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We’ve had a few ‘discussions’ about buying gold in the past in our forum and there has been an interesting development that could affect any VIP Members who are U.S. citizens who own gold and have it stored with one of the largest gold storage companies in the world ViaMat who have just declared that:
“We are currently experiencing rapid and substantial changes in the general regulations within this business. The changes mainly relate to the tax structures and taxation systems of various countries. As a consequence of these changes VIA MAT INTERNATIONAL has taken the decision to stop offering this service at its vault [sic] outside of the US to private customers with potential US-tax liability.”
The article is: [url=http://www.thedailybell.com/28747/Privacy-at-Risk-Global-Gold-Storage-Firms-Get-Rid-of-US-Citizens]Privacy at Risk: Global Gold Storage Firms Get Rid of US Citizens[/url]
IMHO the most important paragraph in this article – which 99.9& of the population don’t even consider – is:
“People interpret this as a US “grab for assets,” but it is obviously something more. [b]In a fiat environment, currency is not backed by assets but by a nation’s citizens. If citizens are not compliant, then the nation’s top officials are not in control of their “assets.”[/b]
For most people this should bring a the whole new meaning to the current “gun control” hysteria, right?
If any of you own gold with ViaMat or other gold depositories like Gold Money and Bullion Vault who use ViaMat as a primary secure storage provider, you may wish to urgently check the status of your account.
If you don’t hold it, you don’t own it! Thanks Scott!
It’s interesting that while the Chinese are encouraging their citizens to buy gold and silver, the Western European countries and in particular the United States are doing just the opposite. You even have Ben Shalom Bernanke telling us that gold is not money. That gold is a relic of the past, yet the banksters sure fill those bank vaults with gold all the way to the rafters!
As a metals investor, I note that the prices are deliberately being driven down by the Wall Street Banksters, and some fools are selling their gold and silver. Hmmm, they are up to no good. Don’t panic, and buy! Buy![quote=”waggoner41″]I have to agree with johnnyh…if it aint in my pocket I dont own it.[/quote]
I would take it one step further. If the government knows about your holdings they could target you for confiscation. I’m still not convinced that gold is more than the game of the day and once all the players are all in a new twist will appear leaving many holding the bag. By the way several of my friends have made fortunes in gold but they bought in at a very low price.
Interesting post…..I purchase diamonds. Very easy to store in ice trays, in the freezer; cannot be seen and secure!
I personally think silver is a better investment, gold (in my opinion) makes you a target. I also think if it is not in your possesion, it’s not yours. That rings true with paper money, metals, or what ever. Look at all the banks that closed up and people could not get access to thier money. I only use banks to hold enough $ to pay bills, other than that it is cash under the mattress. It is hard to move around houndreds of pounds of silver though!
Hey, JMC, “not convinced that gold is more than the game of the day”? Gold has had value for 10,000 years or more! As for diamonds, they are parsed out by companies with huge holdings in those gems. They keep the price up by releasing small numbers of stones at a time. Gold, however, is very limited in supply and is snapped up quickly.
And lets remember our history. In the US, it was legal to own gold, then it became illegal (except for jewelry and collectables) then legal again. The US government could decide at any time that it is again illegal and you would be forced to turn in your gold for paper money.
I agree, if you ain’t holdin’ you ain’t ownin’.
I, too, am skeptical about holding an ice cube tray full of diamonds. If the world economy goes totally south, I’ve already written that I’m skeptical that a lot of folks will be buying gold jewelry and new electronics with gold and silver components. Now I wonder what the market will be for all those diamonds. Really, other than a few industrial applications (for which there may be no buyers), what’re they good for except for adornment?
Once again . . . If you’re desperate, will your priorities be to eat? To stay warm and dry? Or to sparkle?
[quote=”Sailor”]Interesting post…..I purchase diamonds. Very easy to store in ice trays, in the freezer; cannot be seen and secure![/quote]
14 days to Tahiti, a nice sailboat sound great. Why not Uranium, much more valuable than gold. Kwhite, Costa Rica is a true gem don’t you think?
