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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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Can someone explain to me what the definition of a traitor is? Because I thought the Confederates were the definition.
If you want a REAL definition of "traitor", then you could do no better than the name "Abraham Lincoln", who epitomized treason against everything that the USA had been founded upon --- namely, liberty and limited government. "War is the health of the State", and the dictatorial and tyrannical criminal Lincoln certainly left us a healthy state --- it was he, above all others, who started the USA on the road to the leviathan big government under which we suffer today.
To modify the Moslem benediction, may eternal torment be upon him.
Who started the war?
The North, specifically the traitor Lincoln, of course. The South only wanted to peacefully separate from the USA --- it was not they who fired the first shots.
To deny the political right of secession is to deny liberty itself. As loathsome as the concept of slavery truly is, you surely know that the Civil War was not primarily fought over slavery --- it was a battle between the limited-government vision and the perverted, statist, pervasive interventionism as represented by Lincoln, with the latter unfortunately having won the war.
While I agree with you above, this is garbage. Since you don't bother citing I won't either.
Ding ding ding!
"I had some gold but sold it to Cash for Gold some years back."
pods
No, you sold it on craigslist for a loss. No receipt, just cash, anonymous exchange, no tax liability. Right?
They'll bring the gold (crotch) sniffing dog with them. It'll find some cookies and old potatoes, but not any gold... don't send them a check for the clean-up bill though.
wait til they comb your house with metal detectors and xray devices. better plan ahead
Kinda like they combed the desert in spaceballs?
ROFLMAO!
"We ain't found shit!"
pods
Can't do much metal detecting from the consumer side of a body bag.
They will certainly not be combing my house with that. Or anyone elses.
How are they going to pay for all that equipment and technicians to do that?
If they will stoop to those levels, we will have ceased to have a functioning government by then and they will kick in your door and put a gun to your kid's head before they bring in the Star Wars detection equipment.
pods
250,000sf of trees and squirrels...on your mark, get set, fail!
My wife ran off to 'Vegas with it and all I got was divorced, worse was when she came back after it was all gone.
So be it! I bet they run out of folks to confiscate gold before we run out of folks to defend keeping it. At this point it really doesn't matter if they come for us or not, a message will be sent because what is the alternative? Just hand over the wealth like we have been doing via our politicians voting for bailouts and the fed debasing the currency? The only fantasy here is believing there is an alternative to standing up...there isn't. Once you have made peace with that, getting killed isn't a bad option, especially when you can take as many of those bastards with you as possible.
+7.62
http://www.youtube.com/user/Magpul#p/u/0/WKP5hg-B1N8
7.62 at a mile.. all day long.
The world has never ran out of "folks to confiscate gold". It's what people do whenever they have the opportunity and when they don't, they make the opportunity. It's the reason for armies. What planet are you from?
It may be fairly difficult to maintain that army of confiscators when they start dropping like flies on foreign soil, or their own if they are feds, people will ask themselves, "is it really worth it?" What makes you think us gold hoarders won't organize into our own enclave/city/state/nation in order to establish our own fighting force? My guess, is you have never read anything about insurgency/insurrection campaigns. You don't have to win all or even any battles...all you have to do is establish that the cause your enemy is fighting will cost them more than they will gain.
Your fellow gold hoarders will shoot you in the back if necessary to confiscate your gold. A surviving gold hoarder trusts no one. That's one of the gold hoarder's many problems.
Not all gold that is confiscated ends up in gtovernment hands.
FYI, I am a gold hoarder too and I don't trust you.
You guessed wrong.
Somehow I doubt that you own a single ounce just by the posts you have put up here. That being said, not only have I read about insurrection/insurgent operations, I have dealt with them first hand, in more places than you could imagine. At some point, especially when it is mutually beneficial, people get together to do things and form a economic and or social pact out of necessity. This is what economics IS, a series of mutually beneficial exchanges. People who have gold will have to band together to provide services and other things to each other at some point...yes I have land, off the grid, my own food supply, gold, guns, and ammo. That really is useless if I am sick or wounded. Naturally there will be like minded people out there who would be able to help if it were found that I would be willing to part with some gold, or even a service I could provide for them (I am pretty handy doing a lot of electrical/mechanical engineering stuff). The only people who shoot in the back are those who are cowards and murderers, most people I know that have gold I have known for a while and trust them more than the .gov or anyone for that matter because we have established a trust. Perhaps you don't trust me because you don't trust yourself to do the right thing, common causes are a mutually beneficial scenario and what many countries have been built on (including this one).
