This past week Julian Phillips put out a 5 part series on the future potential of a Gold confiscation in the U.S.. I personally am on the fence as to whether or not this will happen. On one hand both Jim Sinclair and Richard Russell (two very wise men) don’t believe this will happen, others, many others, do. My personal view is that we as a nation are spiraling down a rat hole, losing (and giving up) our God given rights and liberties every day. When a society begins down this path anything becomes possible and what was previously thought impossible can become the “norm” over night.
Whether a confiscation occurs or not there are some things that you can do ahead of time. First you can diversify. You can (and should!) own some silver and platinum which will retain purchasing power and probably even gain in real terms versus other “goods.” I cannot see these being confiscated as Silver is “too bulky” (at the current prices) to make it worth government time and platinum is just too scarcely held to bother with. You can also trade your Eagles, Maples, Kruggies, etc. in for pre 1933 Liberties and St. Gaudins as these have “numismatic” values and very well may be considered part of your “coin collection.” The 1933 confiscation exempted “numismatics” so this may be a protection. As recently as 5 months ago you could basically swap Eagles even up, now the premium is 12-14% to do this and may be something to consider.
Next you must consider “where” your metal is held. Do you dig a hole in the back yard or keep it in a safe deposit box at a U.S. bank? (whatever you do… DO NOT do this!) I have always been an advocate of having your Gold in several places. A very small amount on hand personally and the rest held outside of the U.S.. You can choose Canada (Miles Franklin can help in this regard as they provide storage through Brinks in Montreal). You can choose Switzerland which I believe is an excellent choice but it is becoming harder and harder to do this as Swiss institutions are turning U.S. clients away because they don’t want to deal with IRS meddling and regulations. If you decide this route, Miles Franklin also has a relationship to provide storage in Switzerland. You can also choose Singapore which is fast becoming a magnet for Gold looking to be stored. My point is this, DIVERSIFY your storage even if decide to go out into the woods and dig several holes, diversify where it is held.
Read More at milesfranklin.com . By Bill Holter.