Gold’s near future

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  • Wed, Apr 01, 2009 - 02:30am

    #141
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    Re: Gold’s near future

What an excellent post, Strabes. Couldn’t agree more with every sentence in it.

  • Wed, Apr 01, 2009 - 03:08am

    #142
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    Re: Gold’s near future

strabes said

By the way, if you have any plans to store some cash/gold overseas, I
hope you’ve done the legwork already.  This G20 meeting is going to
focus on many things including cracking down on tax evasion and money
laundering.  There is a chance the US will prevent future transfers
out-of-country after this meeting…it will be wrapped in political
language about how people who want to invest overseas are not acting in
the best interest of their country.  If it doesn’t happen immediately,
I suspect it will happen this year.

Thanks – this has worried me.  If you already have some allocated gold over-seas, I think you should seriously consider holding it.  One good thing about most foreign precious metal depositories is that you may sell into a laundry list of currencies.  You may hold your specified currency in your depository account – almost like having a secondary Forex account.

Larry

  • Wed, Apr 01, 2009 - 03:33am

    #143
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    Re: Gold’s near future

Today’s posts have raised a few questions:

 – Are silver rounds stamped and certified as 1 oz silver?  If not, they might be harder to sell in the future than official coins minted by a large country.

– Swiss banks are safe if you’re not a criminal.  However, what if the US makes owning gold a criminal act?  Could the IRS get into our accounts then?

– Since there’s some financial planners and otherwise smart people out there,  where would you suggest putting my IRA/401K so I don’t need to take the tax & penalty hit yet keep it safe from (hyper)inflation?  I was thinking of a physical gold IRA account (wither here or Switzerland) but I’m not sure that’s such a good idea if TSHTF.  

 

  • Wed, Apr 01, 2009 - 06:19am

    #144
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    Re: Gold’s near future

Mr Fri,

– generally yes their content is stamped.  there may be some coins that aren’t.

– the IRS would not be able to seize gold in foreign depositories.  that’s where the super rich folks that run the world have their gold…our politicians serve their interests…they wouldn’t permit them to get their gold, neither would the foreign governments.  the only risk would be the foreign govt itself seizing the gold.  that won’t happen in switzerland.  I suppose it could happen in some other countries but I think highly unlikely in canada, australia, panama, south africa.

– can 401k/IRAs even be in overseas accounts?  I don’t believe so, but any series 7 advisors out there should answer this question instead of me.  anyway, to keep it safe from hyperinflation, the answer would be to simply invest in metals ETFs. but to keep it from govt seizure, there’s nothing you can do except pay the penalty now and get out.

  • Wed, Apr 01, 2009 - 12:19pm

    #145
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    Re: Gold’s near future

[quote=Mr. Fri]

Today’s posts have raised a few questions:

– Are silver rounds stamped and certified as 1 oz silver?  If not, they might be harder to sell in the future than official coins minted by a large country.

– Swiss banks are safe if you’re not a criminal.  However, what if the US makes owning gold a criminal act?  Could the IRS get into our accounts then?

– Since there’s some financial planners and otherwise smart people out there,  where would you suggest putting my IRA/401K so I don’t need to take the tax & penalty hit yet keep it safe from (hyper)inflation?  I was thinking of a physical gold IRA account (wither here or Switzerland) but I’m not sure that’s such a good idea if TSHTF.  

 

[/quote]

 

Mr. Fri,

 

all of the silver rounds that I have bought are stamped/hallmarked with the maker and the weight (1 ounce)

 

Also, I have done some investigation  on what to do with my 403b and IRA and as Strabes says there really isn’t any good option. You can get an IRA that allows physical gold in the IRA but the gold is stored at a custodian bank  in US.  If you take possesion it is a distribution and therefore a taxable event. So you are faced with either paying the taxes and penalties or hoping that the gov. does not confiscate it before you take the distribution.

Ken

 

  • Wed, Apr 01, 2009 - 05:05pm

    #146
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    Re: Gold’s near future

By the way, when we talk about the government confiscating gold as in the 30’s, I assume that means they take the gold and pay the owner a token amount for it, right?  Of course anything could happen but I wouldn’t think they would outright take it.

  • Wed, Apr 01, 2009 - 11:31pm

    #147
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    Re: Gold’s near future

[quote=Mr. Fri]

By the way, when we talk about the government confiscating gold as in the 30’s, I assume that means they take the gold and pay the owner a token amount for it, right?  Of course anything could happen but I wouldn’t think they would outright take it.

[/quote]

No, when they seized gold in this country, they paid market value for it. 

  • Wed, Apr 01, 2009 - 11:49pm

    #148
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    Re: Gold’s near future

[quote=Mr. Fri]By the way, when we talk about the government confiscating gold as in the 30’s, I assume that means they take the gold and pay the owner a token amount for it, right?  Of course anything could happen but I wouldn’t think they would outright take it.[/quote]

[quote=jerrydon10]No, when they seized gold in this country, they paid market value for it.[/quote]

 

Additional Info:

http://www.lewrockwell.com/anderson/anderson154.html

Thus, early in his presidency, on April 5, 1933, Roosevelt signed Executive Order 6102, which ordered people to turn in their gold to the government at payment of $20.67 per ounce. While there were some exceptions for dental use, jewelry, and artists and others who used gold in their jobs, most people were not covered. (Individuals could hold up to $100 in gold coins, but the government confiscated the rest.) Furthermore, the president’s order nullified all private contracts that called for payment in gold, something that led Sen. Carter Glass of Virginia to declare that the whole thing was “dishonor.”

  • Thu, Apr 02, 2009 - 12:16am

    #149
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    Re: Gold’s near future

[quote=SamLinder] 

Additional Info:

http://www.lewrockwell.com/anderson/anderson154.html

Thus, early in his presidency, on April 5, 1933, Roosevelt signed Executive Order 6102, which ordered people to turn in their gold to the government at payment of $20.67 per ounce. While there were some exceptions for dental use, jewelry, and artists and others who used gold in their jobs, most people were not covered. (Individuals could hold up to $100 in gold coins, but the government confiscated the rest.) Furthermore, the president’s order nullified all private contracts that called for payment in gold, something that led Sen. Carter Glass of Virginia to declare that the whole thing was “dishonor.”

[/quote]

OK, but not sure what this post means, Sam. Are you stating that $20.67 per ounce was not the market value at that time? I was under the impression that it was the current value.

  • Thu, Apr 02, 2009 - 12:28am

    #150
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    Re: Gold’s near future

[quote=jerrydon10]No, when they seized gold in this country, they paid market value for it.  [/quote]

Since the gov’t WAS the market, not really.  They paid $20.67,a value established by fiat…and then turned around and declared, again by fiat, that same thing they confiscated was now worth $35, but only for foreign trade purposes.    Imagine if I took $20.67 of gold from you today and then told you that in order to buy it back you’d have to move to France and pay $35 for it. 

 

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