“Sorry, You Can’t Have Your Gold” by Jeff Thomas via
InternationalMan.com
In this publication, we warn regularly of the risk involved in storing
wealth in banks. They’ve made the removal of your deposits increasingly
difficult in addition to colluding with governments to allow them to legally
freeze or confiscate your money.
To add insult to injury, they’re creating reporting requirements with
regard to the contents of safe deposit boxes and restricting what can
be stored in them – again, at risk of confiscation.
Source:
Goldnomics Video
More and more, banks are becoming one of the more risky places to
store wealth in any form. Not
surprising, then, that many people are returning to those facilities that
treat wealth storage the way the first banks did millennia ago – vault
facilities that store your wealth for a fee but engage in no other
banking activities.
But, in suggesting to our readers that such facilities are a better bet,
I’ve also repeatedly warned readers that many such facilities don’t store
actual, physical gold. They instead provide a contract to you that states
that they will deliver an agreed-upon amount of gold upon demand. The trouble
with this idea is that it becomes tempting for such facilities to sign such a
contract with you and collect the purchase price but never actually purchase and
store any gold. It’s been estimated that the total worldwide value of
such contracts equals 150 times the amount of gold in existence in the world.
Uh-oh.
This is why it’s imperative that you purchase only physical, allocated
gold.
And another caution: I’ve repeatedly stated that, although many of the
most secure facilities in the world are located in North America and Europe,
these jurisdictions are on the cusp of economic crisis, a fact that suggests
that, if and when the crisis arrives, the rule book will be thrown out the
window. Governments and facilities alike may prove untrustworthy and, at some
point, you may drop by the facility to withdraw your gold and be told,
“Sorry, we’re unable to provide delivery.” There could be a multitude of
reasons given, hoops to jump through, and endless red tape to deal with. And
still, in the end, you may never be able to take delivery.
It’s for these reasons that we advise that, although nothing in
life is guaranteed, you should always
protect your wealth by choosing the least
risky option.
This means that you should follow two simple rules – Rule #1: Select the jurisdiction
with the best laws and reputation. Rule #2: Make sure there’s a reputable storage
facility in that jurisdiction that has a Class III vault and a
contract that meets your needs.
But am I being overly cautious when I so frequently offer this advice?
Unfortunately, no. I’ve predicted that, in the future, as we get closer to a
monetary crisis, banks and storage facilities that are located in countries
that are likely to be heavily affected will work ever harder to avoid
releasing either money on deposit (in the case of banks) and precious metals
(in the case of storage facilities).
Recently, the reports that I’ve been receiving from wealth storage
facilities in advantageous jurisdictions are indicating that that prediction
is beginning to come to fruition. In case after case, clients are having a
harder time getting their money and their metals out. In most cases, those
institutions that don’t wish to deliver are creating red tape, stalling
techniques (which are costly in both time and money), and, in some cases,
outright refusals to deliver.
Let’s look at two actual
examples – one of a bank, one of a wealth-storage facility.
USA: A client asks his bank to wire transfer US$178,000 in funds
to an overseas facility to purchase precious metals for storage. The bank
then created a series of roadblocks:
- Required a written request with an original, signed copy
to be hand-delivered.
- Once that was done, a voice authorization of the letter
by phone was required.
- Once that was done, it required the client to receive a
PIN number, which would take several days to create and would need to be
sent by courier.
- After the client jumped through all those hoops, the
bank changed its requirements completely, requiring that a cashier’s
cheque be sent instead, which required ten days clearance.
Lost time – four weeks from date of first request.
Austria: A client tries to transfer his allocated 138 gold
Philharmonics from his bank to a facility in another jurisdiction. The bank
repeatedly produced roadblocks, as follows:
- Refused to ship the products themselves and
refused to arrange shipment.
- Refused to release the goods to FedEx when they arrived,
even though proof of insurance was provided. The bank then insisted on
the hiring of a Brinks truck.
- They then refused to release the coins at all, except to
another bank.
- They then claimed that they were “not ready” to release
the coins. The client was invited to “try again” if he wished. (Eight
attempts were required.)
- Finally, they agreed to release the coins, but only if a
1% withdrawal fee were applied (not part of the original agreement –
essentially a ransom).
There are many, many more examples already, but these should
suffice to illustrate the growing trend: If you wish to get your
money or metals out of an endangered jurisdiction, such as an EU country or
North America, the window of opportunity is closing. Expect them
to make it difficult, costly, and even impossible for you to get out.
