Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Marc Faber: Donít Store Your Gold In The United States
Zero Hedge ^ | 08/25/2011 | Simon Black of Sovereign Man

Posted on 08/25/2011 1:17:45 PM PDT by SeekAndFind

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.



TOPICS: Business/Economy; Society
KEYWORDS: canada; commoditiesexporters; gold; marcfaber; oilsands; producers; storage
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-8081-86 next last

1 posted on 08/25/2011 1:17:54 PM PDT by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind

If I owned gold, I wouldn’t store it at a bank. The point would be to have something in a crisis, and the last place I want to go in a crisis is to a bank where the bad guys know the money is.


2 posted on 08/25/2011 1:22:11 PM PDT by CharlesWayneCT
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Didn’t FDR order that saftey deposits be raided for gold?


3 posted on 08/25/2011 1:22:45 PM PDT by taxcontrol
[ Post Reply | Private Reply | To 1 | View Replies]

To: CharlesWayneCT

Some folks have forgotten that the U.S. once confiscated all gold... and could easily do it again with someone like Obama in the White House.


4 posted on 08/25/2011 1:23:30 PM PDT by bolobaby
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

Never put all your eggs in one basket. Anyone keeping all of their money in US dollars is a fool. Also, you can keep some gold here, just make sure it’s well buried, off your property and you can gt to it easily. If the SHTF I am going to assume the government is going to come after gold. Plan ahead.


5 posted on 08/25/2011 1:23:42 PM PDT by mojitojoe (WH says potus didn’t feel the earthquake. No worries. Another is scheduled for November 2012)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

I guess I’ll be sending out a few of my teeth out of the country in the near future. Better yet, why not reserve a place underneath a freeway bridge before it fills up.


6 posted on 08/25/2011 1:24:46 PM PDT by BigFinn (Always drink upstream from the herd.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CharlesWayneCT

Lead is much cheaper......


7 posted on 08/25/2011 1:24:46 PM PDT by Hogblog
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

Hide your gold AND silver to prevent the government from taking it again.


8 posted on 08/25/2011 1:25:32 PM PDT by MeganC (Are you better off than you were four years ago?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: taxcontrol

No, he didn’t.


9 posted on 08/25/2011 1:26:03 PM PDT by Palter (Celebrate diversity .22, .223, .25, 9mm, .32 .357, 10mm, .44, .45, .500)
[ Post Reply | Private Reply | To 3 | View Replies]

To: CharlesWayneCT
Anyone storing gold or silver in a bank safety deposit box is someone who is completely ignorant of the history of the United States.

I would pose the question to Mr. Faber, though; how is someone supposed to retrieve their gold from a safe deposit box at a bank in Singapore during an economic emergency? Does he suppose one would just hop on a plane half way around the world, retreive their asset, and then jet back to the US and carry their gold back through Customs?

And what good would it do if it were sitting in a Swiss safe deposit box? How would one exchange it for anything?

10 posted on 08/25/2011 1:26:34 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

At some point food will be worth more than a boat load of gold no matter where you are storing it!


11 posted on 08/25/2011 1:29:24 PM PDT by poobear (Facts, the TURD in the punchbowl of Liberal theory!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lurker

True, and if I’m not mistaken the contents of a safety deposit box cannot be insured.

So one might go to this unnamed exotic foreign country to retrieve their possibles and find the box empty.


12 posted on 08/25/2011 1:31:59 PM PDT by traderrob6
[ Post Reply | Private Reply | To 10 | View Replies]

To: SeekAndFind

The best place to store gold is in a hidden bunker in your backyard, and tell no one except your immediate family where it is.


13 posted on 08/25/2011 1:31:59 PM PDT by 10thAmendmentGuy ("[Drug] crusaders cannot accept the fact that they are not God." -Thomas Sowell)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

YOU CAN ALL KEEP IT AT MY HOUSE~!

(I wont tell anyone)


14 posted on 08/25/2011 1:32:58 PM PDT by Mr. K (CAPSLOCK! -Unleash the fury! [Palin/Bachman 2012- unbeatable ticket])
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lurker

I was wondering the same thing.


15 posted on 08/25/2011 1:33:38 PM PDT by Roos_Girl (The world is full of educated derelicts. - Calvin Coolidge)
[ Post Reply | Private Reply | To 10 | View Replies]

To: traderrob6
if I’m not mistaken the contents of a safety deposit box cannot be insured.

The contents of safety deposit boxes in the US are not insured by the FDIC. One can purchase an insurance policy on a valuable stored there privately though.

L

16 posted on 08/25/2011 1:34:05 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: poobear
At some point food will be worth more than a boat load of gold no matter where you are storing it!

And to show the levels of desperation in the present government, it is why they are pushing for horder laws. They know once they steal all the gold the only value left is food, and they are setting themselves up to steal all that too!

17 posted on 08/25/2011 1:36:09 PM PDT by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: SeekAndFind

Of course, if you have foreign assets, and don’t check the box on your annual 1040, you are subjecting yourself to lawsuits and added taxes!


18 posted on 08/25/2011 1:38:29 PM PDT by Noob1999
[ Post Reply | Private Reply | To 1 | View Replies]

To: American in Israel

That’s why I just plan to eat all of mine and live off the fat! ;)


19 posted on 08/25/2011 1:42:30 PM PDT by brytlea (Wake me when it's over...)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Lurker

I stand corrected.


20 posted on 08/25/2011 1:43:33 PM PDT by traderrob6
[ Post Reply | Private Reply | To 16 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-8081-86 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson