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Robbers Make Off with $750,000 in Silver Bars (from private residence)
resourceinvestor ^ | Published 2/23/2011 | Roman Baudzus

Posted on 02/23/2011 5:21:57 PM PST by dennisw

A man who decided to store his precious metals in a vault at his home in Chilliwack, Canada, was robbed of US$750,000 worth of silver bars in broad daylight. This case, which was first published about two weeks ago, shows that storing large amounts of precious metals at home is a very risky undertaking.

The 52-year-old victim is still traumatized after burglars intruded into his house where he had stored his life savings in silver bars. Based on the current silver price at the New York Comex, the silver was valued at about US$750,000.

Two burglars entered the house and attacked the man with a knife before tying him up. One of the thieves also carried a gun. The intruders were dressed in fake police uniforms and told the victim that they were investigating a crime and needed to ask him some questions. Once inside the house, they attacked the man and forced him to provide the combination for his vault. They then headed directly for the vault, which contained several thousand ounces of silver. After they had emptied the vault of the silver bars, the two robbers disappeared without a trace.

The victim is now wondering who could have provided the intruders with hints about the silver bars stored at his house. Friends, neighbours and relatives are the main suspects. Someone might have mentioned something to the wrong people, thereby letting the burglars find out about the silver bars, or they might have been informed by a third party.

The culprits are expected to try selling the metal to various precious metals traders. The victim did not say how much he paid for his silver stocks. Within one year the silver price has almost doubled from US$17 to US$33. A bank had refused to arrange for the storage of the silver for practical reasons, since it did not have enough space to store several thousand ounces. Moreover, the silver was not insured because the insurance cover had been too expensive.

This incident clearly demonstrates the importance of secure and insured precious metals storage to efficiently protect your precious metals from risks such as theft.


TOPICS: Business/Economy; News/Current Events
KEYWORDS: silver
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1 posted on 02/23/2011 5:22:00 PM PST by dennisw
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To: dennisw

D’oh!


2 posted on 02/23/2011 5:23:49 PM PST by Huck (one per-center)
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To: dennisw

“No silver buried here”...


3 posted on 02/23/2011 5:24:12 PM PST by null and void (We are now in day 764 of our national holiday from reality. - It's almost 3 AM)
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To: dennisw

I think I know who might've done it...

4 posted on 02/23/2011 5:25:07 PM PST by 2ndDivisionVet (All gave some, some gave all.)
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To: dennisw
Storing 750,000 in silver in your house without a GUN.. is rididulous..
DUUUUUUGH...
5 posted on 02/23/2011 5:28:14 PM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole....)
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To: null and void

$5 says the guy is Chinese, and left with a boatload of cash. My Real Estate agent tells the story where the Chinese mother bought five REALLY fancy homes all in the same neighborhood for herself and extended family. She showed up at his office with a large suitcase to go to the closing. He joked “Oh - are you going to move in right away?”

She said “No. It’s the money for the houses”. He called the other agents and said he would be delayed a bit as they had to run down to the bank. (Converted the million+ cash to cashier’s checks!)


6 posted on 02/23/2011 5:30:31 PM PST by 21twelve ( You can go from boom to bust, from dreams to a bowl of dust ... another lost generation.)
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To: dennisw

if he had good home insurance he will be covered for the loss.


7 posted on 02/23/2011 5:31:18 PM PST by TexasFreeper2009 (Obama = Carter 2.0 The Epic Fail edition)
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To: hosepipe

Seems like he probably has a big mouth, too. If you’re gonna do something like that, don’t talk about it.


8 posted on 02/23/2011 5:31:49 PM PST by edpc (It's Kräusened)
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To: dennisw

Probably the same people who installed the vault and sold him the silver.


9 posted on 02/23/2011 5:32:24 PM PST by GeronL (The Right to Life came before the Right to Happiness)
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To: TexasFreeper2009

Not unless it was declared.


10 posted on 02/23/2011 5:33:47 PM PST by steve86 (Acerbic by nature, not nurture (Could be worst in 40 years))
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To: hosepipe

This story was posted before and from what I’ve read, banks will not store silver in this amount. It’s far too bulky. So this person had no choice on where to ‘store’ it.


11 posted on 02/23/2011 5:34:22 PM PST by Outlaw Woman
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To: dennisw

Apply 2 coats Benjamin Moore exterior latex, flat, midnight black. Dig a good hole in the basement. Tell nobody.

Soot. Shovel. Shut up.


12 posted on 02/23/2011 5:35:09 PM PST by 668 - Neighbor of the Beast (BYOST -- bring your own sark tag. Thank you.)
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To: dennisw
This incident clearly demonstrates the importance of secure and insured precious metals storage to efficiently protect your precious metals from risks such as theft.

