This page has been archived and commenting is disabled.
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.
»
- 34585 reads
- Printer-friendly version
- Send to friend
- advertisements -
I would say that your gold is to protect your wealth for "the other side". as you will not be able to move it until things are re-established.
Junk silver for transactions until things settle down. Hell, even slug coinage will be more useful than gold.
Pulling any gold out (bullion, numis, etc) will get you killed in a heartbeat, unless you are bartering an old gold ring, etc.
Junk silver is still pretty cheap, and it has the benefit of being a reminder when our currency actually was worth something.
I laugh now when I hear old timers say "bread was a dime a loaf." Yeah, and that Mercury dime is worth around $3 bucks now.
pods
I hope the German government officials have more faith in the US government than Marc Faber, as they have most of their gold on deposit in New York banks.
Personally I think they are being complacent bordering on totally reckless,when the SHTF how many excuses,new laws, new emergency legislation,delaying tactics will be deployed before the German government realise they have in effect lost legal claim to their physical gold?
They may not lose their claim entirely,but be offered repayment in future Benny Bucks or some other worthless fiat as defined at the time of conversion.
"I dont trust anyone", well how about: Bankers are scum,...eh!
Gonna go read John Steinbeck's "Of My Cement" after all of this...
Store your gold in Switzerland??? You've got to be high! Doesn't anyone remember what happened to Jewish Gold stored in Switzerland before and during WWII??? I have Jewish friends STILL trying to get accounts released to their family survivors. Chaos will effect nearly everyone this time around. Trust in....YOURSELF.
If the SHTF here what makes anyone think it will be any better in Europe or Asia? Maybe South America. Good luck even getting out of here via air when the SHTF. Best bet is to go by foot to Canada/Mexico and try and get on a plane from there, if there is any place to go that isn't engulfed in WW3. Best bet is to ride it out here and take chances on the rebuilding effort after the fact.
I doubt South America would be a good option for US, simply because of the language barrier. English-speaking countries, such as Canada, Ireland, NZ or Australia could be good. But one has to get there first, so Canada is easier? Buy a small property there, hide some cans...
i got gold profits coming sez buffett gets a 5BIL$ 'charitable donation' from obozo for ultimately ending up with the "good bank" part of BAC after it is 'RTC'd' when this whole unraveling of 35 yrs. of exponential credit expansion is done.
buckle up....this is the beginning of the middle.
oh, and i will be going to nassau bahamas with my bars sometime after 'confiscation'.....leave it to what kids?....they'd just piss it away.
i never call customs when i come back anyway, thats like calling the cops because you are playing your OWN music too loud while drying your homegrown in the foyer.
Mr. Smith and Mr. Wession just flowed sooooo much better than "I bought my own professional Russian".. 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?"
What is a Free Credit Score