To me, the safety deposit risk is less about confiscation, but more about access, or "capital control", as they like to call it. Your gold might still be there, but you can't have it until they say so.

This is akin to what is going on with the time deposits in Cypress. Time deposits (e.g. CD's) are not being allowed to mature to allow withdrawal. You still "own it", but they'll let you know when your CD matures, regardless of the actual terms you agreed to.