Actually I think you just defined what a government is SUPPOSED to be.
Which fucked up episode of Fantasy Island did you watch?
and only in Paranoid Fantasy Island will the cops knock on your door looking for gold.
The government is lazy. They will go after the low-hanging fruit first.
They will start with your 401k. That's easy to get to, and they don't have to send cops to get it.
Then comes the IRA's. Almost as easy at 401k's.
If they ever do get around to going after gold (unlikely), they will do it like they did in the 1930's - start with safety deposit boxes. At worst, they will set up shop in coin shops and pawnbrokers.
They are already raiding the safety deposit boxes in Great Britain.
Nah, they won't confiscate it, too much work. Rather, they can just make it "illegal" to own again, like 1933-1972 (might have that last year wrong). Declare those that horde it to be unpatriotic domestic terrorists (and similar language), and offer $$ rewards for your neighbors and relatives to turn you in (along with food and gun/ammo horders). Then you may find yourself treated like a drug trafficker, try to sell or use your PM's will be like showing up at Walmart and offering to pay with a bag of coke. Your unemployed and hyperinflation destroyed fellow Americans will do most of the work for them, while you enter the lucrative leo/prison industry. Cheap and easy way to mop most of it all up.
Yeah, because that war-on-drugs strategy has worked so well, it's now impossible to get marijauna, coke, or meth anywhere in america, since it "mopped up" most of the drugs the same way it will mop up the gold.</sarc>
that "war on drugs" has a confiscation aspect that has worked out FABULOUSLY for the enforcement agencies involved - clue: it has nothing to do with the "drugs."
this is how they work, it's about criminalising whatever they want, and thuggery to enforce it.
Absolutely Cathartes, that's just what I was implying.
and then we will devolve into a regime where like in brazil, cops get gunned down all the time.
... and we CAN kill an awful lot of them...
They have been amassing gold for two or three years, that we know about.
There's a reason gold reached $2000, and it is stacked in their vaults
They don't need your paltry amounts of gold.
They will seize the gold in small local banks, not gold held by the public. It is too scattered and not big enough to warrant their attention. The real question is whether they will raid Sprott's, which is in Canada, or big funds that took possession like the Univ. of Texas.
They don't want a confrontation or anything that provokes violence or a debate. They just want their way with the system. If they do things quietly, they maintain prestiege and nobody will challenge their power.
Putting us on a gold standard and then taking gold from individuals is not in their game plan. Going on a paper standard and taking gold from individuals does make sense, because the game was to convince everyone that gold was worthless. They didn't even do so in that scenario in the 1930s.
Caterpillar, Case or New Holland if you have the land.
Eugene Stoner, too, Glokk.
My trusty AR in .223 is a very reliable companion. And accurate within 2 inches from 200 yards. Fires everytime you pull the trigger.
Executive Order 6102
I wouldn't trust them either.
Executive Order 11110..
I would not trust the Secret Service either.. http://www.youtube.com/watch?v=XY02Qkuc_f8
ATF, Secret Service, are both arms of the dept of treasury (per treasury's website). Keep that in mind and all the pieces fit...
Especially as the US confiscated Gold under FDR in the 30ies. President O. has in addition high admiration for F.D. Roosevelt. Don't trust Papergold! Care for your physical gold!
back then it was patriotic to let them take it, no? I don't think that would go over so well this time around.
Not that patriotic. Most of the gold the gov wanted to confiscate evaporated into the ether, or boarded ocean liners headed for Europe. They only got about 40 percent or so. Back then, dollars were backed by gold and people didn't really care if they had gold or fiat, so they never really tried to hide it. And a lot of them held it in safe deposit boxes, where the IRS wouldn't allow access unless an agent was present. It wasn't until the crook FDR revalued the shiny stuff at 35, up from 20, that they realized they were had. It would never happen today. Gold is now held by people who understand the true value (not just price) of gold. The strong hands will never give it up...