It also demonstrates the importance of owning a gun.

13 posted on 02/23/2011 5:36:12 PM PST by SeeSharp
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To: dennisw

You’d think with $750K laying around he could have afforded a couple Shepherds, Dobermans or Rottweilers.


14 posted on 02/23/2011 5:38:01 PM PST by Joe 6-pack (Que me amat, amet et canem meum)
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To: 2ndDivisionVet

No Tiger Tank required this time.


15 posted on 02/23/2011 5:42:01 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: 2ndDivisionVet

No Tiger Tank required this time.


16 posted on 02/23/2011 5:42:11 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: 2ndDivisionVet

No Tiger Tank required this time.


17 posted on 02/23/2011 5:42:18 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: dennisw
I hope they had a fork lift. That's about three-quarters of a ton of silver.

ML/NJ

18 posted on 02/23/2011 5:43:07 PM PST by ml/nj
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To: GeronL

Or sold the information to someone else.


19 posted on 02/23/2011 5:43:25 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: hosepipe
"Storing 750,000 in silver in your house without a GUN.. is ridiculous"

So is opening your door to a stranger, especially a cop without a warrant.


20 posted on 02/23/2011 5:43:31 PM PST by I see my hands (You can know the young posters by the desperate optimism in their posts.)
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To: dennisw

That is why any sane person would give his millions in silver BARS, in confidence (of course) to their ATTORNEY a member of the American BAR Association, or a FINANCIAL ADVISOR to keep for them until they want them back.
It’s just that easy.


21 posted on 02/23/2011 5:44:20 PM PST by nkycincinnatikid
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To: 2ndDivisionVet

One of my all time favorites!


22 posted on 02/23/2011 5:44:45 PM PST by GoDuke
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To: nkycincinnatikid

Easy Breezy!


23 posted on 02/23/2011 5:45:06 PM PST by nkycincinnatikid
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To: Joe 6-pack

Coulda sold the bulky silver for gold, maybe that much gold would have gone in a safe deposit box or two?

Too bad for this guy, maybe they will catch the perps.


24 posted on 02/23/2011 5:45:11 PM PST by Gasshog (going to get what all those libs asked for, but its not what they expected.)
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To: ml/nj

Years ago when I was in public TV, we moved buildings and after a couple of months it was decided all those stage weights left behind were needed after all.

Me and the lighting director moved a couple of van loads that day. I said this is why no one will rob Fort Know and he said the money would be needed to pay for the phyical therapy and chiropractors.


25 posted on 02/23/2011 5:45:40 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: dennisw
The victim is now wondering who could have provided the intruders with hints about the silver bars stored at his house. Friends, neighbours and relatives are the main suspects. Someone might have mentioned something to the wrong people, thereby letting the burglars find out about the silver bars, or they might have been informed by a third party.

"A wise man keeps his own counsel."

Only one person to blame here.


26 posted on 02/23/2011 5:46:14 PM PST by Iron Munro ("Our country's founders cherished liberty, not democracy." -- Ron Paul)
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To: dennisw

There are downsides to investing in gold. This is one of them. If you leave it with the broker, then you’re taking risks with them.


27 posted on 02/23/2011 5:46:55 PM PST by Brilliant
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To: dennisw

"They'll never find my silver!"

28 posted on 02/23/2011 5:48:19 PM PST by Joe 6-pack (Que me amat, amet et canem meum)
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JPM desperately tries to scare the silver out of longs with a story about the bogeyman.


29 posted on 02/23/2011 5:53:38 PM PST by Milhous (Lev 19:18 Love your neighbor as yourself.)
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To: dennisw

Pretty much the same goes for those having gun vaults,
when they put the gun to your wifes head or childrens
or yours....are you still going to say no?

Small units descretely hidden and keep your own council.


30 posted on 02/23/2011 5:58:42 PM PST by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: dennisw

If you’re going to store your precious metals portfolio in your own home, you must include enough lead and brass to protect the gold and silver.


31 posted on 02/23/2011 6:01:17 PM PST by cc2k ( If having an "R" makes you conservative, does walking into a barn make you a horse's (_*_)?)
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To: dennisw

“Friends, neighbours and relatives are the main suspects.”

So he told basically everyone he knew that he had the silver?


32 posted on 02/23/2011 6:03:58 PM PST by HEM
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To: dennisw

1465 lbs.!?!?!

Something’s fishy here.....

I’m not sure I’d fall for the “fake uniform” ruse....

