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If you have a joint box with someone who dies your box is locked and you have no access until it is opened in presence of authorities. Now you better be able to prove the treasure is yours. Otherwise it might be claimed to be the property of the dead person, to be distributed according to their will.
I did both my parents estates separately. Getting in safedeposit boxes is easy, all you have to do is show up at the bank with a key and the original letter of executorship.

I did however end up with one unidentified key though.🤔
 
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Thanks for all the conversation. I think the reason he's been buying PMs this long is his distrust of government (I get it) and wanting to have something substantial in his hands. Heck, I remember when the Marks families in Spokane used to have money sewn into their sheets and stuffed in mattresses (probably still do, all those millions they got from the SCS raid screw-up) - but logistically it seems like it's going to be a pain to deal with down the road. It's not like any of it is likely to be tradeable for anything big, like a car, house, or fun NFA item.
 

Mikej

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The biggest down side to any precious metals is assuming that because they are worth something right now , they will be worth something when you actually need to use them as a medium of exchange. I have some silver and gold and I am not assuming someone would trade me a bunch of food or other essential items for them if things get dire.
This ^^ is the question, what real actual good is gold, if say, we go full socialist within the next ten years? Gas is 30 bucks a liter. Couldn't use it anyway because tires and oil would be affordable by only what's left of the uber wealthy. And roads would be useless because of no one repairing them. Grocery stores would only be open limited hours with long lines outside, and limited food on the shelves. Meat. Lamb and fish would not be available to "US". Beef could only be bought by reservation, and pork and chicken would be all that was available in bulk to the stores. Then there would be some weird crap stirred up with some kind of vegetation blended with the cheapest parts of chicken and pork for all the food stamp holders, which by that time could comprise 40% or more of the population, at no cost.....
I'm sittin' on some gold and silver. Will that buy me the top of the line food I want/need?

The investment account that my brother and I got from my parents has some gold. Dad would have bought that back in the late '70s early '80s. I've wondered what I should do with it. Use it, some of it, to buy a new car/SUV, or have our "Guy" cash it in and put it into the stocks and money accounts? It just sits there, moving up and down a few bucks an ounce with the market fluctuations.
 
- but logistically it seems like it's going to be a pain to deal with down the road. It's not like any of it is likely to be tradeable for anything big, like a car, house, or fun NFA item.
Not hardly.

If he wanted cash today for some of his PM's for "whatever", he could simply sell some. If he wants to. Then he'd take said cash & buy "whatever".

It only seems "complicated" to folks whom are not familiar with such.

Quite a bit easier than selling most other "things" one no longer wishes to hold onto, to then take that money & buy something someone wants. If that makes sense.

What becomes a bit more complicated is numismatic (collector) value vs smelt value. However that can be alleviated with ongoing record keeping & discussion...AND knowing whom he considers trusted dealers (discussion).
 
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In my mind, the biggest drawback to the metals themselves as an investment is that you buy at spot plus a significant percentage and when you sell you do so at spot minus a significant percentage. Unless its spot price has climbed a lot since you bought it you have lost value.
 

OldBroad44

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Gold stocks are just stocks, not gold. if shtf you have just a piece of paper of even less decipherable worth than national currency pieces of paper. And like any corporate entity it can be misrepresented, mismanaged, etc.

The value of the US dollar compared with other national currencies is held up by the fact that other currencies backed by economies of suitable size, have mostly, until Trump/Biden, mismanaged or printed money even worse. The euro was popular as an alternate up until they used the Euro to bail out Greece (or Italy, Spain, someone) thus taking value from everyone who held euros and giving it to people in one country. China tried to quit manipulating and printing Yuan and encourage people to use it in international trade. The result was a massive whoosh sound while everyone in China tried to get as much of their assets as possible out of China. Mostly into the US. Such as buying apartments in major coastal cities and Chicago. Also major cities in Australia and Canada. China clamped down again and is not even trying to make their currency the basis for trade anymore . The entire Chinese financial system is the worst over leveraged of all and is threatened with imminent collapse. The British pound has lost all credibility because Brexit means the economic health of the underlying economy is in question. And the position of Britain as the gateway between EU and the rest of the world is gone. Other currencies are too small or trade-dependent to be an alternate to the dollar.

I think the dollar is being held up at thus point by the fact that people in the world would rather have dollars than anything else, and assets in US rather than elsewhere. Even if the dollar loses half its value, if you are a wealthy Chinese businessman you might rather have dollars than Yuan because you figure saving half your assets is better than losing all. And however US over spends and prints dollars, the Yuan is likely to collapse first and worse. Unfortunately, it looks like our politicos have decided that they no longer need to care about causing the dollar to inflate, and/or actually want this to happen. One result is a huge interest in Bitcoin and its ilk, which some people hope will be a substitute for nationally controlled currencies. However, if/when the US outlaws ownership of bitcoin, we'll see.
 

ma96782

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Not hardly.

If he wanted cash today for some of his PM's for "whatever", he could simply sell some. If he wants to. Then he'd take said cash & buy "whatever".

It only seems "complicated" to folks whom are not familiar with such.

Quite a bit easier than selling most other "things" one no longer wishes to hold onto, to then take that money & buy something someone wants. If that makes sense.

What becomes a bit more complicated is numismatic (collector) value vs smelt value. However that can be alleviated with ongoing record keeping & discussion...AND knowing whom he considers trusted dealers (discussion).
Good point.

