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a list of U.S. private vaults
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TOPIC: a list of U.S. private vaults
#546
a list of U.S. private vaults 4 Years, 5 Months ago Karma: 263
Thanks to Bullion Bulls reader "Dan" for providing me with a list of U.S. private bullion vaults he has found (except one appears to be Hong Kong)- while searching for a "home" for his own bullion.

However, as Dan pointed out himself, these aren't necessarily the "perfect" option for storage either - as we saw when the private vaults in the UK were raided, supposedly looking for "drug money" and similar booty.

Months later, even many TOTALLY INNOCENT storage-users are trying to recover their own property.

www.dassafe.com
www.thestorage.com.hk
www.certissecurity.com
www.robostorage.com
www.bestsafetyboxes.com
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#711
Re: a list of U.S. private vaults 4 Years, 3 Months ago Karma: 9
I have thought about the idea of opening a vault. I have land in a sequestered location outside city limits that I could easily use. The building would not be a problem, nor would the business of security and accounting.

What other things may I need to think of? I realize I am not a bank but then given the fact that bank holdings can be confiscated, that may be a positive rather than a negative.
redrob25
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#712
Re: a list of U.S. private vaults 4 Years, 3 Months ago Karma: 263
Redrob, I'm not sure if you're totally serious here, or just having a chuckle. In confess that I haven't been asked about the regulatory requirements of opening an official vault, but you would have to assume there are some fairly strenuous requirements.

If you could start up your own vault like opening a lemonade-stand, then that would clearly create a hazard for investors. Presumably the requirements would be similar to starting up a security company, but may also require some sort of minimum-asset requirements. In other words, if someone with very little money wanted to start up their own vault storage business, the regulatory worry would be that such vault-owners would be tempted to dip into people's possessions.

I read a news item recently that the bankers have began a major wave of vault-building: a direct acknowledgment that they expect precious metals investing (in REAL bullion) to increase considerably from today's levels - so you might find it a very competitive market by the time you got your own vault started.
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#714
Re: a list of U.S. private vaults 4 Years, 3 Months ago Karma: 9
Me kidding? LOL. No I was serious.

I understand there may be regulations only in that metals are considered money. But how much regulation should there be when anyone can open a storage business which stores many people's prized possessions?

I am hoping the regulatory requirements are not too burdensome such that only a select number of already rich could operate one. That flies in the face of small business and entrepreneurial spirit. I can assure you, I would take all the precautions neccessary to secure the storage area.

I would have my personal bullion there. I would take care of it as my own.

Would I get customers? Of course I would. I already know many people looking for a private area to store their personal posessions ( I would not limit it to gold or silver coinage). Many people would trust me. And because I do it in the name of free commerce and protecting individual Americans wealth, I honestly think I have more credibility than banks that steal people's wealth every day while professing to assist them with protecting their money.

In fact I bet there are many private storage areas already in operation. If I set it up as general storage, then would I be able to cirumvent any regulatory laws? I think I will look into it.
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Last Edit: 2010/06/28 19:59 By redrob25.
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#715
Re: a list of U.S. private vaults 4 Years, 3 Months ago Karma: 263
Redrob I certainly wasn't trying to quench your entrepreneurial spirit. And I would be very interested in learning what obstacles exist with respect to starting such a business, if you decide to make some formal inquiries.

My guess is that since this is generally just another way that bankers are able to make "easy money" that there would be formidable barriers to entry. I'm not saying there SHOULD be such barriers, just that people with a profitable niche will generally do everything they can to prevent new entrants from muscling-in on their business.

Whether that means erecting large, visible barriers to entry, or simply making it so that only those with "connections" can ever get statutory approval, my guess is that it will not be as straightforward as you would hope.
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#716
Re: a list of U.S. private vaults 4 Years, 3 Months ago Karma: 9
Well from a very quick google search, I cannot find vault regulations for Texas. Being that I work in audit for the legal team, I should be able to find out what regulations are in effect without too much effor. Will let you know what I find out.
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#5006
Re: a list of U.S. private vaults 3 Years, 9 Months ago Karma: 0
You should check out this US Private Vault!!

www.cvsafebox.com

The vaults you have listed are all outside the country. There are four indepent vaults in the US. There is one in Las Vegas, California, Texas, and now Colorado.

Also each state often has safe deposit box operations and rules, etc. They are usually included within the States Banking Division or committee. Please let us know if we can provide more information. This is a very misunderstood industry and past laws only make if murkier to wade through.
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#5009
Re: a list of U.S. private vaults 3 Years, 9 Months ago Karma: 263
Hmmm. I sense a little "self-promotion" here. However there are probably some readers who will find the information of interest...
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#6709
Re: a list of U.S. private vaults 3 Years, 7 Months ago Karma: 0
I have looked intensely for private vaults / safe boxes in the USA. Here are the ones I have found in the USA. Included are the ones actually in the USA that I found in this discussion.

American Locktight, St George, UT
www.americanlocktight.com/index.htm

24/7 Private Vaults, Las Vegas, NV
www.24-7privatevaults.com/

Los Altos Vault, Los Altos, CA
www.losaltosvault.com/index.asp

Security Center, New Orleans, LA
www.securitycenterneworleans.com/

Securit Private Vaults, Miami, FL (says more locations coming in eastern USA, but they've been saying that for a while)
www.securitprivatevaults.com/index.html

Colorado Vault & Safe, Centennial, CO
www.cvsafebox.com/index.php#

RoboVault, Ft Lauderdale, FL
www.robovault.com/index.php

These facilities have varying degrees of security, access and services. Personally, I would prefer one that has a lower profile (American Locktight) than those that advertise heavily (24/7 Private Vaults & RoboVault). Another consideration is that the ones that advertise heavily have whole rooms for rent as opposed to bank-size safeboxes.

As the US government continues to encroach on citizens' rights, these facilities should become more common, unless the government outlaws them or raids them wholesale. To the degree that becomes more likely, one might consider a facility overseas. I have found the three mentioned in this discussion: Vienna Austria, Panama City and Singapore. Austria is part of the European Union and is therefore more unstable than it would be otherwise. Panama used to be a country that respected human rights, but just recently caved to the US government on offshore accounts. That trend continuing, I would pass on Panama as well. That leaves Singapore, which is actually very business oriented and does respect businesses. Singapore is also cheaper than the Vienna or Panama facilities. But if you have to fly there for access, you are probably not worried about the expense of the facility.
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Last Edit: 2011/03/01 10:23 By Roark.Reason: Added thoughts about overseas options.
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#6710
Re: a list of U.S. private vaults 3 Years, 7 Months ago Karma: 0
If I were to open such a facility, I would make it a very low profile. I would also have customers by invitation only. I would not advertise. I wonder how that be affected by regulations. Seems to me no regulations would apply. Who would care what the government thinks if it's just agreements between individuals by invitation only.
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