Insuring Gold Coins/bars

Aug 2, 2017

  1. buch0909
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    buch0909 New Member

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    I have a client that has about 250,000 worth of golf coins/bars in a safe in there basement. Is there away to insure this?
     
  2. Justin Bilyj
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    Justin Bilyj Guru

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    Most home policies cap out beyond a stack of coins, and if the guy believes in the power of hedging with gold that much he won't want to put it in a safety deposit box (some banks won't allow gold in them anymore after the Patriot Act). His other option is to transfer it to a vault company like Brinks if he doesn't want to store it in a safe at his house.
     
  3. adjusterjack
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    adjusterjack Guru

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    Sure.

    All Risk Scheduled Personal Articles Floater.

    Might go through the Excess and Surplus Lines brokers.

    Google "insuring gold."
     
  4. VolAgent
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    VolAgent Guru

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    Ever handle a claim on something like this?

    That is about 13 and half pounds of gold. Converting troy ounces to "regular" pounds.

    Seems the most likely thief is going to be the owner or family.
     
  5. adjusterjack
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    adjusterjack Guru

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    No. Never did.

    Could be less if the coins had collector value in addition to the gold price.

    Easily carried, though.

    That's the first thing that would come to my mind, too.

    It would be handled as a suspicious claim and the owner/family would be put through the wringer before it got paid.
     
  6. VolAgent
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    VolAgent Guru

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    Oh definitely, it would easily fit in a backpack. My point was, it isn't as much as you might think. The standard gold bar you see is roughly 12.4 kilograms, so not even that big an item.

    Personally, I don't get the obsession with gold. If the world goes to hell in a hand basket, heavy, shiny objects are worthless. It won't feed you, cloth you, protect you, or provide drinking water.

    If it was an investment play, maybe but so many want real gold bars.
     
  7. Justin Bilyj
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    Justin Bilyj Guru

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    The world was hell before the 20th century and aeons before that gold was just as valuable as it is today. Regarding its use in a catastrophic event, gold isn't meant to be used as a means of barter or trade, most goldbugs know that's reserved for silver. Gold is used to preserve wealth for multiple generations similar to a trust..
     
  8. VolAgent
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    No, there has been civilization. So people were interested in an easier method for trade and barter.

    And I'm talking about all the Doomsday people. Gold is worthless in a situation like that.
     
  9. adjusterjack
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    adjusterjack Guru

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    It will be the smaller, lightweight objects that do that for you. Objects, oh, about .45 inch in diameter, weighing about 15 grams, ought to do it. :yes:
     
  10. Justin Bilyj
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    Justin Bilyj Guru

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    I think you're taking the label of them too literal. Most of the doomsday preppers I know are "stacking" silver and gold, because they understand that life and society goes on in whatever form that may be - and they know that gold will still come out on top. The demand may be low, but gold stackers aren't impatient, on the contrary they're some of the most patient investors/hedgers...
     
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