How Safe is Your Physical Gold?

by Jeff Clark

One of my best friends recently discovered, to his shock and dismay, that five one-ounce gold coins had been stolen from his home. I feel especially bad because I had encouraged him to buy some physical metal, giving him some tips and pointing him to the better dealers.

What’s especially disconcerting about the theft is that my friend had the coins stored in a safe, hidden from view, securely locked, with the key hidden. He thought his gold was safe, a reasonable assumption given the precautions he’d taken.

But all those measures weren’t enough. Based on what he knows, he strongly suspects it was a relative, partly because of this person’s background and partly because they were one of few familiar enough with the house to know where the key might be. The police unfortunately don’t have enough evidence to make an arrest – fingerprints, for one, couldn’t be successfully lifted from the safe. Continue

 

Think Life a Thief

by Jeff Clark

It’s official: the greatest number of responses to any article I’ve written since joining Casey Research was to Robbed!, the story of my friend’s gold being stolen and the suggestions for storage. It’s clear the article struck a nerve – from those who’ve also been a victim of theft, to those who were simply looking for additional ideas for storage locations.

Based on the number and quality of responses, I thought it would be useful to pass some of them along. Here are the (edited) emails I received, along with our comments…

Other Stories of Stolen Gold:

“I had 136 American gold Eagles stolen from my home... $198,500 worth of gold. Besides the loss, I will lose the tremendous appreciation of the next few years. So be warned: HIDE YOUR GOLD!” Continue

 

Swiss Bank Refuses Access to Client's Physical Gold Holdings

by Mac Slavo

Reason number one for why storing all of your gold in an allocated or unallocated bank account is a bad idea:

A client of a major Swiss bank was recently refused access to his physical gold and had to hire attorneys and threaten to expose the bank publicly before finally getting it back in his own hands, according to Jim Rickards of Omnis.

“My inference is that that gold was not there,” Rickards told King World News. “The bank had to scramble, go out and find it somewhere before they could make good delivery.”

Rickards expects the world will eventually go to a gold standard-backed currency.

“To me, the big issue is, is it going to be intelligent or is it going to be ugly?” Rickards says. “Is it going to be something we think about, we have a public debate, hearing in Congress … we give some thought to, and then, over time … we do it in stages” so that markets can adjust.

Unfortunately, says Rickards, we’re on “the other path,” ignoring the issue and acting as if gold plays no role in finance, “which, of course, it does, keep printing money until almost spontaneous collapse of the dollar and then, in the midst of chaos, on an emergency basis, have the president announce that we’re back on the gold standard.”

Rickards’ advice? Get your gold out now before other banks begin following suit.

Source: Money News

Continue

Tags: banks, deposit, gold, home, metals, precious, safe, safety, silver, storing, More…vaults

Views: 126

Replies to This Discussion

In times like this...get a gun....too.....

save everything on layers of security to avoid fast stealing and save guarding in a time of a natural disaster...

That's right, Karim. Did you hear about the safes washing up on Japan's shores?  See here and here

 

i have been considering all options and for sure I will keep the easy most safe collectables...old cameras and watches...are to dangerous to keep in anything that is not water proof....and or can reach after disaster...

 

Dear Liberty Dollar Supporters!

1. Conviction Blow Back
As reported in hundreds of articles including The Wall Street Journal, Washington Post, etc. I was convicted of all three charges of counterfeiting (18-485), use of counterfeit currency (18-486) and conspiracy to defraud the United States (18-371). The largest amount of the press was favorable to the Liberty Dollar cause. If the conviction and the possible 15 year sentence were not so serious, it would be laughable that 12 "reasonable" people could be convinced that the large silver Liberty Dollar could be confused with a penny, nickel, dime, quarter, half dollar or Ike dollar. But that is exactly what happened when Brian Silliman with NGC told the court that a Liberty Dollar was similar to the Washington quarter with a straight face! Simply amazing! The blowback was swift as the Internet, Twitter, Facebook and the digital world woke up to a new level of tyranny as I was branded a "unique terrorist" by US Attorney Anne M. Tompkins in the official government Press Release, who said:

"Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism," U.S. Attorney Tompkins said in announcing the verdict. "While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country," she added. "We are determined to meet these threats through infiltration, disruption, and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government."

