gold certificates

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slabinja's picture
slabinja
Status: Bronze Member (Offline)
Joined: May 27 2008
Posts: 46
gold certificates

What are the disadvantages and/or advantages of  purchasing gold that is stored for you in another country in contrast to buying physical gold and storing it yourself? 

 

dcary's picture
dcary
Status: Bronze Member (Offline)
Joined: May 31 2008
Posts: 25
offshore storage
It is nice not to have all your eggs in one basket, but I do worry about access if travel becomes restricted, and about the problem of moving gold or even cash from one country to another in the future.  Just during the last few years the restrictions have increased and movement of funds is monitored.
slabinja's picture
slabinja
Status: Bronze Member (Offline)
Joined: May 27 2008
Posts: 46
Perhaps I was unclear.  I'm
Perhaps I was unclear.  I'm reffering to certain progams that allow you to purchase a certificate for having them store the gold for you in another country. (without mentioning anyone specifically)
bobb dobbs's picture
bobb dobbs
Status: Bronze Member (Offline)
Joined: Apr 22 2008
Posts: 31
slabinja-Perhaps I was unclear.

Hello slabinja,

Look around here on Chris's site I think he has the answers for you.

Here's my version:

If you don't have any gold in your possesion you dont have any gold.

If you have a promise from King Turk to keep some gold for you in his distant pyramid, what you have is a promise.

If you have a US dollar in your possesion, that's a promise, too.

Any promise can be broken. No one knows which ones will be kept and which ones won't.

I have some US dollars in my wallet, I have some marks on paper from a bank that indicate I have some US dollars in their 'system', I have some other marks on paper from another bank that says I have some Euros in their 'system', I  have some paper from a broker that says I own some 'shares' in GLD and SLV. All of those things I've named could be worthless in an instant if enough promises are broken. (Luckily, for me, all these promises together don't add up to very much.)

Some people don't believe enough promises can be honored to maintain the value of the promises made.

They want gold in their possesion because they believe it is a store of value and promises are not.

A sorry state for one and all.

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