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Gold’s “Bigger Question” Is Where To Store It - Marc Faber

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Gold’s “Bigger Question” Is Where To Store It – Marc Faber

Marc Faber has again encouraged individuals to own physical gold, to be wary of possible government confiscation and said that the big question is where to store your gold.

“ … But I would say an individual should definitely own some physical gold...The bigger question is where should he store it?"

 

“Because I think if we think it through, the failure of monetary policies will not be admitted by the professors that are at central banks.

 

They will then go and blame someone else for it and then an easy target would be to blame it on people that own physical gold because they can argue, well these are the ones that do take money out of circulation and then the velocity of money goes down …  we have to take it away from them.”


That has happened in 1933 in the US...


With our brilliant governments in Europe that follow US policies and with the ECB talking every day to the Federal Reserve, they would do the same in Europe, take the gold away from people.”

 

Marc Faber is an eloquent advocate of owning physical gold which he describes as being a way to become “your own central bank.”  He believes an allocation to physical gold will serve as vital financial insurance and that Singapore is the safest place to own gold in the world today.

Watch the complete interview with Marc Faber on the GoldCore.com blog

Watch Marc Faber Webinar on Storing Gold in Singapore

Download Essential Guide To Storing Gold In Singapore

 

DAILY PRICES
Today’s Gold Prices:   USD 1154.40, EUR 1014.95 and GBP 757.16 per ounce.
Yesterday’s Gold Prices:  USD 1164.20, EUR 1021.54 and GBP 758.14 per ounce.
(LBMA AM)

 

Gold in USD - 1 Year

Gold was marginally higher yesterday and finished $5.10 higher, closing at $1162.40. Silver closed at $15.85, up $0.1 for the day.  Euro gold rose to €1023 per ounce, platinum gained $16 to $993 per ounce.

 

IMPORTANT NEWS

Gold logs highest close in 3 months – MarketWatch
Gold Rises to Seven-Week High on Weak Dollar, Likely Rate Delay – Bloomberg
Gold hits 3-month high as traders bet on U.S. rate hike delay – Reuters
Fed officials seem ready to deploy negative rates in next crisis – MarketWatch
House prices tumble as buyers caught in a rent/deposit ‘Catch 22? – Independent

IMPORTANT ANALYSIS

The world economic order is collapsing and this time there seems no way out – The Guardian
World cannot spend its way out of a slump, warns OECD chief – The Telegraph
Bron Suchecki: Bundesbank’s gold bar list would fail an audit – GATA
Why Gold Is Surging: BofA Says To Expect A “Massive Policy Shift In 2016? – ZeroHedge
Fed Quietly Revises Total US Debt From 330% To 350% Of GDP, After “Discovering” Another $2.7 Trillion In Debt – ZeroHedge


Download Essential Guide To Storing Gold In Singapore

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Tue, 10/13/2015 - 23:07 | 6665569 messystateofaffairs
messystateofaffairs's picture

Gold lost in the boating accident is the safest place to store it. I traded all mine for the pet rocks in my garden so I have no risk of losing it in the boating accident. In hindsight I do admit the pet rocks were not a wise deal.

Tue, 10/13/2015 - 21:16 | 6665180 Dragon HAwk
Dragon HAwk's picture

I gave it to some Call Girl for safe keeping... I just can't remember which Girl.

Tue, 10/13/2015 - 19:18 | 6664645 TheRideNeverEnds
TheRideNeverEnds's picture

Gold should see 1200 briefly in the coming days/week but its a strong sell between here and that level if you are trading it short term. The actual probability of gold futures touching 1200 in the next two weeks is trading 40% right now vs 8% probability of touching 1100 in the same time. Clearly the risk reward favors a play for 1100

At this time I feel we will see that retest of 1100, maaaaybe a spike down to 1050 on forced liquidations and or capitulation marking the cyclical bottom for gold.

