The ideal safe deposit box for precious metals
Maximum discretion and bank independence outside the EU
Gold bars, coins and white precious metals are very popular asset preservation options for savers and collectors. Tangible assets can offer versatile protection against inflation, stabilise pensions, and offset risks and losses. At the same time, investments held at home are a high theft risk. That’s why protected, value-preserving storage is really necessary. A private safe deposit box for precious metals in Switzerland or Liechtenstein offers an ideal solution. It provides maximum discretion and can be managed outside the banking system in a secure non-EU jurisdiction.
A furniture or wall safe at home may appear to offer plenty of security and would probably be a better option than hiding your valuables below ground in the garden. However, burglary statistics reveal that most home safes offer inadequate protection against break-ins or theft. A bank safe deposit box largely compensates for these shortcomings, but other risks and disadvantages then come into play: Bank failures, financial reporting obligations, and bank robberies on a grand scale are regularly reported in the media. So it is always essential to carefully assess the criteria for choosing the right safe deposit box provider.
© Dmitry - stock.adobe.com
The alternative to bank safe deposit boxes
Bank safe deposit boxes offer the advantage that they are operated by major banking concerns whose local branches are often located close to where people live. This avoids the need to travel long distances to access your safe deposit box. However, these convenient locations are not secret, and today’s burglars are increasingly targeting banking premises. Well-equipped safe crackers often find it relatively easy to breach bank vaults if their security measures are outdated.
In addition to this, access to your own safe deposit box held at the bank can also be restricted or denied without notice. For example, if a particular credit institution goes bankrupt, customers are literally excluded while the bankruptcy procedure takes its course. In the event of a bank failure, the administration of safe deposit box assets is then under the control of a bankruptcy administrator, who may block access to your safe deposit facility for several months, if not years.
However, there are alternatives to bank safe deposit boxes, such as a safe deposit box held with a precious metal dealer. This is particularly suitable for investors who buy all their precious metals from the same dealer. Nevertheless, it is important to understand this may commit you to one dealer, perhaps with storage arrangements often tied to a minimum purchasing obligation.
Only safe deposit boxes for precious metals which are operated by privately run storage companies can guarantee you the freedom to trade with any dealer(s) you may choose. And if you also value the greatest possible discretion and privacy, you should take a closer look at the advantages of bank-independent safe deposit boxes in Switzerland, or a bank-independent safe deposit box in the Principality of Liechtenstein.
Discretion: a safe deposit box essential
Many precious metal buyers value a safe deposit box facility which allows them to conduct their personal affairs in an atmosphere of discretion and privacy. However, genuine privacy and anonymity are no longer really possible within the confines of the European Union (EU). Although it’s normally only the customer who will know what their safe deposit box contains, unfortunately, that is the point at which all true discretion ends. Anyone who opens a safe deposit box at a bank is automatically listed in a database that can be accessed by the authorities, who are thus free to investigate should they harbour even the slightest suspicion. All master data belonging to bank customers is recorded in a central register, and bank accounts can be automatically accessed to prevent money laundering. And given that opening a bank account is also necessary step required to pay the safe deposit box fees, the authorities will always be aware of the existence of any bank safe deposit box.
The situation is very different for private storage companies such as Swiss Gold Safe located in Switzerland or Liechtenstein: such safe deposit box providers, who exclusively specialise in asset storage, are not subject to the financial reporting obligations which apply to all banks. This means bank-independent providers can offer maximum discretion for their safe deposit box facilities and guarantee to maintain your privacy. Your rental fees can be settled using various payment methods and national currencies, which again means it is not necessary to provide your bank account details to set up a private storage arrangement.
© diez-artwork – stock.adobe.com
Safe deposit box insurance for emergencies
As a special feature, Swiss Gold Safe deposit box facilities for precious metals include insurance in Switzerland and Liechtenstein. The rental fee automatically provides a safe deposit box insurance, which can be used in an emergency. This basic insurance offers a fixed sum insured, which can be adjusted where necessary to cover contents with higher asset values. In addition to classic loss or damage cover for fire and theft, the insurance also covers natural damage caused by earthquakes, extreme weather, or flooding disasters (which have become more common in Europe in recent years). Discretion is also built into the insurance contract, which is managed anonymously via the storage provider on behalf of Swiss Gold Safe clients.
Switzerland and Liechtenstein are ideal for storage of gold and more
The protection of private property remains a matter of fundamental importance in the non-EU countries of Switzerland and Liechtenstein, whose mutual stance is based on the long historical traditions underpinning the emergence of these independent, democratically-run nations. All citizens and foreign customers can trust their assets will not be expropriated, and will always remain their own personal property. In addition to this, both states enjoy a high level of economic and political stability, secured by the Swiss franc – their well-respected shared currency with a global reputation.
Switzerland itself is considered an international safe haven for gold. It is a world leader in precious-metal trading, refining and processing. Some of the world’s largest precious metal refineries – such as Argor-Heraeus, PAMP and Metalor – are based here. So unsurprisingly, around 70% of the world’s annual gold demand is processed in Switzerland. These are just a few of the many reasons why Switzerland and Liechtenstein are ideal options for storing precious metals.
Brief summary: Safe deposit boxes for precious metals
- Anyone purchasing gold bars and coins or white metals for asset-protection needs a safe place to store them.
- Home safes offer anonymity, but their theft protection is usually far from adequate.
- Bank safe deposit boxes carry a risk of bankruptcy, have limited insurance benefits, and are becoming increasingly prone to robberies.
- To curb money laundering within the EU, mandatory regulations apply which demand the automatic collection of customer master data. These regulations also affect bank safe deposit boxes.
- Unlike banks, private storage providers such as Swiss Gold Safe are not subject to any financial reporting obligations. This means independent, non-bank storage offers maximum discretion and privacy, as well as a high degree of anonymity.
- Bank-independent safe deposit boxes for precious metals are located in Switzerland or Liechtenstein. As independent states with their own national currency, these jurisdictions share a historically based commitment to the protection of individual property.
