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Date Posted: 18:50:43 07/20/03 Sun
Author: Ralph
Subject: Be careful of that "safety net"........
In reply to: Hoser John 's message, "Re: What do you do with your gold?" on 09:33:58 07/20/03 Sun

Unfortunately, "safety deposit boxes" have their drawbacks.

First of all, insurance generally will not protect items in a safety deposit box. FDIC insurance surely will not, and many private insurance companies are also refusing to insure SD box contents these days. The bank itself will not guarantee the safety of the contents beyond "due diligence" in protecting the bank contents itself.

Secondly, if you were to pass on, intestate (no will), the contents of that box would be seized by the state and released only after probate. If nobody knows it's there but you (no immediate relatives), guess who keeps it ? That's right, the state. And if gold is again outlawed in the future as it was in the great Roosevelt gold theft of 1933, then safe deposit boxes might again be "sealed" until the contents are inspected by a government official. This applies also to bankruptcies, tax claims against you by the government, civil law suits, divorces, criminal investigations, etc. etc.

Remember that you are not the only one with access to your safe deposit box, regardless of what the bank may tell you. There are many safer and more private places to "stash" your valuables.

Just a word of caution.......

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