Guest Post: World's Biggest Gold Storage Company Dumps US Citizens

Tyler Durden's picture




 

Submitted by Simon Black of Sovereign Man blog,

ViaMat, a Swiss logistics company that has been safeguarding precious metals since 1945, is literally the gold standard in secure storage.

They have vaults from Switzerland to Hong Kong to Dubai, and they count among their clients some of the largest mining companies in the world. They know what they’re doing.

And now they’re dumping US citizens.

ViaMat does a great deal of business within the United States. As such, the company is heavily exposed to the insane US regulatory environment.

As an example, the 2010 Foreign Account Tax Compliance Act turned into more than 500 pages of regulation! The costs and risks associated with compliance simply became too much for ViaMat to bear.

This matter-of-fact letter from ViaMat management explains their decision:

“We are currently experiencing rapid and substantial changes in the general regulations within this business. The changes mainly relate to the tax structures and taxation systems of various countries. As a consequence of these changes VIA MAT INTERNATIONAL has taken the decision to stop offering this service at its vault [sic] outside of the US to private customers with potential US-tax liability.”

 

 RED ALERT: Worlds biggest gold storage company dumps US citizens

 

This is huge. I can’t possibly overstate the potential ramifications.

For one, the big gold depositories like Gold Money and Bullion Vault ALL use ViaMat as a primary secure storage provider. So it’s only a matter of time before ViaMat’s decision cascades across these other firms.

I have written extensively about this to subscribers of our premium service, Sovereign Man: Confidential; most gold storage firms are all essentially different varieties of the exact same product. They are retail marketing channels that ultimately use ViaMat to store their gold bars. If ViaMat has US exposure, THEY have US exposure. It’s the same risk.

Now, if you’re in the United States in particular, one of the most important (and cost effective) steps you can take in international diversification is to store precious metals overseas.

Gold remains the most effective ‘anti-currency’ out there, a bet against a corrupt financial system and debt-laden sovereign governments. But remember– governments have an unblemished track record of plundering their citizens’ wealth. So if you store your gold in the US, you might as well ask Barack Obama to keep it under his mattress.

If history is any guide, storing gold abroad is critical. And it’s one of those things that you won’t be worse off for doing.

The thing is, it’s equally critical to work with a service provider that has no US exposure.

There are very few options out there. Again, most of the big boys use ViaMat, which has heavy US exposure. Or Brinks, which is a US company.

For nearly a year, I’ve been encouraging our premium subscribers to store their gold with a Singapore-based company that has the most advanced, transparent operation on the planet.

They are 100% Singaporean, and their US regulatory exposure is effectively zero.

They’re also one of the only firms on the planet that actually tests the gold it sells (and stores) through three different methods, including X-ray and ultrasound. This way you know that your gold is, in fact, gold… and not tungsten.

Best of all, they’re launching a new service to receive your existing gold at their facilities in Singapore. So if you’ve just been shut out of ViaMat, or you want to transfer your gold from another facility that has heavy US exposure, these guys will be able to do it.

They are, without a doubt, the best solution out there. And Sovereign Man: Confidential members have received unprecedented discounts and exclusive access to new services offered by this firm.

Storing gold overseas makes sense no matter what happens. And it’s critical to choose a reputable partner with no US exposure. If you agree with this premise and are serious about taking action, I’d encourage you to get started right away with a premium membership. Get the actionable intelligence you need, all backed by our risk-free guarantee.

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Fri, 02/22/2013 - 16:12 | 3267877 Buckaroo Banzai
Buckaroo Banzai's picture

Obligatory Simon Black hate comments in 3...2...1...

Fri, 02/22/2013 - 16:14 | 3267887 fuu
fuu's picture

Simon Black, international busker of mystery.

Fri, 02/22/2013 - 16:24 | 3267905 ACP
ACP's picture

Shit, does this mean we'll have to hide our booty like in the old days...aka Yellowbearding...

http://www.youtube.com/watch?v=iAbou95lCd4

Fri, 02/22/2013 - 16:48 | 3268028 Croesus
Croesus's picture

I will eat my gold.

