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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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