However......
IIRC, OBAMA passed legislation that required that certain transactions over $600 (say, such as the above) be reported to the IRS.

Yeah......BIG DEAL. Doesn't everyone pay their fair share of taxes?

Sure. Cough, cough....

And then......BIDEN, is also planning to tighten the noose too, with his reporting scheme. Rrrrright. If you're gonna spend $3.5T that the Govt doesn't have. Then, you should at least make an effort, so that you can "claim", that you can pay for it. LOL.

The_Budget_doesnt_balance_itself.jpg

Aloha, Mark.
 
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You can withdraw $10,000 & the bank sends no report. Withdraw $10,001 & they do. Just like buying 2 handguns in a week the dealer sends a report.
 
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ma96782

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Some if not most banks (and the IRS) are already on to that. Think of : "Structured Transactions"

And, as you well know.....the Govt (in OR at least) is talking about one per month. You know.....because of "strawman purchases/gun trafficking".

Not mentioning....."defacto gun registration" with BGCs and.......
form-4473.png

Yeah.....
Never mind that the real "criminals" get released early or if convicted they get off with a light sentence to commit more crimes upon the good people. Not to mention the bail system.

"I'll be home soon."

Yeah.....don't worry......
The Govt/Politicians have your back. Cough, cough......

Hummmm.....maybe that cough means something?

Obviously (sarcasm), we need MORE government restrictions against personal FREEDOM. Yeah....I'm talking about the Covid mandates.

wwf2ag.jpg

Anyway, note that.....
THEY keep getting re-elected. Obviously, It shows.....that someone has confidence in their leadership. As they LEAD the people/sheeple......to slaughter.
sheep.png

Aloha, Mark
 
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The downside, in my opinion, is their use as actual currency right now would be difficult. Try to buy your morning coffee with silver or gold. You'd have to both agree on the exchange rate by weight, if the seller was willing at all and you'd be left with a weird part circle/oz. You could also just sell a full oz to a person on the street and go from there but again, you'd both need to agree on the exchange rate and some people like discounts and or fees when PMs are involved. To me, they're a store of value but not actual currency in this country, save for those who understand the value already
 

Soli

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Quite a bit easier than selling most other "things" one no longer wishes to hold onto, to then take that money & buy something someone wants. If that makes sense.
This is the crux, and people unfamiliar with liquidating stuff have no idea about it. There are people within a couple hours drive of everywhere (probably closer) who will buy your PMs for whatever the local money is. And that informal network doesn't go away when times change. Most other stuff? It's a crap shoot as to whether you can turn it into money at all, much less how much money.

IMO people tend to over value their stuff, and way overestimate how easy it will be to sell.
 

Good point.

However......
IIRC, OBAMA passed legislation that required that certain transactions over $600 (say, such as the above) be reported to the IRS.

Yeah......BIG DEAL. Doesn't everyone pay their fair share of taxes?

Sure. Cough, cough....

And then......BIDEN, is also planning to tighten the noose too, with his reporting scheme. Rrrrright. If you're gonna spend $3.5T that the Govt doesn't have. Then, you should at least make an effort, so that you can "claim", that you can pay for it. LOL.

Aloha, Mark.
Currently reportable PM standard cash transactions by reputable dealers are $10,000. Per person per day.

Mind, that yes, capital gains reporting is still required by the seller.

Nothing new, as all capital gains are *supposed* to be reported, regardless of the vehicle...
 

Soli

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You can withdraw $10,000 & the bank sends no report. Withdraw $10,001 & they do. Just like buying 2 handguns in a week the dealer sends a report.
That's a CTR. As little as $2,000 withdrawn, if it is "suspicious," can trigger a FinCen report. And the law prohibits your bank from telling you they've filed the report.

There is no concrete definition of "suspicious." On purpose. The reporting form has multiple options for the bank to click, including "Exchange small bills for large bills or vice versa", "Transaction out of pattern for customer" and "Other" where they get to fill in the blank. lol
 

ma96782

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Currently reportable PM standard cash transactions by reputable dealers are $10,000. Per person per day.

Mind, that yes, capital gains reporting is still required by the seller.

Nothing new, as all capital gains are *supposed* to be reported, regardless of the vehicle...
Thank you......I looked a little closer into it.

Given that "Operation Chokepoint" was ended.

I can see why BIDEN would also like to try his hand at it. Note the list of businesses in the Wikipedia article.

Aloha, Mark

PS....about that BIDEN effort.

From the article.
President Joe Biden’s nomination to the head the Office of the Comptroller of the Currency, Saule Omarova, wants to “end banking as we know it.”

In her academic work, Omarova has expressed admiration for Karl Marx and sympathy for the Soviet Union. She has also advocated a form of socialized banking in which private bank deposits would be brought under the direct control of the central bank.

She calls her radical new banking regime “the People’s Ledger.”
 
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On the point of no regular currency & using gold or silver. Coins made of silver & not collector coins would be the easiest to buy small stuff with as everyone can know the amount of silver in a dime & look at a conversion chart & know it's value.
 
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I was talking of buying gas, food, not selling to a collector just a different & easy way to pay for day tot day items.
 

Certaindeaf

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Only if you buy from Billy Bob's Auto Parts and Precious Metals Emporium. . .
Yes, but if you buy from a "reputable dealer" you'll pay a markup when buying and a markdown when selling which of course can be calculated as ror against actual unrealized ror at points of time.
Thise costs must be considered and accounted.
 
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