Guest Post: Don’t Store Your Gold In The United States
From Simon Black of Sovereign Man
Marc Faber: Don’t Store Your Gold In The United States
As usual, the CNBC hosts were completely dumbfounded.
Phoning in from Sao Paulo, Brazil, investment guru Marc Faber was a guest on CNBC last week, once again telling the unvarnished truth about the state of the world economy and bankrupt western nations.
This time, Faber had a very clear message: that everyone should own *physical* gold… and what’s more, they should store it outside of the United States:
“I prefer if investors hold physical gold in a safe deposit box, ideally outside the US, in various locations… Switzerland, Singapore, Hong Kong, Australia, Canada… I think it’s important in today’s very uncertain world to diversify, not only the various asset classes… but also the custody of your assets should be in different jurisdictions.”
His hosts couldn’t believe it. -NOT- store in the United States, the bastion of freedom and security??!?! What lunacy!
CNBC: “Uh, so do you thus not trust US banks or US custodians? Do you think they might fail or abscond with the gold?”
Guffaws and incredulous snickers emerge from the hosts.
Faber: “I don’t trust anyone.”
Uncomfortable silence.
CNBC: “Hmmm. Interesting.”
Completely devoid of anything intelligent to say on the topic of sovereign diversification, they quickly changed the subject to talk about equities… but Faber soon came back to his original point.
Among other things, he mentioned that banks in Asia are FAR more stable and sound than they are in the west for not having invested so heavily in dead weight assets like Greek bonds or US mortgage-backed securities.
I couldn’t agree more.
This is a point I’ve been pounding on from day 1: internationalization, what I frequently call planting multiple flags, is absolutely critical to reducing your risk.
You won’t ever hear about it from the talking heads on state-sponsored media like CNBC. They refuse to look at the real world where America is no longer the center of the financial universe or the safest place to put money.
Truthfully, though, bankrupt nations like the United States pose the greatest risk of all to our prosperity and livelihood, regardless of whether we’re just starting out or have already achieved it.
This is because politicians will stop at nothing to maintain the status quo; the more they try to ‘fix’ things, the worse the situation becomes. They think they can borrow their way out of debt and spend their way out of recession. When these tactics don’t work, they just borrow and spend more.
In recent remarks during an official visit to Japan, Vice President Joe Biden said that China became the world’s second largest economy only because of US troop presence in Asia.
This line of reasoning only makes sense to a politician: China’s growth has nothing to do with its huge population, massive accumulation of savings, burgeoning technology, or culture of productivity… and everything to do with US military installations in South Korea, Japan, and Okinawa.
Such logic truly tests the patience of rational, thinking people, yet it exemplifies the kind of out-of-touch, mindless bureaucrat who is running the country.
Marc Faber has it absolutely right: entrusting the preponderance of your assets to these moronic sociopaths is a foolhardy endeavor. Own physical gold as a hedge against their idiotic fiscal policies, and store it overseas to make sure they can’t get their thieving hands on it.
Here in Austria, there’s a great secure storage facility in Vienna called Das Safe. You can rent a safety deposit box from them completely anonymously, and the box contents are insured for up to $50,000.
This is financial privacy at its finest… and if you want to take Marc Faber’s advice, you should definitely consider Das Safe. As an aside, Austria is also a great place to buy gold; you can purchase the gold ‘Philharmonic’ coin at almost every bank in the country at premiums as low as 3%.
If you’re serious about doing this, you should check out last month’s edition of Sovereign Man: Confidential. I covered a lot of detailed information about moving and storing gold overseas, including specialized contacts and obscure regulations that you need to know about.
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Waiting for Roubini to weigh in
Hey Nouriel do you know any good Swiss jokes?
What a Fecking JOKE:
Buffett tells CNBC's Becky Quick he dreamed up idea of $5b investment in Bank of America this week while he was taking bath... less than a minute ago via TweetDeck Favorite Retweet CNBC
And coincidentally right after Obama called him.
Good point... That just came back to me now heard it somewhere ...
Hehehehe... this whole system has become a farce, where will it end?
Just imagine.?.?.?.?.
Is This the Picture???Old man sitting in bathtub, dreaming of his Billions, jecking aff, thinks of a shitty place to put some $$$ billions ???
It was probably a proxy for wanting to put his dick in a shitty place!
Hey, BaBaBouy - I reckon he was staring at the plughole Lol
One bath leads to another...
How much did the sovereign man get for pumping Das Safe?
I prefer the bank of Tupperware.
Poor investment decision making is what one does when you can't play submarine captain anymore. "Up periscope!" and nothing happens. God damn it, now all I can do is fuck with the CEO of a bankrupt bank. So sad.....
Wow, nice Radio Birdman avatar. Now I get why your username is "Aus"perity.
As for Buffet, I honestly believe that this is the bizarro way of spending his wealth in his twilight years. He sure as hell isnt interested in having lots of toys and giving his accumulated wealth to a bunch of bloodsucking family and friends that have not worked hard enough to earn it.