Uranium will poison you and darn quickly too. Not a good idea. The rare earths are a good investment – provided there is an industrial need for them, and there wouldn’t be if things collapse.
How about books? Gunsmithing, cooperage, soap making and other basic formulas?
[quote=”VictoriaLST”]Uranium will poison you and darn quickly too. Not a good idea. The rare earths are a good investment – provided there is an industrial need for them, and there wouldn’t be if things collapse.
How about books? Gunsmithing, cooperage, soap making and other basic formulas?[/quote]
Agreed, Uranium is not for most but the worlds appetite for these types of rare earths is growing very fast. I’m not sure how yellow cake is handled. The Chinese are building 40 reactors. Does that scare anyone?
JCM, what scares me is that the USA is NOT building nuclear reactors. When is the US going to enter the 21st century?
The End of the World as we Know it.
As the operator of a blacksmithing site this subject comes up on a fairly regular schedule. Mostly it starts with guys thinking that making knives or swords will be necessary for survival. . .
If the economy breaks down then FOOD will be the most important thing you can produce or hold. During the great depression things were bad, BUT a vast number of people, even in cities, knew how to raise a garden and preserve their own food. A similar event could be much worse because the great majority know nothing about taking care of themselves AND cities are much larger than in the 1920’s.
If the social structures fail completely then no number of guns is going to help you unless you are willing to be one of the bullies at the top of the food chain.
Years ago I thought small common machine tools were a good investment. Even in bad times they have held their value. But things are so bad in the US economy that machinery is going for half what it was 20 years ago and good heavy machinery (stuff outside the range of small shops) is going to scrap.
While it is taxed, regulated and not a very fluid investment, LAND is still at the top of the investment list and they are not making any moire of it.
[quote=”VictoriaLST”]JCM, what scares me is that the USA is NOT building nuclear reactors. When is the US going to enter the 21st century?[/quote]
The problem is that the U.S. IS preparing to build new nuclear reactors and THAT scares ME.
I worked in the U.S. nuclear industry for a long time. There are very good safety reasons they shut down a lot of plants under construction, the biggest being the way the government regulated and the way plant owners managed. There was absolutely NO common sense applied to how plants were maintained AND lawyers and beencounters were in charge, NOT engineers who understood the problems at hand.
Secondly, the money going into nuclear research is a total waste. The problem in the 1970’s is still the problem of the 21st century. The U.S. has NO working plan to handle waste fuel. All the waste fuel generated in the last 50 years is sitting in “temporary” storage at every nuclear power plant in the country.
The problem is political and will not be solved.
Europe, who used to dump waste fuel in the ocean. . . also does not have a plan. They were relieved of responsibility by the Japanese who have long term plans to reprocess the fuel, making new fuel (plutonium) from the waste. The Japanese haul away much of Europe’s nuclear problem.
The place research and infrastructure dollars need to go is into bio-fuels and solar. There are systems that can efficiently make bio-diesel from plankton grown rapidly on solar farms. However, to be of significant value there needs to be a significant investment. The same with solar. Currently the problem with solar electric systems is efficiency of conversion and storage (batteries). Both are a materials “science” problem.
The problem with materials research is that it is still not much more advanced than alchemy. Its mostly trial and error (Just like Edison and the light bulb element). Big trial and error research projects cost big money but this is where technical advances comes from. Sadly for the U.S. much of this research is moving off shore (to China).
The reason Bio-Diesel is so important is that you cannot run trucks and heavy equipment (tracked earth moving machines, cranes. . .) on anything other than diesel fuel. No amount of nuclear, or hydrogen power cells will help power this machinery which is absolutely necessary for building and maintaining infrastructure.
Take those machines away from Costa Rica for 6 months and most of the country would become isolated due to washed out roads. Your mountain home would no longer be accessible other than by foot or horseback. . . Even in the U.S. with the best highway system in the world a year without maintenance would be a disaster. There would be pot holes big enough to eat your little electric or hybrid car. . .
In the U.S. our leaders have lost sight of the reality of the future economy. Instead they scramble around trying to squeeze more tax money out of a shrinking economy. It is pretty bleak. . . Fix the economy and all the rest (including taxes and social programs) take care of themselves.
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