Buy Physical Gold, Get Robbed?

I’ve seen a lot of stories like this.  Someone buys physical gold, and is robbed.

There’s no point in cleverly hiding your gold, if the criminal holds your wife and children at gunpoint, and demands your stash.

However, you can only be robbed like that if the criminal knows you have gold and silver.

That is the problem with State reporting requirements for gold and silver.  When you buy physical gold and silver from a State-licensed dealer, they take your ID, and put your name in a database.  All it takes is one leak, and you can be robbed for your gold and silver.  A dishonest person could have access to the database.  The information could be intentionally leaked, to discourage investing in gold and silver.

That’s the biggest problem with buying physical gold and silver.  You can be robbed.  As long as the transaction is reported to the State, they maintain a list of “people to rob”.  Even if you cleverly hide your gold and silver, that does no good if a criminal is threatening violence and demanding your stash.

4 Responses to Buy Physical Gold, Get Robbed?

  1. Anonymous Coward April 6, 2012 at 4:34 pm

    At least the robbery didn’t take place in the UK.

    In the UK if your family is held at knife point and the thugs threaten to kill your family, the police WILL ARREST THE VICTIMS AND PUT THEM IN JAIL.

    Munir Hussain defended his family against three knife thugs with, of all things, a coffee table! Well that is what I remember from memory. The articles appeared in UK newspapers some time ago.

    Two knife thugs got away, but Mr Hussain managed to hold one of the knife thugs down while they waited for the police to arrive.

    But the stupid police were more concerned over the rights of the knife thugs that had threatened to kill his family and they arrest Mr Hussain and put him in a jail. Worse a stupid court gave him a criminal record and put him in prison.

    He only got out months later after a Daily Mail newspaper campaign on appeal.

    The poor knife thugs wasn’t feeling well and so the stupid court said he was too ill to plead and so he got off scott free.


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  3. I’m an (ex)antique dealer. I was always amazed by the number of my customers who strolled around their own house, took pictures of their valuables and then sent the film off for developing by post. Once they had the prints they would then send them off for insurance valuations. That way the crook who may work for the print developers or more likely in my experience the insurance valuers gets a look at the layout of the house, what’s inside, the address and phone number!

    • You can buy insurance on gold/silver stored in your home. Unfortunately, the premium is 0.5%-2% per year. If insurance is that expensive, then you might as well buy GLD or a safe deposit box or a warehouse receipt.

      The only way to safely hide gold in your home is if nobody knows you have it.

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