The only scenario I see that takes gold appreciably below this current level and potentially much lower than here is if the FED raises rates into year end or early next year and that really gets GFC 2.0 into full swing during which time people sell everything because they have to. Even in that scenario I think gold outperforms on moar QE unless the FED really sticks to its guns and keeps raising rates in the face of a bear market. This would bring gold 50-75% lower than current levels I think. This would also usher in the paper gold price decoupling many have been speculating about and the ensuing derivative meltdown would cause real gold price to rise so fast stores for actual physical deliver would be gone in under a week. I feel that scenario is rather unlikely.

If you wanna take the other side I've got a truck-load of NOV15 16 calls in GDX I have been holding on to. I am looking to get rid of @1.00; nothing wrong with em I.. I just, got some new ones for my birthday is all so I don't need em anymore... Yea that's it.

On a related note; I don't think they will let the dollar index fall off a cliff here but god damn it looks ugly, looks like pure death, that's kinda how you know its a buy...

Wed, 10/14/2015 - 01:37 | 6665950 Iam_Silverman
Iam_Silverman's picture

"Gold should see 1200 briefly in the coming days/week but its a strong sell between here and that level if you are trading it short term. The actual probability of gold futures touching 1200 in the next two weeks is trading 40% right now vs 8% probability of touching 1100 in the same time. Clearly the risk reward favors a play for 1100Blah, blah, blah yappity yap.

Umm, OK.  Now how does all of that gibberish affect the bullion purchased by stackers again?  Is it something like tracking the daily price for .223 in 1K round lots to see if you are ahead or behind on some trade?

 

If you buy PMs as an investment, then you are gambling with your money the same as if you are playing any other commodity or in the stock market.  In that case all of your words make some sense.

 

For some reason I think that most readers on ZH fall on the stacker side of PM purchasing, not the "investor" (gambler) side of the equation.  Same goes for pallets of ammo.

Tue, 10/13/2015 - 19:42 | 6664773 Latitude25
Latitude25's picture

All hail the self proclaimed paper pushing expert.

Tue, 10/13/2015 - 15:26 | 6663854 Flying Wombat
Flying Wombat's picture

Is A Scandal In Paper Gold/Silver Brewing? - Dave Kranzler

http://thenewsdoctors.com/?p=520847

Tue, 10/13/2015 - 15:05 | 6663760 Conax
Conax's picture

Shoot any burglars or robbers. If Plan A fails:

Buy some fake (but convincing) gold coins from China, put them in a cheap safe, and when the crooks have a gun to your head, hand it over.

Don't forget to be upset about it while they're leaving.

Put the real gold in a rusted coffee can on the shelf in the garage where all that other dust covered, spiderwebbed crap is stored. Top it off with nails for cover.

Put it in tinfoil and store it in the freezer.

Buy some 3" PVC pipe, clip it along the basement wall with a loose cap on one end.

There's all sorts of ways to store a little bit of gold.

If you have a lot, well, more power to you. Have a boat accident.

Tue, 10/13/2015 - 13:54 | 6663445 brushhog
brushhog's picture

Ok so you store your money with bullionvault or goldmoney in singepore...then gold becomes illegal and the us eu start confiscation...what does goldmoney or bullionvault do? They are us/eu based comp;anies. They might cooperate by having your gold repatriated and confiscated.

Tue, 10/13/2015 - 15:29 | 6663869 Huh Reeeally
Huh Reeeally's picture

I've used BV but have since drained my account. You can only withdraw 400 oz good delivery bars, which means that there's no way someone like me will ever hold the shiny metal. Also, they only pay out to the same bank account that payed in, so when you sell and cash out it could be an issue. BV is useful for trading, prices and commissions were reasonable, but for buy & hold I want to be able to hold it in my sweaty palm.

Wed, 10/14/2015 - 07:27 | 6666212 ramgold2206
ramgold2206's picture

Have you guys ever considered the Karatbars model for bullion ownership? Essentially they produce  1g 2.5g and 5g LBMA certified bullion sealed in card. It has DNA and Hologram security etc. the product/concept  is aimed at the masses to enable ordinary people acquire bullion. There are some arguments that the 1g bar is too expensive, but its not! and the 5g bar is as good value as anything in the same class (kinebar). They use an affiliate network system to bring the product to market and for anyone with a true understanding of PM the income an affiliate can earn is incredible. More importantly, you can take possession of your bullion and because its small weight its tradable for everyday goods and services. Will it catch on? perhaps, who knows, but its free to join so there is nothing to lose.

