By Steve St. Angelo |SGTReport
There have been some recent changes on the COMEX in response to the Bankers “War on Cash.” Last year, Chase Bank in the U.S. advised its clients who rent safe deposit boxes there would be some policy changes. Some of these changes had to do with the storage of cash and coins.
According to The International Man article, The End of Safe Deposit Box For Wealth Storage:
Of particular interest is the following condition:
“Contents of box: You agree not to store any cash or coins other than those found to have a collectible value.”
Interesting. After all, cash and precious metals are traditional primary stores of wealth. Why single them out as no longer being acceptable?
When Chase refers to “Coins” they mean gold and silver bullion coins. I would imagine they give a rats azz about someone who has a few rolls of quarters in their safe deposit box. Also, individuals or the wealthy are no longer able to store some extra cash in their safety deposit boxes at Chase.
This has impacted many wealthy investors as they have been forced to move their gold and silver bullion out of safe deposit boxes at Chase and likely at other large financial institutions. This has caused a new demand for storing cash and precious metals outside the banking industry. WHY???
Changes On The COMEX From The War On Cash
I have been looking at updates on the COMEX gold and silver inventories for years. However, I was surprised to see two new depositories added just recently. Here is the COMEX Silver Inventory update on Jan 13th:
I used this COMEX Silver Inventory update to also show the huge 3.1 million oz (Moz) single day withdrawal of silver. As you can also see, there are two new Silver Depositories:
- International Depository Services of Delaware
- Macla-Amit USA LLC
If we go back to my last COMEX Silver Inventory update at the end of November 2015, we can see these two depositories were not yet added:
I did a bit of research and found out the International Depository Services of Delaware is a subsidiary of Dillon Gage Metals. This is interesting as Dillon Gage Metals is one of the dozen Authorized Purchasers of U.S. Mint Gold & Silver Eagles. Basically, Dillon Gage is now offering a private vaulting storage away from banks, but is also Comex approved.
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This is the same for Macla-Amit USA LLC. These two new Comex approved precious metal vault facilities are offering storage services outside the typical Banking institutions. These two new depositories are also COMEX gold approved as well.
While I realize many precious metal investors do not trust anything associated with the COMEX, wealthy investors who hold a great deal of gold and silver bullion need a place to store their metals outside the banking industry. The “War on Cash” is now forcing wealthy investors to seek alternative places to store their precious metals.