- Search for a suitable bank/dealer: Search for a suitable bank or dealer offering non-fungible storage (allocated storage) as close as possible to your home or place of residence. You don’t want to store your silver in a bank or at a dealer in a foreign country or where you have to travel a substantial distance to access it, especially if you understand the risks attached to silver confiscation, a possible collapse of government, etc. You must be able to remove your silver from storage as fast as possible when required to do so. In fact, if you cannot hold, touch or feel your silver whenever you like, you’re in all probability not making use of the ideal silver storage solution. Yes, you can store some of your silver at a bank or dealer overseas in order to lessen the risks attached to storing it only in one country, but this is only advisable if you can keep it cost-effective. E.g. if you cannot really afford to travel overseas to access your silver, it’s best not to bother storing it there, especially if you’re like us who are admittedly highly suspicious when it comes to any paper or electronic claims. Tip: If you can, rather store your silver at a dealer than at a bank. Banks are so closely involved in the “paper gimmick” that you don’t really want to store your silver with them.
- Consult legal representative(s): Ok, so you’ve searched and found what you deem to be the most suitable bank/dealer for your non-fungible storage (allocated storage) needs. Now before signing anything, you want to consult your legal representative(s) first. The reason being is because contracts can vary substantially. You simply don’t want to sign a contract where the bank/dealer totally indemnifies itself against the theft of your silver due to gross negligence on their part, etc. If they do this and you sign, believe it or not, they will be able to basically do what they like with your silver. If your silver ‘disappears’ or gets stolen under such a contract, you will only have half a leg to stand on in any court of law, and not without going through a process which is emotionally and financially very draining.
- Emergency stash (optional): Ok, so far you’ve found a suitable bank/dealer close to your home or place of residence, you’ve read the fine print of the contract and signed after consultation with your legal representative(s). Now, to take extra precaution and although optional, it is recommended that you build up an emergency stash of silver consisting of 25-100 1 troy ounce silver bullion coins, especially American Silver Eagles. This emergency stash should be securely hidden or concealed at home or in your office so that you can have almost instant access to it in case of an emergency.