Skip to comments.Robbers Make Off with $750,000 in Silver Bars (from private residence)
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.
Should have exchanged it for gold and put it in a bank vault.
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.
Should have put lead in the vault and buried the silver in his basement.
FWIW, that’s the weight of about 1/2 cord of dry oak firewood. It’s work to move it, but no big deal.
Earlier thread (not a duplicate) with more details
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.
The cask of amontillado. =)
Personally, I’m investing in ammunition. If you’ve got ammo, you can get gold!
Immediately it occurred to me this person who was robbed was an immigrant of some kind. Home invasions are frequent within Chinese, Vietnamese communities because gossip travels quickly there. Not infrequent for a Chi/Viet restaurant owner to suffer home invasion because they all cheat on taxes then keep some of the boodle at home
Hispanic immigrants also suffer home invasions but I don’t see them hoarding silver or gold
You rent whatever size safe deposit boxes you want and can put what you please in them
Well it’s unlikely I could prove or disprove that. Like I said on the other thread someone had stated it.
Rent a large safe deposit box and put a bag of sand or bag of silver in it. The bank really does not care as long as you pay rent
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