1-It shouldn’t be too hard to notice the difference.
2-If you have that big a stash, you should be sufficiently suspicious to tell them you’d be happy to schedule an appointment, because you’re busy.
3- I’ve never had 2 cops show up at my door...even for loud parties in my younger years.
4-For all of the gun slingers here, it’s pretty tough to get used to packing, as you’re running around the house.
5-The “Keep your mouth shut” advice is well placed!


33 posted on 02/23/2011 6:04:27 PM PST by G Larry
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To: dennisw
One of our neighbors when I was a kid collected silverware as an investment, and he had lots of it. Left on vacation, but not before giving the keys to the cross-the-street neighbors who had a couple of worthless kids. When they came back from vacation, it was all gone. He died about six months later.

The good news is, one of the punks died of an overdose a couple of years later, and the last I heard the other one was in prison for an unrelated crime.

34 posted on 02/23/2011 6:12:30 PM PST by E. Pluribus Unum ("If they bring a knife to the fight, we bring a gun." -- Barry Soetoro, June 11, 2008)
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To: dennisw

The safe company? The company that sold the silver? His kids?


35 posted on 02/23/2011 6:16:21 PM PST by madison10
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To: dennisw

So what’s his Freeper handle?


36 posted on 02/23/2011 6:18:38 PM PST by Ramius (Personally, I give us... one chance in three. More tea?)
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To: ml/nj
1500 lbs will make your pick~up truck ride like a Cadillac! Really not that much weight to move.
37 posted on 02/23/2011 6:22:34 PM PST by goodtomato (I'm really, really blessed!)
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To: G Larry
I’m not sure I’d fall for the “fake uniform” ruse....

That's what happened at the Isabella Stewart Gardner Museum 21 years ago next month (the statute of limitations has expired).

The perpetrators of the 1929 St. Valentine's Day Massacre in Chicago also used the police ruse to get the drop on their victims.

38 posted on 02/23/2011 6:23:54 PM PST by cynwoody
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To: dennisw

$750K?

Should have buried it in a block of concrete.


39 posted on 02/23/2011 6:25:46 PM PST by Vendome
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To: 2ndDivisionVet

I just Kelly’s Heroes the other night.

Still funny.


40 posted on 02/23/2011 6:26:31 PM PST by Vendome
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To: hosepipe

Should have exchanged it for gold and put it in a bank vault.


41 posted on 02/23/2011 6:30:21 PM PST by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: 668 - Neighbor of the Beast

exactly

On a much smaller scale - but maybe more important - for people who put in food stores. You do so QUIETLY. Or when the SHTF, you will be cleared out.


42 posted on 02/23/2011 6:41:38 PM PST by maine-iac7 ('WE STAND TOGETHER OR WE FALL APART' mt)
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To: nkycincinnatikid
That is why any sane person would give his millions in silver BARS, in confidence (of course) to their ATTORNEY a member of the American BAR Association, or a FINANCIAL ADVISOR to keep for them until they want them back. It’s just that easy.

bhwahahahahahaha

43 posted on 02/23/2011 6:43:56 PM PST by maine-iac7 ('WE STAND TOGETHER OR WE FALL APART' mt)
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Should have put lead in the vault and buried the silver in his basement.


44 posted on 02/23/2011 6:47:57 PM PST by webboy45
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To: ml/nj

FWIW, that’s the weight of about 1/2 cord of dry oak firewood. It’s work to move it, but no big deal.


45 posted on 02/23/2011 6:52:44 PM PST by Sherman Logan
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To: tet68
Yep, there was a young family around here, house on land with no close neighbors. They had a vault full of guns. Wrong people found out, broke into the house, killed the parents in their bed and stole all the guns. That's all they stole. They left the small children to find the parents. Horrifying situation.
46 posted on 02/23/2011 6:55:42 PM PST by teenyelliott (Soylent green should be made out of liberals...)
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To: dennisw

Earlier thread (not a duplicate) with more details

http://www.freerepublic.com/focus/f-chat/2675056/posts

One of the posters there noted that the story seemed a little fishy, inasmuch as the getaway car for the 1400+ pounds of swag was described as the size of a Toyota Camry.


47 posted on 02/23/2011 7:06:04 PM PST by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: 668 - Neighbor of the Beast

The cask of amontillado. =)


48 posted on 02/23/2011 7:30:00 PM PST by Redcitizen
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To: dennisw

Personally, I’m investing in ammunition. If you’ve got ammo, you can get gold!


49 posted on 02/23/2011 7:50:46 PM PST by TexasBarak (He who pays the least- wins!)
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Comment #50 Removed by Moderator


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