 

Fri, 02/22/2013 - 18:09 | 3268347 Acidtest Dummy
Acidtest Dummy's picture

I hope it is not molten like your namesake's was.

Fri, 02/22/2013 - 18:23 | 3268393 zaphod
zaphod's picture

Bullshit, burying your gold at least 10 feet underground in remote locations that only you know of, is the safest location.

Storing gold abroad can be safe you your own government goes broke, but is not safe if the local government goes broke.

Fri, 02/22/2013 - 18:25 | 3268401 Boris Alatovkrap
Boris Alatovkrap's picture

Boris learn, after loose teeth and thin hair, Cesium and Iridium is also more safest store subterranean.

 

Sat, 02/23/2013 - 00:52 | 3269298 CIABS
CIABS's picture

I'm going to look into that Singapore company's services.  They sound really good.

Wait, I don't know their name.  How can I get their name?  What is the point of this article if he doesn't even tell us the name of the company he's recommending?

Sat, 02/23/2013 - 02:34 | 3269397 JOYFUL
JOYFUL's picture

umm, the point of the article is that after you read it, Simon's wallet will be a little fatter, and your's a little slimmer...

premium content baby! You gotta 'capitalize' on your knowledge base these days...jet settin ain't cheap!

 

Sat, 02/23/2013 - 07:22 | 3269569 jeff montanye
jeff montanye's picture

what's "sic" about "vault"?  should be vaults?  

Fri, 02/22/2013 - 18:42 | 3268448 sessinpo
sessinpo's picture

Isn't it ironic that someone makes money buy digging up a metal that you then bury?

Fri, 02/22/2013 - 21:47 | 3268929 Peter Pan
Peter Pan's picture

Isn't it also ironic that the nation whose currency after WWII became the reserve currency of the world is now virtually broke, an international bully and all by its own hand.

As for digging it up and burying it, that's not quite right. You skipped the processing bit.

The same goes with many other things of value. You come up with a formula but then you hide it from the world that would like to have it for free.

Fri, 02/22/2013 - 21:13 | 3268855 Buck Johnson
Buck Johnson's picture

I know, there's a reason why they are doing this.  America wants to be able to get their citizen's money and gold at a moment notice.  They know that when this whole ponzi implodes people who have gotten their money out will simply drive over to Canada or Mexico and fly out and live out their life until things get better in the US.

Fri, 02/22/2013 - 22:45 | 3269047 CPL
CPL's picture

You understand that border controls have been in effect for four years.  Nobody is leaving.

 

So are holders of ETN paper silver and gold feeling secure that they bought paper yet?  

Physical.

Carry it.  

Own it.  

Understand it.

Sat, 02/23/2013 - 07:19 | 3269565 Wile-E-Coyote
Wile-E-Coyote's picture

Unless someone is watching you do it.

Fri, 02/22/2013 - 18:22 | 3268396 Boris Alatovkrap
Boris Alatovkrap's picture

Boris gold is all in mouth. Smart, no? But soon tax collector is not only carry firearm, but also is carry pliers.

Fri, 02/22/2013 - 20:16 | 3268731 krispkritter
krispkritter's picture

Then drink it ala Goldschlager and store it in your septic tank... ;)

Fri, 02/22/2013 - 21:50 | 3268938 Peter Pan
Peter Pan's picture

Boris better you keep mouth shut or pliers used for sure. If nothing found but still you are suspect then plier used on lower part of body to extract information for location of gold.

Sat, 02/23/2013 - 02:28 | 3269391 JOYFUL
JOYFUL's picture

Somebody else here got some chowin-down to do... and it a'int AU what's on the menu...

it was just short weeks ago that our resident armchair expert in international finance(c'mon down.....Mr TINKY!)provided us with his worthy insight...that this sort of thing COULD NEVER HAPPEN  @@>>!!

oops.

everything is tinky-dinky! Merikans can wander around the world in perfect confidence that they and there investments will be safe from sequestrations and interference on the part of nefarious negroids and assorted criminal cliques disquised as 'the authorities' ...

readers in search of gold-plated investment advice will want to peruse this little exchange ...

http://www.zerohedge.com/news/2013-01-31/guest-post-germany-preparing-fu... and in particular ... 3205463...

in which the impossible events of the present moment are revealed to be 'imposible' ...and anyone predicting their plausible arrival in the near future is 'dreaming' ...a droolin cretin no doubt!!!...

