Storing PMs outside of the US

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pourty
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Storing PMs outside of the US

If one (US citizen) were to want to diversify due to tinfoil hats being too tight... what's the best option?

1. Open a safe deposit box in Canada?  If so, can someone point me to a good place in, say, Vancouver B.C.?

2. Goldmoney account?  Or some similar service?  Tips?

3. Other?  Please explain?

Looking to hedge my bets on the future just a bit.  And I'm talking about relatively small sums of PMs... less than $100K.  I'm not a rich guy... ;-)

Edited by admin on 11/08/2014 - 06:06
ouchtouch
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Goldmoney

Goldmoney is my choice for gold.  Their storage charges for silver are pretty high.  For gold, I like the fact that I can remove physical gold in 100 gram bars and have it delivered to me anywhere in the world, or pick it up in London.  I've reviewed all of their security/audit materials and I am satisfied.

Edit:  There is a list of twenty countries they will ship gold to, so it isn't "anywhere in the world."  http://www.goldmoney.com/faq/goldmoney-bar-shipping-countries.html

SE
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You've got a few major

You've got a few major problems with this idea.

  1. What if you get your passport taken away?
  2. What if you run into bandits on the way to the airport/coastal port?
  3. What if it becomes impossible to buy fuel because they won't accept the US dollar for fuel?
  4. What if there is a revolution in the country where the money is stored?
  5. What if the vault over there gets stormed by thieves or misappropriated by turncoats in the gov't?

Besides, anything over $10,000 in the metals, you have to declare, I believe.  What?  You're going over there every time you need $10,000?  You have to consider that you are storing in times like now, when things are stable (for now), but all bets are off when the above conditions become apparent.

Element 47
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Vienna, Das Safe:

Vienna, Das Safe: www.dassafe.com

ouchtouch
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Goldmoney

Goldmoney is preferable to a safe in Vienna for many of the reasons you cite.  It is not intended as the only storage spot, just as an international diversification, e.g. if one winds up away from the main stash and unable to return.  The current policy is they will send my gold to me in the U.S. or nineteen other countries, or buy it back from me at spot and wire the cash to my account.  No need for a passport and I will certainly be armed when I meet the courier at my door.  If that policy changes, the justification for using Goldmoney changes as well.  The metal is insured against theft.  Switzerland is not a likely country for a revolution.

tmosley
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Might consider getting some

Might consider getting some safe deposit boxes in various stable NON WESTERN nations around the world.  I'm thinking of places like Panama or Chile, principally.  I haven't looked into their laws or anything, though.  DYODD.

Jappleseed911
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I saw Jim Sinclair's reply to

I saw Jim Sinclair's reply to someone asking if they should store/acquire & store PM's in Singapore.

His reply was: "You think the Chinese will not take it?"

If you don't hold it, you don't own it.

Yes it's going to get -that- bad.

Mike7.62
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PM's out of USA

I have both a GoldMoney account and a safe deposit box in one of the western provinces in Canada. Most Canadian banks will open an account and/or rent a box to US citizens if they show up in person, but will NOT do it via internet or phone. Another option is Miles Franklin's private vault in Montreal, run by Brinks. I have been considering that in lieu of the deposit box because of the recent agreement between Canada and the US on "security"cooperation IRT financial matters. FATCA does not apply for accounts under $10000 US, or for storage facilities YET. That's not to say that it will not in the future. The SD boxes are relatively inexpensive-$40 Canadian/year-and placing enough money in a checking account to cover the cost for a few years is an easy thing to do. It also makes it easier to buy PM's in Canada, as you have money for withdrawal, i.e. cash, or you may use a debit card if the local coin shop will accept it. Either way it gives you options.

The GoldMoney account is very easy to use. Wire transfer the FRN$, and when it clears, buy the PM's that you want. They have three locations for storage, London (no way), Zurich (my choice), or Hong Kong (too far). As was previously posted, delivery or cash out is easy. I have contacted them concerning FATCA, especially after the Isle of Mann caved to US/UK pressure, and they have made no determination yet on how that might affect their business (they are located and incorporated under the Isle of Jersey). I do know that they closed Dutch accounts last year because of Dutch court decisions on taxation compliance, so there's no guarantees on anything. I most certainly would not keep the majority of my PM position outside of my control, but I would consider a portion of it, just in case we become one of those "uncivilized" people that Charlie Munger was alluding to sometime in the future, trying to escape the growing police state. It would be nice to have means available should the majority of your wealth be "confiscated" by .gov in the name of "social justice".

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