Guest Post by Martin Armstrong
The contents of a safe deposit boxes are not covered by FDIC insurance. Never store a passport or any document you might need to get a hold of in emergency in a safe deposit box. The government can simply close all banks as they did in 1933 in a “Banking Holiday”. At 1:00 a.m. on Monday, March 6, President Roosevelt issued Proclamation 2039 ordering the suspension of all banking transactions, effective immediately. He had taken the oath of office only thirty-six hours earlier.
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From March 6 to March 10, banking transactions were suspended across the nation except for making change. Roosevelt presented the new Congress with the EMERGENCY BANKING ACT at this time. The law empowered the President through the TREASURY DEPARTMENT to reopen banks that were solvent and assist those that were not. The House allowed only forty minutes of debate before passing the law unanimously, and the Senate soon followed with overwhelming support.
Banks were divided into four categories. Surprisingly, slightly over half the nation’s banks were deemed first category and fit to reopen. On the Sunday evening before the banks reopened, Roosevelt addressed the nation through one of his signature “FIRESIDE CHATS.” Roosevelt assured sixty million radio listeners that the crisis was over and the nation’s banks were secure. The bank run was over. On June 16, 1933, Roosevelt signed the GLASS-STEAGALL BANKING REFORM ACT, and also created the FEDERAL DEPOSIT INSURANCE CORPORATION. Keep in mind the the government can close all banks for there is precedent. Whatever you have in a safe deposit box can also be seized and inspected.
There is no precise law against storing metal or cash in a safe deposit box. But law is malleable in the hands of any judge. He can seize the money or gold under the pretense of money laundering hiding it from the government. Under Civil Asset Forfeiture, they can assume the money is guilty of a crime being even tax evasion. It then is your burden to fight in court to get it back if you can hire a lawyer.
On April 1st, 2015, Chase bank in the US advised clients who rent safe deposit boxes from them that there would be some changes in their policies. Of particular interest is the following condition:
“Contents of box: You agree not to store any cash or coins other than those found to have a collectible value.”
This is why I recommend buying $20 common date gold coins and not modern bullion. You need to be in a position to say these are collector coins – not bullion. Gold is a HEDGE AGAINST government in the midst of a crisis. Gold does NOT rise with inflation. The 1980 high adjusted for inflation is about $2300. So if gold is a HEDGE, it is during a crisis. The risk of being able to get to a safe deposit box in a crisis diminishes greatly.
I had a safe deposit box in a local bank for a while..I ask that same question.They said they would comply with the government.So yes the government can take your belongings.At least in North Carolina.I got everything out of that box and placed them under my mom’s house.So far so good.
BB, where does your mom live?
My brother-in-law did that with his gold, and either his brother or his other brother-in-law (not me) dug it up & spent it. Sad. It’s hard to find a safe hiding place, but I agree that a safe deposit box is not one.
My brother-in-law did that with his gold, and either his brother or his other brother-in-law (not me) dug it up & spent it. Sad. It’s hard to find a safe hiding place, but I agree that a safe deposit box is not one.
My brother-in-law did that with his gold, and either his brother or his other brother-in-law (not me) dug it up & spent it. Sad. It’s hard to find a safe hiding place, but I agree that a safe deposit box is not one.
If you ever want to get even with a bank, rent a safe deposit box, put a whole salmon in it and walk away.
Trouble is that they know who to get for that.
Buying $20 gold coins (and $1, $2.50, $3, $5, and $10) is the way I do it, but it doesn’t have anything to do with legalities. The government will take anything they decide to take regardless of any law. Notice that FDR closed the banks by proclamation, for which there is no constitutional authority.
Congress passes laws regularly for which there is no constitutional authority, federal agencies issue regulations which have the force of law without any authority, and FLEAs make arrests and seizures without any law having been violated.
These legal ideas on how to protect your gold might be fun to discuss, but they have no basis in reality.
See if you can connect the dots.
McCulloch v. Maryland (1819): Implied power of congress to charter a private bank that would help congress carry out its article 1 section 8 powers (distributing cash and coin, borrowing money for congress)
The Federal reserve system is modeled after this court case making it constitutional.
All branch banks are tied to the Federal reserve system.
Court says congress can do a thing, congress creates that thing, branch banks are subservient to that thing…….
WHO CONTROLS THAT THING? Congress via the President’s executive authority to carry out congresses will.
I am afraid I agree with Ed on this one. Now that we have evolved beyond the rule of law there is little you can do to protect what is yours save to hide it. But then this has always been the case so why are we so surprised?
The federal government can run a nation wide search of safe deposit box holders in a flash. Like the article points out, once they have a box linked to your name, they can do anything they want.
So you’re gonna hide your precious metals in the floor or bury it out in your field? They have metal detection devices that will locate stashes in the wall or buried 10 feet deep.
The solution is just not to get on the radar in the first place. Get a storage unit in another name and pay cash. Not that I’d ever do anything like that, just sayin’.
Even in FDR’s day, they didn’t go door to door looking for gold. They will go after the easy pickings, safe deposit boxes and coin shops, for example. I don’t see them going after jewelry. Can you imagine a whole country of pissed off women that just had their jewelry taken? One ex-wife is bad enough.
“He can seize the money or gold under the pretense of money laundering hiding it from the government.”
Followed later by “This is why I recommend buying $20 common date gold coins and not modern bullion. You need to be in a position to say these are collector coins – not bullion.”
Anyone see any discrepancy here? As if “collector” coins wouldn’t be considered as money laundering of hiding from government if they wanted to seize them?
In reality, if the government wants it they will take it, making you a felon in the process if you try to hide it to keep it from them.
Nothing is secure, you just play the odds the way you see them and hope for the best.
Metal detectors generally do not discriminate well. So run a 6″ drain pipe (ferrous) from the corner of your house down to a low spot, to keep the rain water from gouging your lawn.
Before you cover the pipe back up, bury your stash under it. The drain “hides” your stash from the metal detector.
If you have an older house with cast-iron drains, find a spot and put in a tee if necessary. Run the line UP to the next house level, as if there had been a bathtub or sink there and when renovated, abandoned. A six-inch cast iron drainpipe can hold a lot of stash.
Put in a big electrical conduit. Perhaps run it outside, terminating in a wall plate, into the foundation. It sure looks like a 230V power line entering the house, doesn’t it?
Be creative.
Just scatter a bunch of nails all over the area where you’ve buried something else deeper.
Looks like a pile of construction debris was left there when the house was build and they dig it up. and it’s not at all unusual to find that sort of thing.