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Thread: Marc Faber says - Invest in Physical Precious Metals Stored Outside the US

  1. #1

    Marc Faber says - Invest in Physical Precious Metals Stored Outside the US

    Dr Marc Faber, respected economic historian and author of the ‘Gloom, Boom and Doom Report’, has warned that 2015 is set to be very volatile, urged international diversification and owning “physical precious metals stored outside the U.S.”

    http://goldirarolloverexpert.com/mar...united-states/

    What are your thoughts on storing gold bullion - OUTSIDE of the US?



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  3. #2
    Who do you trust? What is your reason for keeping your gold outside the US? In the event of a global crisis would that country be any safer (if the US collapses much of the rest of the world will follow)? Worried about the US Government? If you are using a gold IRA to store gold abroad (which the article is about) the government will have to know exactly how much gold you have. Cost? They will be charging you fees to store your gold for you. Accessibility? Might be hard to get to-especially in a crisis- plus with limits on travelling with gold if you want to pick it all up. Amounts over $10,000 must be declared. http://www.airsafe.com/issues/baggage/cash.htm

    More gold IRA rules:
    http://www.marketwatch.com/story/gol...-1309886856846

    The Internal Revenue Code allows IRAs to own certain gold, silver and platinum coins, as well as gold, silver, platinum and palladium bullion that meet applicable fineness standards. For example, an IRA can own American Gold Eagle coins, Canadian Gold Maple Leaf coins, American Silver Eagle coins, American Platinum Eagle coins and gold and silver bars (bullion) that are 99.9% pure or better. Some well-known gold coins, including the South African Krugerrand, are off limits, as are bullion bars that are not sufficiently pure. The coins or bullion must be held by the IRA trustee rather than the IRA owner. In other words, you can't have your IRA buy coins or bullion and stash them in your safe deposit box or bury them in your backyard. These tax rules apply equally to traditional IRAs, Roth IRAs, simplified employee pension (SEP) accounts and Simple-IRAs. No problems so far.

    The big issue with IRA ownership of precious metal assets is finding a trustee that is willing to set up a self-directed IRA, handle the transfer of funds to the precious metals dealer and facilitate the physical transfer and storage of the coins or bullion. None of the major brokerage firms are willing to play, leaving only a handful of outfits in the game, including Sterling Trust Company, American Estate & Trust, LLC, GoldStar Trust Company and the Entrust Group. Most trustees will arrange for the physical storage of coins and bullion with the Delaware Depository Service Company in Wilmington, Del.

    The trustee will typically charge a one-time IRA set-up fee (perhaps $25 to $50), an annual management fee for producing account statements and handling other paperwork ($75 to $250), and an annual fee for storing and insuring the coins or bullion ($125 to $250). Additional fees may be charged for various transactions, including account contributions and distributions and purchases and sales of coin or bullion. The IRA owner is usually on his own when it comes to finding a precious metals dealer to sell coins or bullion to the IRA or to buy coins or bullion from the account. Examples of such dealers include USAGOLD-Centennial Precious Metals and Goldline International.
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  4. #3
    If you don't have physical possession of your PMs, you don't have them. Keep 'em in a safe.
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  5. #4
    The only gold I am going to invest in is gold that I can hold in my hands.

  6. #5
    So is that as safe as investing in GLD? I own that gold and I can get my gold whenever I want, right? Sounds like a good idea. I hope that nice young Corzine boy is in charge of it.
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  7. #6
    Quote Originally Posted by Zippyjuan View Post
    Who do you trust? What is your reason for keeping your gold outside the US? In the event of a global crisis would that country be any safer (if the US collapses much of the rest of the world will follow)? Worried about the US Government? If you are using a gold IRA to store gold abroad (which the article is about) the government will have to know exactly how much gold you have. Cost? They will be charging you fees to store your gold for you. Accessibility? Might be hard to get to-especially in a crisis- plus with limits on travelling with gold if you want to pick it all up. Amounts over $10,000 must be declared. http://www.airsafe.com/issues/baggage/cash.htm

    More gold IRA rules:
    http://www.marketwatch.com/story/gol...-1309886856846
    What he said^
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  8. #7
    There are advantages to holding your gold in your own safe, sure...

    But there are tax advantages of holding physical gold in segregated vault storage through a self-directed IRA also... Using companies such as Brinks. If we're ever in a position where you need your gold ASAP - most gold IRA companies can liquidate/deliver your metals in under 7 days.

    Also, how safe is it to hold more than a few thousand dollars of bullion in your home? - When people open gold IRAs, they're usually rolling over anywhere from @ 5-20% of 401k funds... I read somewhere (I don't remember where), the average American with a gold IRA rolls over @ $80,000 into gold.

    If I want a portion of my nest egg in precious metals, I'm going to want the tax advantages of an IRA, I do NOT want to be penalized for removing funds from my 401k to fund my home stash, AND I'm not comfortable holding THOUSANDS of dollars worth of bullion in my home. So a gold IRA does make sense...

    But like others - I'm not sold on holding my gold in Singapore!

  9. #8
    Quote Originally Posted by Peter4Paul2016 View Post
    There are advantages to holding your gold in your own safe, sure...

    But there are tax advantages of holding physical gold in segregated vault storage through a self-directed IRA also... Using companies such as Brinks. If we're ever in a position where you need your gold ASAP - most gold IRA companies can liquidate/deliver your metals in under 7 days.

    Also, how safe is it to hold more than a few thousand dollars of bullion in your home? - When people open gold IRAs, they're usually rolling over anywhere from @ 5-20% of 401k funds... I read somewhere (I don't remember where), the average American with a gold IRA rolls over @ $80,000 into gold.

    If I want a portion of my nest egg in precious metals, I'm going to want the tax advantages of an IRA, I do NOT want to be penalized for removing funds from my 401k to fund my home stash, AND I'm not comfortable holding THOUSANDS of dollars worth of bullion in my home. So a gold IRA does make sense...

    But like others - I'm not sold on holding my gold in Singapore!
    Isn't the point that the Feds will confiscate everyone's gold whether in hand or an IRA, in a financial emergency situation?



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  11. #9
    Quote Originally Posted by Dianne View Post
    Isn't the point that the Feds will confiscate everyone's gold whether in hand or an IRA, in a financial emergency situation?
    they'll have to get a shovel if they want mine

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  12. #10
    The only time gold has been confiscated was when we were on a gold standard which we aren't anymore. The government does not need more gold to back up their currency like they did back then.
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  13. #11
    Quote Originally Posted by Zippyjuan View Post
    The only time gold has been confiscated was when we were on a gold standard which we aren't anymore. The government does not need more gold to back up their currency like they did back then.
    The idea that the government confiscated civilian gold to back the dollar is preposterous. First of all, the government paid for the gold, thereby putting more of the currency into circulation that needed to be backed making it a neutral transaction with respect to the amount of gold in storage per dollar in circulation. Secondly, the government actually didn't collect much private gold and was not very interested in actually getting much. Thirdly, all the government needed to do to increase gold backing was to change the exchange rate, which it did shortly after the confiscation. Fourth, if all government needed to do was bolster gold supplies to back existing dollars, it would not have needed to make gold contraband for forty years.

    The US government made gold illegal, not to build its own supply, but to force the people to use the dollars that were no longer backed by gold for mere mortals. It was all about demonetizing gold to remove restraints on the government's fiat money manipulation.
    Last edited by Acala; 01-03-2015 at 08:12 AM.
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