Vaulting your Gold - where and why?

recurvrecurv Posts: 55 Copper ✭✭
edited December 2015 in About Gold
Hi folks,

As a newcomer to using precious metals for saving/insurance, I'm interested to understand how experienced buyers choose where to vault their Gold.

Where do you choose to store it, and why?

Thanks in advance for sharing!

Comments

  • UvasUvas Posts: 680 Silver ✭✭✭✭
    I put mine in Zurich, just for its long history as a money haven.
  • KimKim Posts: 636 Bronze ✭✭✭
    @recurv, I went with NY only because I am US based, and from NY, but for no other reason.
  • GoldfingerGoldfinger Posts: 128 Copper ✭✭
    Toronto because I live in Canada and also some in NY..I was experimenting buying gold in USD so I vaulted it in NY. I thought there may some currency advatage buying gold currencies.
  • AllsolutionsAllsolutions Posts: 4 Tin ✭
    Hello all, First I'm a New member from Tasmania, I was wondering if we get a certificate of our Gold Amounts from these Vault companies. we have confirmation on our site here, but that is only that..... It would be nice to have this confirmed from the Vault Management.
  • recurvrecurv Posts: 55 Copper ✭✭
    edited December 2015
    Uvas said:

    I put mine in Zurich, just for its long history as a money haven.

    Thanks for sharing. I read that Alasdair Macleod (fascinating to follow to his interviews with various sound money advocates) holds his metals in Switzerland too. I did a bit of Googling about why that might be, and it appears that Switzerland is the 'last true democracy' with a deeply ingrained cultural respect for Gold and what it represents.

    I wonder if I should follow suit. Where are you based @Uvas?
  • GoldfingerGoldfinger Posts: 128 Copper ✭✭

    Hello all, First I'm a New member from Tasmania, I was wondering if we get a certificate of our Gold Amounts from these Vault companies. we have confirmation on our site here, but that is only that..... It would be nice to have this confirmed from the Vault Management.

    That is a good question..the support page indicates that daily audits are preformed. It would be good to actually receive something indicating that you own the gold. However as the amount of gold can vary if you are spending it so it would hard to confirm the actual about that is allocated to you. I thought maybe something from the vault custodian when the purchase is settled.
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    recurv said:

    Uvas said:

    I put mine in Zurich, just for its long history as a money haven.

    Thanks for sharing. I read that Alasdair Macleod (fascinating to follow to his interviews with various sound money advocates) holds his metals in Switzerland too. I did a bit of Googling about why that might be, and it appears that Switzerland is the 'last true democracy' with a deeply ingrained cultural respect for Gold and what it represents.

    I wonder if I should follow suit. Where are you based @Uvas?
    I live in USA.
  • Joey2015Joey2015 Posts: 38 Copper ✭✭
    I live in South Africa and my gold is stored in Toronto. Is that right? Just joined recently and not sure whether I am supposed to have it transferred or leave it as it is? Please advise
  • GoldfingerGoldfinger Posts: 128 Copper ✭✭
    I don't think it really matters..you can transfer your gold to different vaults..I think you need to have a min 1 gram to do so. Some people use vaults as accounts..for example maybe you want to use the Toronto vault for a savings account. I guess at some point if you wish to redeem a kilo of gold you have to pic it up in person so you would want the nearest vault.
  • KimKim Posts: 636 Bronze ✭✭✭
    @Joey2015, to me it does not matter at this point, but different people have different ideas and strategies. I am listening to all the rationales stated here. I can make more informed choices soon.
  • nico2000nico2000 Posts: 12 Tin ✭
    I have my gold in Hong Kong, but live in Switzerland. So why Hong Kong? I made my first deposit using the mobile app and had no clue, that I can choose another vault. In the future I will choose Zurich, but just because of my personal flavor.
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    @Goldfinger , I think you will find that you do NOT need to pick up your gold in person if you wish to redeem it physically. You simply request the number of 10 gm gold cubes you wish to redeem by using the appropriate online form and they will deliver the cubes to you. I had them send me one cube just to test it out. There is a modest handling fee and you also pay for the shipping. It arrived safely at my door as advertised!
  • KimKim Posts: 636 Bronze ✭✭✭
    @GrandpaBrian, a modest handling fee and sipping? Would you be willing to share what those costs were? No worries if not comfortable sharing. I am just super curious.
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    The service terms are spelled out here...
    http://support.bitgold.com/customer/en/portal/articles/1878276-redeeming-physical-gold-with-bitgold

    I paid a $25 handling fee and about the same for shipping via FEDEX. I now have the cube at home guarded by my Bulldog , Tubby!
  • KimKim Posts: 636 Bronze ✭✭✭
    edited December 2015
    @GrandpaBrian, thank you for pointing this out. Very clear information. I better keep mine vaulted since I don't have a precious Tubby to hold it down at home for me! Seriously though, it is really good to hear about your positive experience with redeeming and receiving physical gold.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    Hi @ recurv. I stay in Malaysia and the nearest country with vault is in Singapore. So the simple method is that I store in Singapore even though the distance is about 300 kms drive.
  • KimKim Posts: 636 Bronze ✭✭✭
    @rohanibuang61, a quick tip: When connecting a discussion to a user using the @ symbol don't leave a space after the at. I noticed your posts have the space and should not. Example @Kim instead of @ Kim. I am storing close to home even though New York is across the US from my home. I might start storing in different vaults for different purposes.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @recurv , et al.,

    I live in the US and currently have gold in New York, Zurich, and Toronto. The Toronto storage began with a free birthday gift of gold from BitGold. Zurich because it is Switzerland and New York because it was US.

    If you live in the US there are certain limits to the amount of money you can have invested offshore without having to report to the IRS (above 10,000USD). This is above and beyond reporting any capital gains for tax purposes. I have posted this elsewhere on this forum and will repost below. I am not a tax expert, so I can only share what I have found.

    BitGold is a Canadian company. I wonder if gold stored in New York is considered "offshore" for reporting purposes. Logic suggests New York is in the US and not subject to the reporting rules, but tax laws are arbitrary and often illogical.

    So one strategy if you are a US citizen is to vault your gold in the US to avoid reporting. However, if you fear gold confiscation by the US in the event of dollar collapse, then Zurich would be my first choice followed by spreading it around to several vaults. One can always move gold between vaults.

    Again for US residents, having GoldCubes shipped from New York is probably cheaper.

    Off to get links to the posts on reporting …

    B)
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