Hey SpaceCowboy....in Mr Obama's world...dreams do come true...and they comin for you! cue: CROW...it's what's for dinner!

http://youtu.be/NwhD7jwwwkw (Donald Fagen - I.G.Y)

Fri, 02/22/2013 - 17:14 | 3268122 Svendblaaskaeg
Svendblaaskaeg's picture

Stagger, stagger, crawl, crawl, jump... one of my favorite movies

Group Madness - The Making Of Yellowbeard:

"https://www.youtube.com/watch?v=_G8Em6r0AgcGroup Madness - The Making Of Yellowbeard"

"Pete and I was up in Klondike panning for wood - well we got up there and found this great vain of mahogany but later found out it was just fools-mahogany"

More LOL than you can shake a stick at..

 

Fri, 02/22/2013 - 17:48 | 3268288 Toolshed
Toolshed's picture

Hard to believe that such a hilarious movie with a star studded cast is so widely unknown.

Sat, 02/23/2013 - 05:42 | 3269514 krispkritter
krispkritter's picture

 "...never trust a woman or a government..." Words to live by...

Fri, 02/22/2013 - 17:14 | 3268144 Herodotus
Herodotus's picture

I store my gold in a facility on Oak Island

Fri, 02/22/2013 - 18:08 | 3268345 busternc333
busternc333's picture

Oak Island NC?  I'm right there with you!

 

Fri, 02/22/2013 - 18:34 | 3268423 AlaricBalth
AlaricBalth's picture

To: ViaMat International
From: AlaricBalth

To whom it may concern;

In response to your letter dated 17 February 2013, I hereby instruct you to deliver my gold to the following GPS coordinates.

(GPS) : N25 0.00407 W71 0.00071

Upon arrival at aforementioned location, it is my request that your staff proceed to jettison my gold holdings over the starboard side of your cargo ship and assure that each ingot sinks to the ocean bottom.

I understand that these instructions may seem unusual, however this is the mode in which I store all of my gold holdings. Your compliance with my instructions is greatly appreciated.

Sincerely,
AB

PS: Your discretion concerning this matter is vital.
http://www.thegpscoordinates.com/atlantic-ocean/bermuda-triangle/

Fri, 02/22/2013 - 19:45 | 3268628 Jendrzejczyk
Jendrzejczyk's picture

+10 for best variant of canoe accident ever.

Fri, 02/22/2013 - 20:48 | 3268810 AlaricBalth
AlaricBalth's picture

Thanks Jendrz----.......Uh um....er......

I would like to by a vowel Pat!

You know, with an ex-wife from Warsaw, you would think I could pronounce your name. :-)

All the best to you.

Fri, 02/22/2013 - 22:29 | 3269001 Jendrzejczyk
Jendrzejczyk's picture

Been enjoying your posts lately, nice to have you around.

Proper pronunciation is in my obituary: http://www.nytimes.com/2003/05/04/obituaries/04JEND.html

"He died after collapsing during a walk near his office in Washington," his wife, Janet, said. 

Truth: The officer that showed up the day "I" was killed told her somebody knocked me over the head in broad daylight.

my tiny agenda

 

 

Fri, 02/22/2013 - 18:21 | 3268388 Deacon Frost
Deacon Frost's picture

Oak Island Nova Scotia, Canada

I remember following this story as a child, the Oak Island Money Pit mystery.

Fri, 02/22/2013 - 20:19 | 3268737 unrulian
unrulian's picture

 i live in NS and am presently digging on that island

Fri, 02/22/2013 - 17:27 | 3268186 SafelyGraze
SafelyGraze's picture

the big gold repositories in NY and KY dumped american-owned gold a long time ago

 

Fri, 02/22/2013 - 18:07 | 3268341 Panafrican Funk...
Panafrican Funktron Robot's picture

If only I knew how to swim, I could recover my gold.  I guess the bottom feeders are my repository.  