It is completely incorrect and/or disingenuous to claim that the federal government "confiscated" gold in the 1930s --- they did NOTHING of the kind! It was merely a voluntary call-in of gold. As others here have pointed out, they made virtually no effort to go after the gold of ANY private citizen, and although the criminal Roosevelt's illegalization of gold was outrageous and reprehensible, those who chose to hold onto their gold were for all practical purposes entirely safe in doing so.
They only got 1%, all of it from Bank safety(?) deposit boxes.
Incorrect, seizure rates were close to 50%, and that my friends is what the Ft. Knox (US Bullion) depository was constructed for in 1936.
"In 1933, U.S. President Franklin D. Roosevelt issued Executive Order 6102, which outlawed the private ownership of gold coins, gold bullion, and gold certificates by American citizens, forcing them to sell these to the Federal Reserve. As a result, the value of the gold held by the Federal Reserve increased from $4 billion to $12 billion between 1933 and 1937.[1] This left the federal government with a large gold reserve and no place to store it. In 1936, the U.S. Treasury Department began construction of the United States Bullion Depository at Fort Knox, Kentucky, on land transferred from the military." - Wikipedia
Incorrect on two counts:
1) The amount of outstanding monetary gold recovered by the federal government has been estimated (by such experts as Milton Friedman) to have been only between 20 and 25%;
2) There was categorically NO "seizure" --- all the gold returned to the federal government was returned voluntarily (if under duress and threat of legal fines and punishment).
There is nothing more secure than a bury tube placed in a discrete location with a coded GPS marker. (gotta plan for Alzheimer's, lol)
Just put it next to the cats buried in the yard.
pods
You bury cats? Tastes like chicken! Save that space for the confiscators...
Dead cats can be turned into fresh chicken. Chickens love to eat maggots.
'zactly. just bought a farm. lots of room to disperse tubes.
nope officer, no gold here.
Stealth tech is based on the absorbsion of charcoal.
A couple of feet of charcoal will absorb a metal detectors ability to find your stash. (this is heresay, I haven't tested it, but an old bootlegger told me it works)
It works but it's not due to the charcoal. Metal detectors are only good for a maximum of 1 ft for the very expensive ones. If they come with equipment it will be in the form of ground penetrating radar.
banks in Asia are FAR more stable and sound than they are in the west
Right up until they decide that white devils don't need their accumulated capital. Is this guy fucking for real? Bury the shit and memorize your GPS coordinates, and / or triple landmark azimuths. If it's a bank you cannot trust it.
Good advice for the big fish. Not so relevant for some of us smaller swimmies. Mine, they'll have to pry it from my cold, dead goldfinger..
"There's nothing so precious as a hole in the ground."
Okay, you live in the U.S. but store your gold in Switzerland. If the SHTF, how do you get your gold? Go to Switzerland. And then what? Are you just going to be a refugee living off your gold until your passport expires? And then what? I disagree with the idea of being physically separated from your gold by thousands of miles and (more importantly) several layers of government agents.
Agreed. Storing at home in diverse locations is a good way to go. Some in a safe, some in more creative spots...
Fake electical outlet: http://www.diylife.com/2007/09/12/hide-your-valuables-in-a-fake-wall-out...
Some decent ideas here: http://www.goldwhy.com/why-hide-your-gold-coins-in-a-safe-place.html
That is a great point. There is no right to travel by plane. If things get so bad that LEOs are going door to door to confiscate do you think you will be able to buy a one way ticket to Zurich? Get real.
Better to have it in the bottom of a table lamp, chair leg, etc.
Just pretend you are hiding a $1 dollar easter egg. It ain't that tough.
pods
..and not only that, Simon reccomends this for those who have much and Qoute "those just getting started" give me a freakng break! Figure in your cost here as well.. those just starting out mosnt likely can't afford to fly to austria once or twice a year plus food and lodging just to buy gold and store it there.
If TSHTF and it happens fast good luck getting to austria
So you guys are telling me none of you have more than one passport?
A well prepared Armageddon-man has a second legal residency he maintains.
You're a hell of a lot better off living off your gold in Switzerland than you are making ammunition in one of DHS prison/slave labor camps with nothing. At least I prefer that outcome.