 

www.teamramgold.com/about-us for more info if you are interested in what we have to offer.  

Tue, 10/13/2015 - 12:53 | 6663235 buttmint
buttmint's picture

current events today read like Neal Stephenson's "Cryptonimicon."

Tue, 10/13/2015 - 12:42 | 6663189 jughead
jughead's picture

The only safe place for my gold and silver is in an undisclosed location.  

Tue, 10/13/2015 - 10:27 | 6662624 Jack Daniels Esq
Jack Daniels Esq's picture

Oceans Twelve is not that far off

Tue, 10/13/2015 - 10:15 | 6662589 FlacoGee
FlacoGee's picture

SELL ALL RALLIES

Tue, 10/13/2015 - 09:53 | 6662479 BarnacleBill
BarnacleBill's picture

It's not often one reads about how important gold-storage is, so good for Marc Faber to remind us. Never mind the price of gold, mind where you keep it! I wrote about that three years ago in a piece called "How to buy gold" - and the advice still holds true today.

http://barlowscayman.blogspot.com/2012/12/how-to-buy-gold.html

Tue, 10/13/2015 - 10:04 | 6662528 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

So I am supposed to store my physical gold in Singapore in return for a piece of paper that says that my gold is safely stored in Singapore. And the difference between that (piece of paper) and paper gold is?....

Tue, 10/13/2015 - 16:07 | 6663942 lincolnsteffens
lincolnsteffens's picture

The only problem in Singapore is they only maintain a full time military of about 50,000. It seems Singapore could be classified by some larger nations as "supporting terrorism" and launch an attack to steal the gold. Of course that would never happen in today's modern world of civilized behavior. Noooo, not in today's climate of peace and prosperity for all.

Uh oh! Marc Faber says the US has a militar base in Singapore!

Tue, 10/13/2015 - 11:04 | 6662787 RaceToTheBottom
RaceToTheBottom's picture

Do you foresee any problems using gold in the US?  Or are you planning on giving it out to your heirs?

 

Tue, 10/13/2015 - 12:47 | 6663214 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

#1 - Yes.

#2 - No. To hot women for wild sex until it kills me.  Preferably I run out during my last romp.

Tue, 10/13/2015 - 10:18 | 6662605 Gene Parmesan
Gene Parmesan's picture

Seriously. Ownership is nice, but without possession it's only as good as someone else's promise.

Tue, 10/13/2015 - 09:43 | 6662455 Latitude25
Latitude25's picture

The ocean is a big place.  You are welcome to try and find it there.

Tue, 10/13/2015 - 09:42 | 6662448 nnnnnn
nnnnnn's picture

hey  you could store your gold at my place

Tue, 10/13/2015 - 23:14 | 6665601 messystateofaffairs
messystateofaffairs's picture

I you store it at my place I won't charge to invest it for you in unique pet rocks.

Tue, 10/13/2015 - 10:05 | 6662533 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

Do you give out pieces of paper saying "don't worry... this piece of paper tells you that you own gold?"  If so, OK then.

Tue, 10/13/2015 - 09:30 | 6662406 BandGap
BandGap's picture

I own 22 acres of land and several shovels. It came out of the ground, I can put it back.

Tue, 10/13/2015 - 16:24 | 6664113 1033eruth
1033eruth's picture

Your 22 acres if you or associates choose to raise foodstuffs, is going to be worth more than gold.  When TSHTF, the convertability of gold is going to be in question.  Remember the old movies where everybody would bite into the coin to determine authenticity.  

Two days straight, I had retailers run their fucking pen over my twenties to determine if they were counterfeit or not.  I LIVE IN FLYOVER COUNTRY where we don't have sophisticated counterfeiters.  

The same is going to be true when TSHTF concerning the authenticity of "gold" in its various forms.  Its guaranteed. 