Fri, 02/22/2013 - 16:23 | 3267924 Stoploss
Stoploss's picture

Ahh. So expect the new version of 6102 mid year.

Got it.

Fri, 02/22/2013 - 16:33 | 3267966 fourchan
fourchan's picture

if you dont hold it you dont own it. everything else is just nonsence.

Fri, 02/22/2013 - 17:03 | 3268088 Dr. No
Dr. No's picture

"If history is any guide, storing gold abroad is critical"

If by abroad, he means my closet, then I agree.

Fri, 02/22/2013 - 18:11 | 3268356 Shell Game
Shell Game's picture

My interpretation as well!

Fri, 02/22/2013 - 18:58 | 3268496 BoNeSxxx
BoNeSxxx's picture

I store mine in my wife's coochie... she never lets anyone near it - including me.  I can't think of a safer place.

Fri, 02/22/2013 - 19:12 | 3268529 Pure Evil
Pure Evil's picture

Maybe if you started paying storage fees she'd open up the vault once in a while.

Fri, 02/22/2013 - 20:53 | 3268821 nmewn
nmewn's picture

I know what you mean, I got one of those vaults too...I have to get my tongue just right, as I manipulate the knobs...sometimes I have to get into the weirdest positions, one knee down, both knees down, flat on my back, laying on top of it reaching way down there and still don't know if the combination is right for complete success until I grab the handle and give it a jerk ;-)

Sat, 02/23/2013 - 04:08 | 3269457 ebworthen
ebworthen's picture

lol

Well, at least you have a vault to practice with nmewn.

Sat, 02/23/2013 - 10:18 | 3269682 nmewn
nmewn's picture

You can pick up good clean, barely used vaults almost anywhere, already broke in, reliable, known qualities...I'd be careful with the newer ones, they seem to have some shoddy workmanship as they passed through the factory.

They look great on the show room floor but you get em home and discover their tumblers are all scrambled up, makes them hard to decipher ;-)

Sat, 02/23/2013 - 05:27 | 3269508 Kirk2NCC1701
Kirk2NCC1701's picture

Whose vault is it if it doesn't work out?  ;-)

Sat, 02/23/2013 - 10:11 | 3269678 nmewn
nmewn's picture

The vault stays with the owner, just like the things moving in & out of the vault remian attached to the owner.

Its a fair & agreeable arrangment ;-)

Fri, 02/22/2013 - 20:25 | 3268760 Theosebes Goodfellow
Theosebes Goodfellow's picture

Now that's what I call storing your gold in a broad!

Fri, 02/22/2013 - 17:14 | 3268142 FL_Conservative
FL_Conservative's picture

I'm sorry, officer.  What gold is it that you're looking for?  Can you describe it to me so maybe I will know what you mean?   I've never seen real gold before.

 

;~)

Sat, 02/23/2013 - 10:52 | 3269710 JamesBond
JamesBond's picture

Simon -

Maggot head bitchez

 

http://www.youtube.com/watch?v=V2Ac6RYSvo8

 

 

Fri, 02/22/2013 - 16:17 | 3267899 DoChenRollingBearing
DoChenRollingBearing's picture

The ability to store gold overseas is very much of a good thing if you can, AND if you go to that country, AND if you trust the people who have it.  Check, check, check.  Store SOME overseas, you might need it here (or in your own country).

If not, then everyone must find a secure place here in the USA to store it.

Fri, 02/22/2013 - 16:30 | 3267952 strannick
strannick's picture

Check out the Sprott Asset Management Physical Metals Trusts in Canada....

http://sprottphysicalbullion.com/sprott-physical-silver-trust/net-asset-...

Check out the miniscule premiums to NAV. In the past, the PSLV premium has been as high as 30%. Now its below 1%

Fri, 02/22/2013 - 16:37 | 3267988 LawsofPhysics
LawsofPhysics's picture

Buy the dip or take delivery of your own.  The big warning I see is the drop in the paper price, spot price to deliver, not so much.

Do NOT follow this link or you will be banned from the site!