I noticed that Casey has recently begun to suggest keeping your gold coins abroad. Thoughts?

oreville

He has begun to suggest that keeping them in safe deposit boxes in foreign may be safer than in the US.

Is is safe to store coins in a foreign country? Don't you have to be a resident of that foreign country?

Is Canada safe?

Your thoughts?

rgCoinGuy

Keep them where you can get them, unless you are a citizen of another country. If you are really worried, just don't keep them in a bank or other financial institution.

Kdog08

<< <i>He has begun to suggest that keeping them in safe deposit boxes in foreign may be safer than in the US.

Is is safe to store coins in a foreign country? Don't you have to be a resident of that foreign country?

Is Canada safe?

Your thoughts? >>




What is the reason for keeping them in a foreign box? I do not collect gold, but I have never heard of anyone being scared of storing anything in safe boxes in the US.

Weiss

Link to story?

sbeverly

As a long time subscriber of Casey, he has (as long as I can remember) advised
keeping a Crib outside the U.S. as well as some financial assets.

As many of you already know U.S government policy is rapidly shifting to set up controls
to ensure that they get their hands on taxable assets of Americans outside of the U.S.

In one of his most recent newsletters he claims that two ways of protecting outside assets
is owning foreign real estate and to have some (not all) gold bullion outside of the country.

Both of these methods fall under the radar.

I would think that if you have family/friends in another country that could recommend
a safe haven would be prudent.

cinman14

Would you be flying to your SDB often? This doesn't make much sense...

I would seal them in an air tight container and bury them in the yard before I would
trust a foreign country with my gold... That's if I had any gold to bury....

KentuckyJ

It's a stupid idea. Most Americans don't even have a passport. Who is to say, in a gloom and doom I need gold scenario, it will even be possible to travel overseas? Do you really want to have some or all of your gold sitting safe overseas where you can't reach it?

I don't spend much time worrying about the Feds. I do think SDB's have their limitations. You don't really need a local SDB to have easy access to financial assets. It's not as if PM's or a decent size currency stash are all that difficult to hide. If you want to do the foreign thing you should move there now and take your gold with you. It's easy to extrapolate many parts of the world will be much safer than the USA in any future worst case situation.

roadrunner

Maybe this works for a worldly person like Casey who has tons of money and wants to spread it around. Same for anyone else with lots of assets. But most of us J6P's won't be traveling around the world anytime soon. And why should we trust some schmoe Swiss banker any more than one here in the US? And at some point in time there will be much stricter controls on bullion leaving/re-entering the country. Likewise, safe deposit box problems will become magnified. Consider bank failures, lock downs due to fraud (ie Stanford), extended banking holidays, etc. It will be for our own good one day that officials are present when we access our SDB's to ensure we cannot do any harm to the economy with errant cash or bullion littering the bank's SD boxes. Keep America clean.

roadrunner

jmski52

Boortz just had a rant about what's happened in Venezuela regarding US Dollars. Before a Venezuelan citizen or company can travel outside the country or even do business abroad, they have to apply to the government for permission to exchange the Venezuelan currency for US Dollars.

If the current (or future) administration can't honor it's financial obligations and decides to default on the currency by issuing a new currency and imposing strict controls on all financial assets, it only makes sense that your exposure to US Dollars be limited and that you maintain access to your under-the-radar assets, however that is done.

Casey is advocating a strategy of keeping some assets in one country, your citizenship in another, and your body in a third country. In my opinion, that seriously dilutes your ability to respond to a changing situation. As roadrunner notes, for a world traveller like Doug Casey it might make sense because he travels all the time.

It can't be discounted that Casey probably does have a better overall view of what's happening in the world than most Americans, so it's worth noting what he says, even if you can't duplicate his approach.

oreville

So what about Canada which is a 6 hour or less drive for many of us? No flying needed.

jmski52

Canada isn't known for a tradition of banking privacy, and I'm sure that they are signators to an agreement with the US that allows the US to tax any gains on assets owned by US citizens even if those gains occur outside the US. I'm also sure that Canadan banks would be obligated to report any transfers of US money over $10,000 to the US for immediate taxation. I don't know how secure a safe deposit box in Canada would be, whether it would be any more secure or private than one in the US. I'm thinking that perhaps a frozen meat locker might be better, especially if in Canada.

Another alternative might be to drive for hours in Western North Dakota, to a spot near an identifiable landmark and start digging.

NumbersUsacom

Canada? are you kidding, the place that has state run health care and that regulate the pulpits of their churches. America is still your best hope unless your Madonna or the guy that used to be on all the mag covers, that told us he was the best looking gent of the year. How fleeting fame is, I can't even recall the guys name, or is it just another case of numismatic dementia.

goingbroke

I do have a friend that lives abroad he recently came here to the U.S. to buy gold coins and was worried about how to transport the coins valued at more then $100,000. He knew about the law about declaring money amounts over $10,000 He went to customs to declare the lot but when he did customs told him that gold wasn't money and therefore he didn't have to declare it. He got on the plane traveled to his home country with no hold ups or problems.

sbeverly

Another alternative might be to drive for hours in Western North Dakota, to a spot near an identifiable landmark and start digging.

Of all the alternatives available, something like this appeals to my distrusting of institutions side the most.

sbeverly

I do have a friend that lives abroad he recently came here to the U.S. to buy gold coins and was worried about how to transport the coins valued at more then $100,000. He knew about the law about declaring money amounts over $10,000 He went to customs to declare the lot but when he did customs told him that gold wasn't money and therefore he didn't have to declare it. He got on the plane traveled to his home country with no hold ups or problems.