Wed, 10/14/2015 - 04:12 | 6666054 EddieLomax
EddieLomax's picture

There is then a premium on vault gold from a reputable source, so to weigh up against the risks of the gold being confiscated we have to keep in mind that we need to pay more for someone to buy our gold privately.  And also we need to weigh up the risks of someone breaking in and stealing our gold, it is only a matter of time that the consequence of the banks discouraging people from storing their money in them will turn into a increase in burglaries, and very violent ones if the homeowner is still there.

Yet another consequence of our feckless political leaders and their financial meddling.

Tue, 10/13/2015 - 09:08 | 6662322 ToSoft4Truth
ToSoft4Truth's picture

Reads like the, “Bury your guns before Clinton grabs them" crowd.

If you aren’t brave enough to use them now, you’ll never dig them up to use later.  

Tue, 10/13/2015 - 09:00 | 6662289 agent default
agent default's picture

I think it depends very much on the country.  Switzerland and Singapore should be pretty safe, Germany should also be relatively safe because the last time gold was confiscated it was by Hitler.  So the parallel would be a bit nasty.  The US has already confiscated gold once, which makes it a zero rules country.  The rest of Europe I don't really know.  France and many northern countries like Sweden are prone to leftism and socialism so it could be a bad idea to store gold there.  Eastern Europe, no idea. In general I would say that any country outside the Euro or the USD system would be much safer.

Since Faber lives in Asia, it would obviously makes sense for him to keep it in Singapore.

Tue, 10/13/2015 - 17:41 | 6664384 Pickleton
Pickleton's picture

Germany should also be relatively safe because the last time gold was confiscated ...

 The US has already confiscated gold once, which makes it a zero rules country. 

 

You're saying there's a major difference because of WHO did the confiscating.  Germany's all good because it was Hitler?  That makes no sense.    

 

Wed, 10/14/2015 - 04:06 | 6666052 EddieLomax
EddieLomax's picture

I can see the logic here though, Hitler and the regime he ran is gone.  But the US has roughly the same regime in place that was in place back in the 1930's, for that reason I think gold confiscation is still more likely in America, where it has precedence, to Germany, where the precedence are the actions of a thoroughly discredited regime.

As for me, I think I will trust Switzerland myself, I think London/US/Germany/Austria are still okay and preferable to use to spread holdings though.  Singapore sounds good, but if things heat up out there then it will be seized by any major power, whereas Switzerland has geography and centuries of tradition giving it its independence.

Wed, 10/14/2015 - 07:46 | 6666244 fockewulf190
fockewulf190's picture

If you see the German government start to levy a tax against gold sales (it's probably the ONLY thing you can buy without sales tax over here), then you know the winds of change are blowing. Refugee crisis, Deutsche Bank derivatives, Greece again, approaching Great Reset...things can change on a dime...especially if gold explodes as the € $ £ and ¥ tank.

Tue, 10/13/2015 - 11:02 | 6662768 RaceToTheBottom
RaceToTheBottom's picture

Do storage facilities introduce problems for US citizens abroad like financial institutions?  Or are storage facilities viewed differently than financial institutions and the corresponding hassles of signing up?

Tue, 10/13/2015 - 18:30 | 6664504 Urban Redneck
Urban Redneck's picture

Foreign Account Tax Complaince Act 

The one word answer is NO, however, there is a very important caveat that no one writes about.

If you have a safe deposit box with a financial institution that reports financial account to the IRS, the way customer data is aggregated and reports are automated at banks, the fact that you have a safe deposit box is relatively likely to be reported to the IRS even though it is not currently required.

Tue, 10/13/2015 - 15:32 | 6663881 lincolnsteffens
lincolnsteffens's picture

If it is allocated storage in a vault, your PMs produce no income and no interest. There is no IRS requirement to report those holdings. If you store it in a Financial Institution that may  a different. I've had two accountants verify this for current tax year. Of course if you wire transfer funds to the storage facility to purchase gold through them for storage in their vaults there is electronic trails where you send it. I don't think too many people would risk trying to get 100K in cash out of the US without declaring it at the airport. Carrying PMs out of the US as long as it is classified as bullion is a commodity and as of a few years ago there were no restrictions on taking it out of the country but you may have to report it. The country you are going to may have its own regs. and may avoid import tax if the bullion is above a certain purity. .9995 or above was the threshold for New Zealand a few years ago, so don't go there with only .999 cause you'll have to pay tax.