"Unique" indeed, as violence is a required element to be charged as a terrorist. Now, anybody who does not agree with the gov crap can be branded as a "unique terrorist." Get ready! As the money gets worse the gov will get worse. MUCH WORSE. Don't believe me? Just read about the "Reign of Terror" in Fiat Money Inflation in France by Andrew Dickson White. Of course, I am going to be very safe… because I am going to be in federal prison:)!

Moving Precious Metals Internationally – the Essentials

by Mark Nestmann

Recently, I’ve received a number of questions from readers about moving gold and precious metals internationally. It’s been awhile since I’ve discussed this topic, so I thought this might be a good time to address it.

Q. Why should U.S. citizens or residents consider storing precious metals overseas?

A. Depending on your personal circumstances, and the manner in which you hold the metals, keeping them outside the United States may provide significant asset protection if you are named in a judgment. In addition, if the U.S. government were to order the confiscation of gold and silver, as it did in 1933, metals kept offshore might be better protected than those held domestically.

Q. What is the best way to move metals overseas, especially if you own large quantities?

 

A. I like the idea of using a company like Brinks or ViaMat. They take care of everything including the customs and tax declarations, if any, both out of the United States and into another country. If you move it yourself have to be very careful because no matter what the law is and no matter what spoken or written assurances you have, there’s no guarantee that you won’t be harassed either leaving the United States, passing through an airport in another country, or going through customs when you get to your final destination. However, with careful preparation this is possible.

Another option in certain cases is a like-kind exchange under Sec. 1031 of the U.S. Tax Code. A 1031 exchange may be appropriate if you’re converting from physical possession to allocated storage to overseas storage, from coins to bars to exchange traded funds, from gold to silver, etc. The major issue is that you cannot make a direct conversion from a domestic asset to an offshore asset, or vice-versa. However, there are some workarounds possible to deal with this issue.

Q. Do you recommend any particular shipping agents?

A. Brinks or ViaMat are both bonded and in the business of shipping metals worldwide. ViaMat offers secure offshore storage in Switzerland as well.


Q. What if you want to transport the metals yourself?

A. There are no guarantees. For large quantities, it’s best if you appoint an import agent to handle everything for you. You will generally post a bond through the agent payable to the customs agency in whatever country you are bringing the metals into. The bond covers whatever taxes are due (if any) plus the agent’s fee. You bring in the metals, present the paperwork from the import agent to the customs inspector, and then take the metals to wherever you want to store them.

Or you can make two trips. Make your first trip with just one or two coins or bars. Declare the coins (if required) when you leave the United States and when you arrive in your destination country and see what happens. While you’re there, find out from the customs officials themselves what the import requirements are. If necessary, find an agent to represent you when you bring in a larger quantity.

Q. I’ve heard from one source that metal detectors used at airports do not detect gold bullion coins. Is this true?

A. I’m not an expert on metal detectors but it is my understanding they identify metal by detecting electrical conductivity. Gold is one of the most conductive metals, so I don’t see why airport metal detectors wouldn’t be able to identify gold bullion coins or any other form of gold.


 

Q. Where are the safest countries to bring in gold? What is the maximum amount you can import without needing to make a declaration?

A. I would declare the gold no matter how much you are bringing in, but especially if it has a value more than $10,000 or the equivalent in foreign currency. Switzerland is one of the safest countries in which to import gold. There is no import tax or value-added tax on most forms of gold, near-zero corruption, and there are secure tax-free storage facilities at the Zurich airport.

Q. When you move bullion coins internationally, do you value them according to their face value or their market value?

A. It depends. When you export gold from the United States, for instance, you declare it on a Treasury form by face value (but ask a customs agent to make sure he/she agrees) if that value exceeds $10,000 and on a census form by market value if the value exceeds $2,500. Your metals may be confiscated and you may be liable to fines/imprisonment if you don’t fill out both forms.

Reporting obligations and customs duties on imports of precious metals into a foreign country may be based on face value or spot value. There is no consistency. In many cases, you’ll pay whatever VAT would apply if you purchased the metals in that country. Silver and platinum are subject to VAT by more countries than gold, and VAT on coins is imposed more often than on bars.

Q. Do you have any other suggestions?

A. Yes, the newly-updated fourth edition of my book The Lifeboat Strategy contains an extensive discussion on moving metals out of the United States. To learn more about this book, click here.

Source


Excellent and useful info

Thanx Nikki

How to Store Silver and Other Small Valuables

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