I imagine that the power elite/rule makers are looking to close this window. Maybe it's a matter of coming up with the proper spin.
On one hand they want to promote the illusion that gold is not money. On the other, how do they call it money for custom purposes?

PerryHall

<< <i>Would you be flying to your SDB often? This doesn't make much sense...

I would seal them in an air tight container and bury them in the yard before I would
trust a foreign country with my gold... That's if I had any gold to bury.... >>

PerryHall

What's involved in transporting large quantities of gold across the border? Will the customs agents question you like you are some kind of smuggler? Do you have to pay customs? Anyone know?

SaorAlba

I can get a SDB here in banks in Ukraine, problem is, bank goes under, and some have recently with the financial crisis, you lose everything, including the contents of your SDB. At least Ukrainians have one thing right, if you want to keep your assets in a non-depreciable form, you own gold. If you think banks in the USA are bad - should try banks here. There is NO insurance of any kind though the government wants to legislate for it. It is not likely to happen because the government in Ukraine would be bankrupt save for a boost from the IMF and the EU for some $15 billion.

A government can legislate for banking insurance, but cannot even insure itself without the help of the IMF and the EU.

secondrepublic

Having assets abroad may be a good way of "diversifying" against the U.S. dollar. But I don't think having a SDB abroad is all that smart unless you're talking Switzerland. Many other countries have much weaker banking systems and less sense of private property than we do.

SaorAlba

<< <i>Having assets abroad may be a good way of "diversifying" against the U.S. dollar. But I don't think having a SDB abroad is all that smart unless you're talking Switzerland. Many other countries have much weaker banking systems and less sense of private property than we do. >>



Oh really? Have a look here:

Switzerland Agrees to USA Tax Deal

They have been pressured for years by the US government, now they cave finally.

secondrepublic

<< <i> Oh really? Have a look here:

Switzerland Agrees to USA Tax Deal >>



The point of the tax agreement is to find assets on deposit or being managed by the banks for US investors... that's very different from a SDB. I doubt there is anything in there requiring the Swiss to tell the US gov't what's in the SDB. (Nor does US law requires banks to tell the gov't what's in your SDB).

SaorAlba

<< <i>

<< <i> Oh really? Have a look here:

Switzerland Agrees to USA Tax Deal >>



The point of the tax agreement is to find assets on deposit or being managed by the banks for US investors... that's very different from a SDB. I doubt there is anything in there requiring the Swiss to tell the US gov't what's in the SDB. (Nor does US law requires banks to tell the gov't what's in your SDB). >>



But you can hide from the trend that is going there, that will be next.

secondrepublic

<< <i> But you can hide from the trend that is going there, that will be next. >>



I'm nervous about the same thing... both here AND abroad.

ebaytrader

There are two reasons to own gold.
1. As a commodity investment play to be traded.
2. To be held as a store of wealth and a bridge to the "other side".

If #1 is what you have in mind, big mistake. As a store of wealth? It's better to keep it near with a watchful eye.

PerryHall

<< <i>There are two reasons to own gold.
1. As a commodity investment play to be traded.
2. To be held as a store of wealth and a bridge to the "other side".

If #1 is what you have in mind, big mistake. As a store of wealth? It's better to keep it near with a watchful eye. >>

KentuckyJ

> (Nor does US law requires banks to tell the gov't what's in your SDB)


As I understand it, if you're known to have died then your SDB access is restricted and your family can only get into it in the presence of bank officials. Anything of value is reported to the state and feds for purposes of estate taxation. This has always seemed to me a major argument against the SBD. Please correct me if I'm wrong.

MilesWaits

Possibly, yet if your family or friends that you have entrusted with a spare key with know of your demise then they can move QUICKLY to empty the box.

Miles

KentuckyJ

> yet if your family or friends that you have entrusted with a spare key with know of your demise then they can move QUICKLY to empty the box


Thanks. Been there. Done that. We didn't have anything of much value but I still didn't want the hassle. I was lucky my access had been set up years previous. Maybe different states have differing regs on this? I still see it as a major drawback to the supposed SBD safety factor.

PerryHall

<< <i>I can get a SDB here in banks in Ukraine, problem is, bank goes under, and some have recently with the financial crisis, you lose everything, including the contents of your SDB. >>



I find it a little hard to believe that when a bank goes under, they can loot the SDB's and keep the contents. Who in their right mind would ever rent a SDB under those circumstances?

SaorAlba

<< <i>> (Nor does US law requires banks to tell the gov't what's in your SDB)


As I understand it, if you're known to have died then your SDB access is restricted and your family can only get into it in the presence of bank officials. Anything of value is reported to the state and feds for purposes of estate taxation. This has always seemed to me a major argument against the SBD. Please correct me if I'm wrong. >>



Not if another person's name is on the box. I know that for a fact, I have had my grandparents pass away years ago and because my name was on the SDB account, I could access it without the Feds etc. It is a different story if your name is NOT on the box, or if you have a will only and no box access.

Bear

The Government can take my

gold, my silver, my coins.....

But they will never take my shorts.

MilesWaits

Lets face it, there is little substitute for moving quickly, thoughtfully, wisely when it comes to the SDB and securing the contents,

as the original owner would heve preferred; so yes, having two trusted names on the account is vital.

Otherwise, all bets (and hopes) for security are tenous. Regardless of "regs".....

Miles

PerryHall

<< <i>The Government can take my

gold, my silver, my coins.....

But they will never take my shorts. >>



If they did, you'd be a bare bear.