But why should this be? What are these institutions up to? Don’t they
realise that they’re sending a message to clients that they’re not helpful
partners?
Well, yes they do, but they’re also aware of another factor that’s more
important to them. As the economic crisis gets ever closer, they understand
that the day will soon come when a banking emergency is declared and the
banks will shut their doors for an as-yet-unknown period of time (presumably
until a solution is found). What will the new rules be? No one knows. Will
the banks and storage facilities be obligated to deliver in full if the doors
open once again? No one knows.
Therefore, in the final stretch of this race to the bottom, they
want to be holding as much of your money and metals as they can.
The above examples are just the thin end of the wedge and we can expect
the future to reveal greater restrictions. Whilst, in an economic crisis,
there are no guarantees, what we can do is opt for the situation
that’s least likely to cost us our wealth. Again,
Choose a jurisdiction that has the best track record – a
long history of a low-tax, or no-tax, regime; a stable government and
legislation that protects rather than victimises the foreign investor.
Choose the jurisdiction that’s easiest for you to access
– In Europe, this might be Switzerland or Austria. In Asia, this might be
Singapore or Hong Kong. In the Western Hemisphere, this might be the Cayman
Islands.
Choose the best facility within that jurisdiction – the
one that has the best reputation and offers the best contract (competitive
rates, Class III vault facility, 24-hour viewing access, etc.).
At this juncture, we can’t say how long the need to safeguard wealth will
be as essential as it will be in the near future. It may be brief (a few
years), or it may be many years before the dust has settled. Whatever the
outcome of the coming economic crisis, those who have chosen the safest
havens for their wealth will be those who will fare best.
See
full article by Jeff Thomas on InternationalMan.com
Gold and Silver Bullion – News and Commentary
“On
a technical level, gold prices did mark a second consecutive week of gains”
said GoldCore (Marketwatch)
Gold
drops 4th day in a row as market weighs Fed comments on policy (Marketwatch)
Gold
gains in Asia on Fed rate views, China industrial data ignored
(Investing.com)
Gold
steady after dovish Fed comments (Reuters)
The
odds of a September interest-rate hike are dropping (Marketwatch)
September
U.S. Rate Hike Wouldn’t Spoil Appetite for Gold: Chart (Bloomberg)
Inside
the Bank of England’s vaults: Can cash survive? (Telegraph)
Here’s
How Europe Implodes – Italian Junk Bonds And The End Of Austerity (Dollar
Collapse)
‘The
Donald’ Versus ‘Killary’: War or Peace? (Antonius Aquinas)
Global
issues pose greater economic risk than Brexit (Telegraph)
Gold Prices (LBMA AM)
13Sep: USD 1,328.50, GBP 1,000.36 & EUR 1,183.69 per ounce
12Sep: USD 1,327.50, GBP 1,000.80 & EUR 1,182.54 per ounce
09Sep: USD 1,335.65, GBP 1,004.68 & EUR 1,184.86 per ounce
08Sep: USD 1,348.00, GBP 1,009.11 & EUR 1,195.81 per ounce
07Sep: USD 1,348.75, GBP 1,008.60 & EUR 1,199.85 per ounce
06Sep: USD 1,330.05, GBP 997.94 & EUR 1,191.46 per ounce
05Sep: USD 1,328.30, GBP 996.23 & EUR 1,189.49 per ounce
Silver Prices (LBMA)
13Sep: USD 19.16, GBP 14.44 & EUR 17.06 per ounce
12Sep: USD 18.72, GBP 14.11 & EUR 16.68 per ounce
09Sep: USD 19.41, GBP 14.58 & EUR 17.23 per ounce
08Sep: USD 19.93, GBP 14.90 & EUR 17.65 per ounce
07Sep: USD 19.92, GBP 14.89 & EUR 17.71 per ounce
06Sep: USD 19.60, GBP 14.70 & EUR 17.55 per ounce
05Sep: USD 19.46, GBP 14.60 & EUR 17.43 per ounce
Recent Market Updates
– Global
Stocks, Bonds Fall Sharply – Gold Consolidates After Two Weeks Of Gains
– Gold,
Silver, Blockchain and Fintech – Solutions To Negative Rates, Bail-ins, Cash
Confiscations and Cashless Society
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Paper Gold – “Gold Delivery” Refused By Gold Exchange Traded Commodity
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To Leave $20 Trillion Debt Crisis For Clinton Or Trump
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Futures See Massive $1.5 Billion “Non Profit” Liquidation In “One Minute”