Keep your passport up to date. It's good for 10 years. And yes, many people have obtained refugee status in Switzerland in the past. You probably will never be asked as long as your money holds out and you don't cause problems and keep a low profile. There's also other jurisdictions with common borders that aren't that hard to get to and live in there. The rent is cheap in the Italian and Austrian countryside, not so much in Switzerland. It helps to be able to speak italian or german.
What several layers of government agents? Border controls? Someone that has a second home in a foreign country shouldn't have too many problems in that regard. Get your ducks in a row.
Mr Ruger, Mr Mossberg, meet Mr gold confiscator, Mr gold confiscator, meet your maker!
I store my gold right next to my Beretta.
http://tinyuploads.com/tfhbhg_fullb
Nice serial number on the Beretta too... lol
... and so goes that.
<----------- Law Enforcement is a Fucking JOKE! in this Country!!
<----------- Law Enforcement is NOT! controled by Government Lobby Whores and is doing a GREAT! Job!!
http://www.youtube.com/watch?v=Yi_SWrXGTq4 <----- 08-19-2011 2 - S.E.C. No Evil, with Matt Taibbi
We have more F.B.I. / S.E.C. / add other three letter group of idiots who are bought and Paid for Lobby Whore Lacky's!!!
than there are members of the same groups investigating Wall Street!
we need a better Lobby for ZeroHedge!
ok.. Tyler lets pass the hat so that we can BRIBE.. Oops, I mean Lobby the S.E.C. to look the other way in any and everything we do here!
HEY! F.B.I.!! YOU! ARE!! A!!! FUCKING!!!! JOKE!!!!!
Vote with a Bullets!! Help take America back from the Lobby Whores who OWN Law Enforcement!!
James Workman
@JWnFL Palm Beach, FL / Spanish Cay
Corporations Own the Lobby!
The Lobby Owns the Government!
Law Enforcement works for the Duly Elected Lobby Whores!
We the People = Screwed!
https://twitter.com/#!/JWnFL
Dude, go to your medicine cabinet right away.
agreed.
Have you seen any of the shit coming out of S. Florida? The police are militarized all over the country, why don't you go to your medicine cabinet and flush whatever it is that is is turning your manhood into a vagina.
100% correct. I followed you @mattjeffersonia
the rabbit hole is deep and some still and will forever think it's just a dream and not real.
Another "gloom and doomer" likes to say follow the 3 g's - guns, gold and a getaway. He says his gold is "buried"...
Anything odd about the fact that there was a statue of a bear behind Tom Hoening while being interviewed by Steve Liesman just now?
At one point I tried to arrange delivery and storage of a Kitco Pool Acct to a Brinks facility in Montreal. They would not do it because it is ILLEGAL in most US states to hold PMs overseas or some such crap. Ultimately I took delivery to a private vault in the US. I was so focussed on making storage and delivery arrangements I never got around to looking into those laws. I did confirm that they are real at the time. Recently adopted state laws meeting a national format -- for consumer protection, of course.
And no anonymous or bearer of instrument private vaults out there either. You either hold it at home in a conrete anchored safe or bury it in a metallic field. And that's not always advisable thanks to ground penetrating radar.
They are tightening the noose.
I wouldn't hold physical gold if you gave it to me. Fact. I would sell it and buy silver. Or even copper.
Gold is going to become a curse and the mark of Cain. Don't ask me why I think that, it's just my gut feeling. Something bad is coming and people are not going to like it.
fyrebird,@13:17,
< Something bad is coming and people are not going to like it. >
Newsflash!!.
It's HERE, and I haven't liked it for a long time.
Rephrase= Something WORSE is coming_ _ _ _ _ _ _ it.
Don't have to be Faber to know that, we are living it, 24/7/365, and watching it unfold.
Reminds me of the old song, Living In America, by the Homotunes..............that did YMCA.
James Brown, good sir. James Brown.
http://www.youtube.com/watch?v=UzDDJm27vmc
With Pavarotti:
http://www.youtube.com/watch?v=Febr_t_qa9U
Buffett's a fucking disgrace. A sold-out K street whore.