Some people play as much golf as possible before they die. Some people watch as much TV as possible before they die. I think the oracle of aromaha wants to be remembered as the guy that saved the US economy before he goes beneath the ground.
The Gov. approached him during the last financial crisis to bail out the banks. Warren is officially now a blood sucking parasite who will feel a great wrath one day. I always knew this was the case but thought he might have an ounce of humanity in him. Not so.
I'm not a psychologist, but I think Uncle Warren is clear on where he and his kind have led this country and is now trying to capitalize on its death to plow more money into his charity. He must be feeling his years are numbered and he is trying to buy off God by doing more of the same.
In other words, he either is going into eternal oblivion or eternal Hell fire. That's not a trade I would take. Good luck Warren, you're going to need it.
yeah, kinda like hitler doing 10 hail mary's before he knocked himself off... sorry pal, damage is done.
Right. And if this move is to deflect the coming shitstorm in the markets due to the Bernank's soon-to-be disappointing speech offering no QE3 but maybe a plate of peas - it's like putting a bandaid on a torn artery. Patient is dead.
Or perhaps after Obama finished servicing him..
the prophet of the profit and earnings ratio...
Actually they were in the bath tub together.
Thats exactly what happened. Obama couldn't get money to BAC without it showing that BAC needed govt. money for "what". So until he can come up with another QE3 (won't work) or program in the very near future, he needed Buffet to invest in BAC to hold of the vultures for a little while.
People that old don't bathe anymore.... long deoderant.
It puts the deodorant in the basket.....
Well, it isn't truly a "bathtub" as we non-octogenarians understand it. It is a special tub, for avuncular-facaded, eighty-something, ukulele-strumming billionaires who feel they do not pay enough in income taxes ( yet would not deign to cut a nine-plus-figure cheque payable to "Bureau of the Public Debt" ).
( CNBC [ female ] anchors sold separately. )
http://www.walkinbathtubsguide.com/images/man-in-walk-in-bathtub.jpg
How many miles per gallon does that get?
I bet Warren is hung like a tictac....
Alan Greenspan is also famous for making important policy decisions while soaking in his bathtub playing with his rubber ducky
http://beginnersinvest.about.com/od/alangreenspan/p/aaalangreenspan.htm
I was in the jacuzzi once when a couple of guys came by with an extention cord, and a toaster.
Their demands suddenly seemed quite reasonable.
http://www.youtube.com/watch?v=3aEXeIUjjYs
Hah! Funny. If there is one guy on this site who has me puzzled its the resident rodent. Spouting Latin, Italian, Arms Info, Dune Quotes and militia-talk Extreme Opinions....
Anyways, if a sizeable number of people are interested, I've discussed starting a physical silver storage facility here in India. The cost basis for secure (like Level V security) is pretty low and available.
India, in a SHTF scenario, would be pretty secure in a way that central forces are unable to police the vastness of it, literally and other-wise. Easy for the affluent to be locally safe. Totally safe.
If anyone is interested, you can always find me @ http://aadivaahan.wordpress.com
Also thought of a way where you can put x% of your store into a liquid fund for trading silver on a consnesus basis, locally.
Through the appropriate secure networks, it can always be made available when and where needed. The concentration of it might bestow some unique "power" also.
More if anyone is interested.
Vivek
Aren't there tax issues importing silver into India? Seems I heard somewhere that Indians pay quite a bit more than spot for silver.
Like this?
http://www.lilligren.com/Redneck/images/redneck_pool_safety_hazard.jpg
Is that a pale Timmy G?
Greenspan plays with his wife, Andrea Mitchell (Plastic Face) in the tub... can you ever imagine anything more UGLY???
Isn't that how Doc dreamed up the Flux Capacitor? Oh wait no he hit his head on the toilet..
PLus day & date....dials...
Is it me, or does Roubini spend way more time on gold, than even the most hardcore gold bug?
He is a paid gold troll.
My dog has more credibility on gold than "the Roub" the mutt never said that gold would never trade above $1,100.
.
Another instance of Simon "Uninformed" Black reaching into his ass for advice. "Banks in Asia"?
Ok, Singapore, yes. The banks there are sound.
But "Asia"? As in China? Oh hell no.
you continue to bash simon at every turn, while he gives constructive advice for free just for the asking what do you give except mouth shit.
Renminbi ='s 1,200+% Leverage, before the ink dries on the note.
China's GDP / Debt is carried by 10% Growth.. Building 6 to 10 EMPTY CITIES A YEAR!
so.. as far as Mark pitching gold.. to continue pressure.. to benefit from the swings? No Brainer.
Faber: “I don’t trust anyone.”
Uncomfortable silence.
CNBC: “Hmmm. Interesting.”
