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.
“No silver buried here”...
I think I know who might've done it...
$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!)
if he had good home insurance he will be covered for the loss.
Seems like he probably has a big mouth, too. If you’re gonna do something like that, don’t talk about it.
Probably the same people who installed the vault and sold him the silver.
Not unless it was declared.
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.
Apply 2 coats Benjamin Moore exterior latex, flat, midnight black. Dig a good hole in the basement. Tell nobody.
Soot. Shovel. Shut up.
It also demonstrates the importance of owning a gun.
You’d think with $750K laying around he could have afforded a couple Shepherds, Dobermans or Rottweilers.
No Tiger Tank required this time.
No Tiger Tank required this time.
No Tiger Tank required this time.
Or sold the information to someone else.
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.
One of my all time favorites!
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.
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.
"A wise man keeps his own counsel."
Only one person to blame here.
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.
JPM desperately tries to scare the silver out of longs with a story about the bogeyman.
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.
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.
“Friends, neighbours and relatives are the main suspects.”
So he told basically everyone he knew that he had the silver?
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!
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.
The safe company? The company that sold the silver? His kids?
So what’s his Freeper handle?
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.
Should have buried it in a block of concrete.
I just Kelly’s Heroes the other night.
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!