Berkshire had a junk rating a couple of years ago.
I hope Buffett lives another five years so I can watch him squirm when his insurance companies and banks are valued at what they are worth, and he is dumpster diving.
I bet those B.Q. blowjobs become ancient history at about the same time that Berkshire starts swirling the drain.
Sanctimonious prick.
Trades closing down with 200 pips profit. Take note of the S&P short and Gold shorts at 1888 have closed with profits.
http://capital3x.com/?p=248
If you don't trust anyone why not keep it yourself!? Keep it COOL, DRY & NEARBY!!!!!!!
"Don’t Store Your Gold In The United States"
====
Yeah, like local rednecks with few OZ of Gold should fly
first class in Zurich and hide couple of gold coins in the
Swiss Bank Vaults.. Idiot-ism and Paranoia again.. :)))
Goldmoney.com? Bullionvault?
Am I the only one who thinks Faber's is actually a good idea??
Sure keep some at home, but keep some in switzerland, hong kong and singapore too.
If you have so much gold you can split it between four countries then.......well......then.....I am jealous!
I feel entitled to some of your gold being redistributed my way. After all, if anybody has any wealth it must have come from oppressing me.....right? So i deserve your gold.
I'm with Faber as well. You can never be too safe, plus I'm not really to attached to the U.S. so storing gold in Geneva and Singapore make absolute sense.
Local rednecks with just a few oz of gold should convert it to pre-65 silver coins. They're much more usable for buying whiskey, sex and ammo when TSHTF.
Great post - thank you to al at ZH for all your efforts ..... much appreciated by us many lurkers
And all I have to do is have the resources, time and freedom to up and move my family around the globe on a whim! Thanks for more eminently practical advice, Sovereign Man!
Even Faber is out of touch with reality. Cause most of us have 65 pounds of gold bars collecting dust in the vault at our local branch.
Give me a break... 100k in gold fits quite nicely in a coffee can and if SHTF you honestly think your going to be driving your Jetta to Calgary and kindly ask them to put your gold in trunk?
Why would anyone trust any bank?
Could we get Faber to define just what the hell is "safe" about a foreign bank's safe deposit box?
Even dictators have discovered foreign banks are totally untrustworthy.
I don't get it either, Korps. I think there are many who believe we're in for a tidy, traditional recession, cuz .gov will surely come to the rescue. Think it's safe to say, 'probably not'.
Think Faber is getting a paycheck to be a Judas Goat?
Maybe. But then again, Faber's career IS part of the system. If the system fails, he's out of work. Mayhaps he's just a little too close to the situation....or, his MSM sound bites could be very different from his off-the-record, tin-foil hat thoughts and actions. IDK..
I read gold is "flying off the shelf" at Harrod's in London when the price fell.
Interesting times....eh?
I think Faber has lost his mind.
Given the events of the last few years, where borders have become far more arbitrary than ever before, most of what he is claiming is outdated.
Moreover, why would anyone entrust a bank with their phsyical gold holdings, when fizz is non bearing of yield, and no one knows what the central banksters of the globe, even in the nations he speaks of so glowingly, are going to do when 'shit gets real.'
Many will claim I'm off my rocker for claiming that fizz will be confiscated in the 'free and true' places Faber claims exists, but stranger things have happened, and frequently.
Did anyone ever expect FDR to literally confiscate fizz in the 30s?
Who said anything about trusting the gold to a bank? There are many reasons that that is a bad idea. There are private non-bank high value strorage units available in a number of countries.
The only free lunch is diversification with a consistent rule based rebalancing.
Will undiversified gold buggers eventually get their comeuppance?
What an irony it will be if the dumb gold bugs obsorb all your wealth(value) and come to rule you(sophists/smart money) all. irony indeed ...
"topcallingtroll
The only free lunch is diversification with a consistent rule based rebalancing.
Will undiversified gold buggers eventually get their comeuppance?"
Yup, when all of my broke relatives come knocking on my door looking for a handout...
"Will undiversified gold buggers eventually get their comeuppance?"
Honestly, probably not, no. Anyone that hung through that latest dip is gonna be Oprah rich.