LOL
It really was priceless. You can almost hear the little momo-loving hosts roll their eyes at the "crazy doomer." Just wait until Bernank doesn't give them anything tomorrow and they'll be peeing their pants and getting a safety deposit box in Singapore like Faber told them to.
For the last time already (and also for Simon Black, who made the same linguistic mistake, as do so many others), it is called a "SAFE deposit box" --- you know, a box in which to make safe deposits --- not a "safety deposit box". I am quite certain that it is not possible to deposit safety in a box.
For all intensive purposes, a safety deposit box will work just fine.
You may take it for granite, but I could care less.
Irregardless, your point is mute.
And just who aksed you?
Needless to say, that's a whole nother question, but I won't be your escape goat.
Is Shirley gonna hafta chokabitch?
That was so funny I literally died.
And dat's da troof!
This mini thread made my day.
Me two - which pacific comment is your favorite? (I couldn't make up my mind but then I took a different tact and just picked one out of a hat, eeny meeny miney moe-style...)
All of them as I could swear I've heard them all being used by real people. It's all same difference anyway.
doom!
If things are really this bad, forget gold, I'm buying distilling and brewing equipment.
Homebrewing is a blast. I would imagine it would be a popular skill in a post disaster world assuming you have the grains.
Honey (for mead) is a good substitute.
5 gal per batch...best hobby ever
A blow up doll and a huge bag of coke would also be good investments.
CNBC, advice that you can trust...to be wrong.
I entrust my pm's to mr. Smith and mr. Wesson..
Mr m240 for me. Nothing like fully auto and a 200rd box to keep it safe.
I hate you.. :)
you guys are clearly amateurs.
take it up a notch like "the professional russian"
http://www.youtube.com/watch?v=WOoUVeyaY_8
Mr. Smith and Mr. Wession just flowed sooooo much better than "I bought my own professional Russian"..
How about the Mister and Misses? Like Mr. Smith & Lady Smith.
The police will kill you and your entire family.
My guess is that they'll be too busy with rioters to spend tactical units on bunkered gold bugs.
Maybe. ATF, not so much. They'll get the gold job and send out their Xe confederates fresh from Iraq to do the wet work for a simple cut of the take.
You think I'm kidding. Think again.
The government does not work like that. Think path of least resistance. Think easy and lazy. The poster mentioning 401ks and IRAs understands how the government works.
+1 on the reality that our govt always has bigger guns. You vs them you lose.
Why so? The rioters don't have any money and when you're not getting paid thanks to the lack of tax collections, it's time to "go for the gold". The first "officer" that gets there gets paid.
Make the local LEOs your friends.
If the Feds can find it, they can have it. It would mean I sucked so bad at planning, I don't deserve to keep it.
Springfield 1911A1 45ACP
"NM" prefix..... (National Match)
X 3 + (AR-15 *2) + 12ga + ...
Paid $140 for it in 1994. I figure there has been a goo bit of inflation on these things. Probably better than gold....
Paid $895 for my M1911 Nark IV Series 80 (Stainless Steel) in 2005.
Best sidearm of all time and a bargain at any price.
"Best sidearm of all time"
In the land of many guns, such statements need a sounder qualification. Could you come up with a more telling adjective for "Best"?
I'm assuming your M1911 Nark IV is really a Mark IV. Not that I have anything against that particular weapon (had one), but from my present personal experience the only handgun with Mark in the name that might be considered best would be the HK Mark 23. Because of it's exceedingly high reliability ("one of the most thoroughly tested handguns in history"), unequaled durability and superior match grade accuracy (the only drawback being a somewhat excessive size, weight and price), I wouldn't leave home without it.
As neofeudalism gains more leverage into our daily lives in America, in preparation for this life-style change, buy the most dependable, durable, effective and influential tools for the job. What's that idiom? "You get what you pay for?" or was it "you can pay me now or pay me later?"
Bottom line - get a gun for the job, lot's of ammo and learn how to use it properly.
That's how I think too. I don't own physical gold to store it on the other side of the world. Who says I will be able to get to it when I need it? How will I be able to do anything about it if I need to change its location quickly?
three AK-47s, and a S&W M&P 40. :-)
I lost all my weapons in a tragic boating accident years ago.
I like the six degrees of separation approach.. ;)
I'm terribly sorry for your loss. This hits me especially hard as I will be going boating soon.
You should invite your ex-wife. Twofer.
Sometimes I just have to add your thoughts to my To Do list. lol!
Rolling bearings actually said the best sollution. If it would ever become a serious problem, just melt it into a 2 inch cilinder bard, spray paint it, and use it as a fencing pole in your yard or something else that doesn't attract attention.
That would destroy some of its value.
Find that.
It would only happen in the worst case scenario you know :)
I'd cry my eyes out if I had to melt them and don't even know if I would get it over my heart because I love my bullions :)
A waterproof box poored into concrete and put 1 meter below ground may indeed be better :)
At 5 different locations.