Tue, 10/13/2015 - 19:54 | 6664816 August
August's picture

IMHO "only .999" is overkill.  Most countries seem to use .995, or even .95, as a cut-off for when tax/duty is applied.  You need to check, in advance.

 

Tue, 10/13/2015 - 11:34 | 6662951 agent default
agent default's picture

I don't see how.  As storage facility is just a storage facility.  They give you access to a box for a fixed fee ( long term payment for cash accepted), no guns, no drugs, you can put in there whatever else you want.  It does not have to be gold, and nobody knows what you have in there at least officially.  But, since most of these places also sell trade gold a corridor away from the vault, you may want to get the storage there and buy your gold elsewhere.  That way everyone involved can deny everything. 

Tue, 10/13/2015 - 19:54 | 6664792 August
August's picture

>>>I don't see how.  As storage facility is just a storage facility.

This is why, when you store assets at any vault or similar operation, you want a KEY, and not a RECEIPT (unless the receipt says "received is one sealed box, numbered XYZ1234567", or similar).

You do NOT want a receipt for "100 troy ounces of gold bars", which some (e.g. Mark Nestmann) maintain will be interpreted by tax authorities as a financial account (if they ever find out about it).

Tue, 10/13/2015 - 11:13 | 6662841 vinny vici
vinny vici's picture

If they're somehow classified as a "foreign financial institution" I suppose they'd have to be reported "yes" on your tax form.

Tue, 10/13/2015 - 08:44 | 6662230 Calculus99
Calculus99's picture

Better buy a mask and snorkel then because many on this board lost their Gold when they took it boating and it fell out of said boat.

 

Tue, 10/13/2015 - 08:27 | 6662181 laser
laser's picture

There's nowhere to hide.

Tue, 10/13/2015 - 11:18 | 6662875 BandGap
BandGap's picture

Faber looks like he is hiding at a bowling alley.

Tue, 10/13/2015 - 08:17 | 6662150 world_debt_slave
world_debt_slave's picture

storing mine with Goldmoney in Sweden

Tue, 10/13/2015 - 09:44 | 6662458 SuperVinci
SuperVinci's picture

silver is cheaper and more affordable tho! Silver FTW!

Tue, 10/13/2015 - 10:06 | 6662538 Citxmech
Citxmech's picture

It's the ratio, not the price.

PS  How much f'n gold do you need to have before storage is actually a problem?  JFC!!

Tue, 10/13/2015 - 10:12 | 6662567 rccalhoun
rccalhoun's picture

security is a big issue.  with a gun to your head, how will you re-act? 

Tue, 10/13/2015 - 10:51 | 6662709 WFO
WFO's picture

"security is a big issue.  with a gun to your head, how will you re-act?"

Hence the need to keep your mouth shut. 

Tue, 10/13/2015 - 19:41 | 6664577 August
August's picture

>>>Hence the need to keep your mouth shut.

Even on the web?

IMHO, NO ONE should any specific information regarding any PMs you own.  Since most ZHers are mortal, your heir/executor should have some information, but even then no specifics beyond the fact that instructions/information will be released to him (e.g. by your vault, your attorney, or whoever) when they show up with your death certificate, POA or other appropriate legal documents.

FWIW, it MAY be a good idea to cut your estate's executor out of the loop completely (or it may not be, depending on your situation). If possible, you really should try to avoid running record of your hard assets through probate. If, for instance, your heir is a signatory to a deposit box, either in a jurisdiction with no inheritance or estate tax, or in a jurisdiction where neither you nor your heir are taxed, there will be no record of any transfer having taken place.  Which is good, particularly for your heir.

Tue, 10/13/2015 - 19:42 | 6664766 Oracle of Kypseli
Oracle of Kypseli's picture

REPOST: Passport revocations anyone. Hide it in several places.

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