What Faber recommends is a no-brainer. Many goldbugs that I know have started storage sovereign diversification since 2002. Actually, Richard Russell, the editor of The Dow Theory Letters, has been promoting that idea since 2001.
i just happen to live in one of, if not the most armed states in the union. i also live in one of, if not the most armed towns in the most armed state in the union. to make a short story longer, i live in THE most armed neighborhood, in the most armed town, in the most armed state in the union. come and get our gold at your own fucking risk. yeah, austria, switzerland, asia, bullshit. IF you don't have possession of your au & ag, then you don't own it.
That right there is the Truth!
What Faber is saying is that the same criminals are gonna do what FDR did last time, which is to outlaw any ownership of gold and silver bullion here in the US. Those that resisit will be treated as terrorists and be put away. IMHO, that day will come somewhere between 2018 and 2020.
I agree that real totalitarianism hasn't arrived yet, but will. But as beofore, personal gold confiscation will not work this time either. I don't doubt TPTB will probably ask the public to 'be patriots' and sell gold to fund the World War in a 'Save Your Country, Sell Your Gold!' program. But consfiscation? No.
There is nothing new under the sun. Gold standard will come back either orderly or disorderly. If it's orderly, I bet Uncle Sam will devalue USD against gold big time, something like $50K an troy ounce. In order to achieve that, they need get all the gold stored in this country no matter what.
Confiscating citizen gold is the most inefficient way to do that. The most efficient way to do that is to confiscate all the gold that is under ground. It will suck to be a miner when that day comes..
When the Executive Order comes, all gold stored in any US banks, including tons of the gold that belong to European Central Banks and are stored at New York Fed, will be confiscated.
..and that, my friend, is why it is folly to store ANY wealth in a banking institution in this era.
I'm not sure we have that long.
Both extremes, Bleeding Heart Liberals, and Ultra Blue Blood Conservatives have ALREADY deemed US middle of the road, God fearing, Law abiding, Tax paying, hard working, Middle Class, Veterans(or not), PATRIOTS, as BEING TERRORISTS for speaking up! With Political Correctness, "Diversity", "Cultural Awareness", etc.all being adapted for the degeneration and capitualization of OUR FIRST AMENDMENT RIGHTS. Once that is gone, then you might as well use the Constitution as ass wipe like Obama and the previous regimes have. You're gonna have to stand on one side of the line or the other one of these days, so you might as well get your ass in gear for IT! IT meaning freedom for you and your family to pursue "happiness" and prosper, or Slavery under an enemy that not only wants your assets, property, and everything that goes with it, but your life and soul to boot. "Lead, follow, or get the fuck out of the way".
I never understood how political correctness was a violation of first amendment rights. They haven't taken away your right to say all the brown poeple are stupid and lazy, you just aren't welcome to dinner afterwards. If you feel it, say it. Goes with having a dck and all.
sgorem, you must live across the street from me! :-)
wave out your front door.:)
I'm sure there were a lot of big talkers saying the same thing in 1933. If they make ownership of gold illegal, what are you (we) going to do with it? Just like back then, we'll sheepishly turn it in and accept what we think is fair payment, then watch the price quadruple overnight.
Look, I'm on your side, but what if gold is made as illegal as cocaine?
Anyone here could have their hands on as much coke as they wished by the end of the day. The War on Drugs is a fucking farce. You already have one foot in the gas chamber.
you ever heard of drug dealers? .......maybe gold dealers? drugs are part of the underground cash economy....gold would be too. and last I heard, marijuana and cocaine are still illegal.......but does that matter? they're easy to find and procure; the only thing being illegal does to them is jack up the price 10-fold. there will ALWAYS be an underground economy, whether it's drugs, gold or some other 'regulated' item. watch the movie 'The Third Man' sometime.....the drug in question in that movie is penicillin.....
AFAIK, a big percentage of the states forbid their residents from storing gold outside US.
In all likelihood the -gold siezure- they are hedging against will never appear. What will show up is the IRS trying to tax the shit out of profits made by small scale physical holders on the underground exchanges. When we start hearing about mom & pop coin shops getting audited you will know the train is coming.
That's why the World has a "Black Market". btw, prices are generally higher when Uncle Sambo ,( think bungling bureaucrats) gets involved in prohibition. Of course the sheeple will succomb, but the strong percentage will prevail, like WE always have.
