Young Research & Publishing Inc.

Investment Research Since 1978

Disclosure

  • About Us
    • Contributors
    • Archives
    • Dick Young’s Safe America
    • The Final Richard C. Young’s Intelligence Report
    • You’ve Read The Last Issue of Intelligence Report, Now What?
    • Dick Young’s Research Key: Anecdotal Evidence Gathering
    • Crisis at Vanguard
  • Investment Analysis
    • Bonds
    • Currencies and Gold
    • Dividend Investing
    • ETFs & Funds
    • Investment Strategy
    • Retirement Investing
    • Stocks
    • The Efficient Frontier
  • Investment Counsel
  • Dynamic Maximizers®
  • Retirement Compounders®
  • Free Email Signup

Is Your Cash Safe? Probably not This Safe

November 19, 2020 By E.J. Smith

By Inked Pixels @ Shutterstock.com

How well are you securing your cash and valuables? Do you have a safe at home? A safe is an obvious choice for convenience, but unless you have serious security, you wouldn’t want to leave major wealth sitting unattended while you’re at the office or on vacation. You need a better option.

The most obvious choice for most is a safe deposit box. That is the route an increasing number of the world’s wealthiest are taking. Disasters like the wildfires and hurricanes that have hit the United States in recent years have made securing wealth an urgent endeavor in the minds of many. Benjamin Stupples writes at Bloomberg Quint:

Safe-deposit boxes can range from a few centimeters in height to the size of a kitchen cabinet. Another option are free ports — warehouses in tax-free zones such as Singapore, Geneva and Delaware favored for storing art, but which typically limit the amount of time that pieces can be held.

There are more than 25 million safe-deposit boxes by some estimates in the U.S. alone. They can be used for the mundane to the exotic. A private collector held the Crown of the Andes, made with 5.3 pounds of gold and more than 400 emeralds, in a Citibank box before its sale four years ago to the Metropolitan Museum of Art. Still, for many banks, they’re no longer a core offering.

The amount of space they require is one deterrent. That’s especially the case in London, home to the world’s largest population of wealthy individuals, according to real estate broker Knight Frank. In the city center, few places have secure storage facilities as large as IBV’s on Park Lane, where customers can also purchase gold coins from across the globe.

In the U.S., safe-deposit boxes also have largely fallen out of favor as banks close branches and opt not to install them in new ones. Demand has waned in recent years, according to JPMorgan Chase & Co. and Bank of America Corp., the nation’s two largest lenders.

“Much of the decline can be attributed to clients opting to store documents online, especially younger clients,” said Bank of America spokesman Don Vecchiarello.

But there’s revived interest as fears of weather disasters and wildfires have prompted more people to secure their valuables, said Jerry Pluard, founder of Safe Deposit Box Insurance Coverage.

You need to take the safety of your wealth seriously. Whether it’s in the form of gold or bitcoin, or cash or art, you should secure it properly.

Originally posted on November 26, 2019.

Originally posted on Your Survival Guy.

Share this:

  • Email
  • Twitter
  • Facebook

You Might Also Like:

  • This is What Troubles Me About Safe Deposit Boxes
  • Your Retirement Life: No Gold/Silver in Safe Deposit Box
  • Social Security Scams
  • Author
  • Recent Posts
E.J. Smith
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@youngresearch.com
Latest posts by E.J. Smith (see all)
  • All-Powerful Money Managers Voting YOUR Money Targeted by Senate GOP - May 18, 2022
  • Young Americans Fall in Love with Farming, Again - May 17, 2022
  • Your Survival Guy: “Sell in May, Buy After Labor Day?” - May 16, 2022

Search Young Research

Most Popular

  • MARKET CHAOS: This May Take Time, Here’s How to Prepare
  • Don’t Throw Your Bond Portfolio Out the Window
  • PRICES SOAR: Diesel Shortage Could Cripple America's Economy
  • Your Survival Guy: “Sell in May, Buy After Labor Day?”
  • You Can Do Better than Mutual Funds and ETFs with Your Cash
  • All-Powerful Money Managers Voting YOUR Money Targeted by Senate GOP
  • Institutional Investors Fall in Love with Oil, Again
  • Will Market Prices Soon Be Meaningful Again?
  • Vanguard Wellesley (VWINX) vs. Wellington (VWELX): Which Fund is Best?
  • The Power of a Compound Interest Table

Don’t Miss

Default Risk Among the Many Concerns with Annuities

Risk and Reward: An Efficient Frontier

How to be a Billionaire: Proven Strategies from the Titans of Wealth

Could this Be the Vanguard GNMA Winning Edge?

Cryptocosm and Life After Google

Warning: Avoid Mutual Fund Year End Distributions

Is Gold a Good Long-term Investment?

How to Invest in Gold

Vanguard Wellington (VWELX): The Original Balanced Fund

What is the Best Gold ETF for Investing and Trading?

Procter & Gamble (PG) Stock: The Only True Dividend King

The Dividend King of the North

You’ll Love This if You’re Dreaming of an Active Retirement Life

RSS The Latest at Richardcyoung.com

  • Consequences of Biden Killing the Keystone Pipeline
  • Are You Suffering from One of These Nutrient Deficiencies?
  • PRIMARIES: Trump Endorsed Candidates’ HUGE Night
  • “We Cannot Save Ukraine by Dooming the US Economy.”
  • What’s Ahead for America During Biden’s Last Years
  • BE VIGILANT: The Rats Are Scurrying in These Rough Markets
  • COERCION BY APOCALYPSE: The Great Reset Wants to Transform Society with Disaster
  • More Returnees than Refugees at Ukrainian Border
  • DIGITAL DOLLAR DOOMSDAY: The Wall Street Journal Is NOT Going to Tell You This
  • Musk to Break Silicon Valley’s Progressive Conformity?

About Us

  • About Young Research
  • Archives
  • Contributors

Our Partners

  • Richard C. Young & Co.
  • Richardcyoung.com

Copyright © 2022 | Terms & Conditions

 

Loading Comments...
 

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.