Gold Storage in Panama

by Simon Black on December 21, 2009

I have something very valuable for you today, and it’s something that is not available to the general public yet– gold storage in Panama.

Gold storage in Panama is a hot item. Banks have long waiting lists for safety deposit boxes, and as I’ve discussed before, many Panamanian banks are even starting to eliminate this service, reducing the available supply of boxes on the market.

In a few weeks, a new private secure storage facility will open in downtown Panama City.  It’s called “Best Safety Boxes,” and though they haven’t started working with the public yet, they have agreed to open up in advance just for Sovereign Man subscribers thanks to our local connections in Panama.

In full disclosure, I have not yet seen the facility so I cannot vouch for its security. I plan on inspecting it myself when I travel to Panama next month, but I wanted to tell you about this facility now because I expect they will sell-out very quickly once they open their doors.

In order to help make my own decision and get a better idea about the facility and its security, I spoke to one of the facility’s co-owners, Mr. Hilt Tatum. I recorded the interview, and you can listen to it here. If you want to download the file, just right click on the link and select “Save As.”

Prices at Best Safety Boxes start at $400 per year for a 3″x5″x24″ box, which is big enough for nearly 1,800 one ounce coins.

If you’re interested, you should contact Robert O’Neill at info@overseasassistance.com; he can provide a variety of services, including the box reservation forms, airport VIP transfer, and even private security detail.

To be clear, I have absolutely no financial interest in the facility, and I am not compensated for this in any way; I simply wanted to make you aware of this opportunity because we were able to negotiate a special allocation for Sovereign Man subscribers before the boxes become available to the general public.

Once again, you can listen to the interview here, and contact Robert O’Neill with your questions and interest at info@overseasassistance.com

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Comments on this entry are closed.

  • Secrets exposed

    Gentleman from the AP Scandal, Hilt Tatum.

  • Andy

    Simon,

    which other storage facility beside panama and vienna do you recommend? Are they anonymous?

    Thanks,
    Andy

  • Jesse P

    I saw Best Boxes today.

    They are putting the finishing touches on it.

    It looks solid. Located on Calle 50 right next to The huge Creditcorp bank.

    So security should be nice and tight.

    I also found a gold dealer in Panama last week. Got some Kruggs and Maples from them already.

    Here’s the link.

    http://www.golddealer.com.pa

    And Simon is right forget about trying to rent a SDB at a Panama bank unless you have a Cedula (pensionado won’t work). It’s getting harder for extraneros to do banking stuff like opening SDB’S here.

    to get one
    you need a local utility bill
    2 local bank references
    2 personal panama references
    copy of passport
    panama Cedula
    and an account already at the bank for 3-6 months

  • “Bruce”

    During the course of my due diligence on the facility, I came up with something interesting that I thought I’d pass along.

    I googled “Hilt Tatum” and came across an article in a poker magazine about a scandal that accured two years ago at one of the largest online poker portals, Absolute Poker, based in Costa Rica. I’m familiar with the story as I was playing at Absolute when this went down, and am familiar with the bookmaking industry in CR and Panama.

    In a nutshell, the owners and some associates created their own accounts and were playing online themselves, but they were able to see opponents hole cards. They cashed out millions.

    Allegedly, a gentleman by the name of Oscar Hilt Tatum was/is Absolute’s CFO and involved in the scam. The article mentions:

    “It’s unclear where he lives at the moment, but Panama has granted him and his dad residence permits.”

    http://www.railbirds.com/blog/116808/absolutely-a-scandal.html

    Listening to the interview with Simon, a couple things match up with the article, namely the timeline.

    I’ve done business with Mr O’neill, on Simons recommendation and he is top notch. I just wanted to put this out there as there are some more questions that need to be answered before I commit. It may be just a coincidence, but Hilt Tatum is not the most common name in the world.

  • Dave

    Simon,

    Do you know of any reliable coin dealers in Panama or Uruguay where one can buy gold coins at a reasonable price?

    FedEx, DHL, UPS, & USPS say that they can no longer ship gold out of the U.S.

    Storage is important, but only if one has something to store.

    Thanks.

  • curious

    Hi,
    storage of 1800 ounces of gold, thats over $2,000,000 at current prices!!
    Can anybody ask or show me the insurance policy for the facility?? What company in Panama would insure it?? People dont think of insurance in these matters normally. I would really like to see the policy, its publically available with companies such as Brinks, ViaMat, etc. quoting the policy numbers always.

    • Jacob

      Very good Question. I alway read comments, and Questions. I’m impressed that someone has the most brillant question of all. Insurance, maintainance and security in any opportunity or endeavor is paramont to it’s existence.

  • Rigger

    I wouldnt be touching this ….

    As someone else said, they had a business that people entrusted their own money in and they effectively stole it … why WOULDNT they do this again ?

    take caution in my opinion

  • Rally

    Does anyone know whether “Simon” or Robert O’Neill have investigated further into this matter of the co-owner’s identity and background? Though I have already asked Mr. O’Neill to reserve a box for me and had planned to go to Panama later this month, this new info has given me serious pause.

  • Poor College Student

    I am trying to obtain a reputable gold and gold coin seller in Panama. I am also in dire need to know the prices of gold per troy ounce in Panama. In fact any price of gold in Panama, such as a simple gold chain of any kt, will do. I would greatly appreciate the contact, since it will help me through my academic endeavors and just for the fact that I am new to this whole gold rush business.

    kind regards,
    Poor college student.

  • CoinBully

    Physical Secured Storage should be done with an outfit that actually has a long and flawless history, 50+ years is a good benchmark. Insurance companies do not usually insure safe deposit boxes or their contents without a detailed itemized list and verification of contents upon each visit/access. You can see how this would be quite impossible without extraordinary fees. Dealing with a start-up with no history, that has the principle CEO as a known grifter/scammer is a security risk akin to a dark alley. Remember, they issue you the keys, so they have a copy of that key. Why would anyone take a new group like this seriously??

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