I'd hate to be the fools coming to confescate the physical holdings of any true (gun owning) americans...and I'm sorry, while careful to not discount Faber, I guess I just don't see point in taking your personal fiat out of the system, purchasing physical and then handing the true wealth back over to the financial-oligarchy, local or foreign. the trust is broken, the system is broken. if you're not at the top of this system or at the very bottom, you are not being "taken care of" and in fact you are a target. the sooner you turn your back, cover your ass (in every conceivable way) the better. thank you to the ZH & DollarCollapse communities for helping me protect my ASSets and opening my eyes to true value...back to stockpiling true assets that will help me survive, and hedge, in these uncertain times.
Banks will steal your gold and cops will steal your camera.
In case Simon Black didn't mention it before, here in Austria you can buy gold Phils not only at almost every bank but ANONYMOUSLY under €15,000 per single purchase.
If the shit hits the fan...which, afterall is the reason many "small" gold investors buy physical....then what the fuck good is having your metal in a box in switzerland going to do you?
Just keep your goddamn mouth shut and don't let anyone know your holding...make sure you only buy with a cash transaction (at a coin show for example) and never keep your entire hoard all in the same place. (and I don't trust saftey deposit boxes either...ou should be smart enough to figure out a secure place to keep something as small as gold without having to involve banks (silver is a bit tougher...but still doable)
Honestly...this advice may be good for some guy who is already rich beyond imagination...and has the ability to jet set over to Switzerland to pick up some gold...but for the other 99% of us....that just is not feasible.
I'd say that if you are rich enough to store your masses of bullion in various spots around the world....then you are one of the people who will do just fine no matter what happens to the world economy.
Faber shows his complete disconnect with the "average" person with these remarks...the guy is smart on the macro...but does not have a clue when it comes to real life I guess.
Did you smile at the camera at the coin show? Two kinds of people, people that have guns and people that dig.
Yeah, here is exactly what Blondie told me that smart ass:
"You see, in this world there's two kinds of people, my friend: Those with loaded guns and those who dig. You dig."
Tuco Benedicto Pacifico Juan Maria Ramirez
Land of the Used-To-Be-Free. Happily, I have 40 acres and a shovel.
Buck? Is dat you?
pods
...or you could buy platinum and palladium instead if you don't want to deal with historical confiscation fears. Of course they could always go with a blanket statement of ALL precious metals or go complete Mao and confistacte everyone's property and kill or imprison all who resist. That would be interesting but I still wouldn't give up my gold even if it meant shooting or getting shot.
Sure, instead of outlawing ownership of every different metal specifically, they could devise... I dunno... a schedule that classifies every metal known to mankind according to criteria that can be changed on a dime by a Federal agency. And, according to this new schedule:
Schedule I - Pure Metals with no known personal metallurgical use (or for which acceptable substitutes exist): Gold
- banned; illegal to own, use or obtain; attempted ownership or use constitues a felony; minimum penalty is incarceration
Schedule II - Metals with limited personal metallurgical use: Platinum, Palladium
- rationed; not available to ordinary individuals unless a prescription is obtained from a gov't-approved metallurgist stating/limiting the purpose, duration and total quantity obtained
- oxides, liquid solutions and/or other preparations can be obtained but it is illegal by law to derive the pure base metal and/or remove impurities
Schedule III - Metals with recognized personal metallurgical use : Silver
- rationed; not available to ordinary individuals without a purpose; easier to get approved; a prescription is still needed; oxides and solutions available over-the-counter, but purification is still considered a felony
Schedule IV - Metals with widely recognized personal metallurgical use: Copper, Nickel, Zinc
- available over-the-counter but ID is required, and name/SSN/address is recorded in a DoT database for any purchase greater than 1 pound, or each additional purchase where the total quantity purchased within a 30-day period exceeds 1 pound
Goldmoney.com bitchez!!
The only precious metals I invest in are copper, lead and blued steel.
When the SHTF, gold won't protect your family.
"blued steel"? cheapskate.....:)
Why not do both? There is no better feeling then polishing my gold and silver coins next to my sig 550 and H&K Mark 23. :)
Yes I am a fan of the German guns!
