The History of Vaults
We named our company VaultUS Gold for a reason. Vaults have long been synonymous with protecting your valuables and one of our companies’ founding principles is helping you protect your wealth through an investment in precious metals.
Vaults have a long history dating back to Italy in the 13th century. The first known vault was built in Venice, Italy. It was made of wood and designed to protect valuables from theft and fire. Wood is probably not the most secure material and over time vaults evolved from wood to stone to the steel and concrete vaults you see today.
The first steel bank vault was invented by Linus Yale Jr. in the late 19th century. In addition to its being made of steel, it featured a time lock which made it virtually impossible to open other than at the specified times. Vault security has evolved over the years and now offer highly sophisticated security systems such as alarms, access control systems, and surveillance cameras. These added security measures are designed to detect unauthorized access to the vault, and to alert the proper security personnel in the event of a break-in or even an attempted breach.
Antique vault
Ancient vault
Old bank vault
Bank Vault
Vault Trivia:
The most famous vault break-in is thought to be the 1971 break-in to the safe deposit boxes in the Media, PA field office of the FBI. The theft was carried out by an anti-war group called Citizen’s Commission to Investigate the FBI. They stole not money, but secure documents and files revealing widespread illegal activities by the FBI. The group ultimately released these documents to the media. The burglary went unsolved until 2014 when members of the group revealed themselves – after the statute of limitations.
The largest bank vault theft was in Brazil at the Banco Central branch in Fortaleza in 2005. The thieves dug a tunnel under the bank and conducted the break-in over a weekend. They bypassed all of the bank’s security measures by digging under the building’s foundation. The thieves were aided by an insider who provided blueprints of the building. They made away with $161 million Real (Brazilian currency). This is equal to about $31M US dollars today. They were captured shortly after the theft and most of the money was recovered. You can watch the full story in the 3-part Netflix series The Great Robbery of Brazil’s Central Bank.
The Federal Reserve Bank of New York’s vault, located below street level in Manhattan, New York is the largest bank vault in the world. The vault is said to contain approximately 7,000 tons of gold, worth over $350 billion as of 2021. It is also thought to be one of the most secure vaults in the world, being located 80 feet underground with multiple layers of advanced security include compartmentalized sections, biometric scanners and armed guards.
One of the most famous vaults is in the Vatican Bank vault in Vatican City, Italy. The vaults are located beneath the Vatican City and protected by multiple layers of security, including armed guards and advanced surveillance systems. The bank holds valuable and historical papers, it is a twelve century old archive of religion and culture.
Fort Knox in Kentucky, US is home of the United States Bullion Depository. It is believed that the depository contains over 147 million ounces of gold, and is one of the largest gold reserves in the world. The vaults are protected by multiple layers of security, including armed guards, electronic surveillance systems, and bombproof doors.
Door to safe deposit
Old bank vault
Bank vault
Interior of a vault
Are bank vaults the most secure place to store your precious metals?
Bank vaults and safe deposit boxes are thought to be one of the more secure places to store valuable items such as jewelry, cash, important documents as well as gold and silver. Banks invest heavily in a wide variety of security measures, including advanced alarm systems, surveillance cameras, armed guards, and access controls. In addition, banks must comply with various regulations and industry standards related to the safety and security of their vaults.
If you store your precious metals in a bank vault, you will be protected by these extra security measures, although be aware that security is likely to come at a cost since the banks charge extra fees for that service. You can also purchase a home safe or a private vault but they do not offer the same level of security a bank vault provides.
No matter where you decide to store your precious metals, at VaultUS Gold, we are here to do our very best to help you secure and protect your financial future.