Why not do both? There is no better feeling then polishing my gold and silver coins next to my sig 550 and H&K Mark 23. :)
Yes I am a fan of the German guns!
Got a can?
Living through a currency devaluation and how to cope
I was managing an American subsidiary of a successful large US Company in Mexico. It had been a financial turnaround for our team. Cash flow had accumulated in our bank in Mexico and corporate didn’t want the money repatriated to the US. Although we had already paid a 35% income tax to the Mexican government, we would have to pay an additional 30% exit tax to repatriate the money. In addition, we would have to pay high fees for the peso/dollar exchange, in order to make the transfer. The company wanted to expand our successful business and so we decided to keep the money in Mexican pesos to be used for further expansion.
One morning, as my wife and I were on a trip driving on the highway, we heard a national message from the President of Mexico in 1976, Luis Echevarria, one of the most corrupt presidents in Mexican history. “It is a lie that we are going to devalue the peso,” he said.
Read more
http://lonerangersilver.wordpress.com/2011/08/13/living-through-a-curren...
Only an IDIOT would store their gold anywhere but in their hand. If you need more space, shove some up your assets.
Ahahahahahahaha - where in the hell are you supposed to store it then? In another country so that when they lock the borders down tighter than a frogs ass you won't be able to get it? Or when that other country realizes they can seize all foreign accounts? Yea, my ass!!! Only an idiot would keep it in the bank. Keep it under your pillow, at least give your mind and fingers something to do while you sleep and hear the cha ching...
I generally agree with the above; don't store gold in US Banks, vaults or any known repository. Store it yourself, quietly, and never boast or show any of it to anyone. When the Crunch comes, all sorts of unpleasant / antisocial / government elements will come looking for it; if they have no idea you have any, your first line of defense is solid.
Storing it in multiple locations about the property also makes sense; can't lose entire stash at once. Prepare by also storing food, water, supplies, medicines, firearms: whatever you need to be safe, secure, fed, wet and healthy.
After that, you may want to educate your neighbors; the more that's stored, the more secure the community. I live among LDS (Mormons), who counsel from the pulpit to "put some aside against the difficult day". Never been to an LDS service, but that part makes sense.
Beyond that, though, until the Socialists are run out of government and some semblance of respect for property rights is restored, it's tough to make a case to build ANYTHING in America right now. If you build it, and enough whiners complain about "inequality", "fairness" or some other similar horsesqueeze, the government will at least ATTEMPT to take it. Build overseas, for now - you can sell it later and rebuild here, if you have assets that survive the Crunch. If not, well - at least you won't be the only one. Disguise yourself as a parasite, and look for scraps until opportunity returns.
Tatoo this on your forehead:
"politicians will stop at nothing to maintain the status quo"
Yes, but make sure it is tattooed backwards so you can read it while looking in the mirror.
Brunette "....snicker...snicker...tee-hee-hee"
Cue silver haired fox reclining back in seat look down camera lense with a sense of purpose / serious face...
CNBC: “Uh, so do you thus not trust US banks or US custodians? Do you think they might fail or abscond with the gold?”...
Wasn't Squawk Box a skit on the Muppet Show...
He gives them exactly the issues... and they are more interested in asset allocations... oxygen thieves... stealing perfectly good oxygen that we could use...
If you bury your gold make sure you bury lots of re-bar, scrap metal, etc. also all around in tubes too... keep 'em busy a while :)
Yes, and a land mine or two!
Right. You're much safer in the Commonwealth.
Is is wise to mix up the PM collection with 1.2 oz. Eagles? (easier to barter?)
I have no idea what 1.2 oz eagles are, but you are probably talking about fractional gold eagles, 1/10 oz 1/4 oz and 1/2 oz gold eagles. Yes, I perceive fractional gold, particularly the 1/10 oz variety as being similar to owning silver in that it would probably be better for barter than one ounce gold coins unless you want to buy a building or something. Yes, fractionals are good but silver is better in my humble opinion.
I am Tuco and I hate the New World Order and the "Deminati"!
Call me Blondie.
The Good The Bad and the Ugly Finale
http://www.youtube.com/watch?v=sXldafIl5DQ