Martin Armstrong: ‘Anything Of Value That Is Stored In A Safe-Deposit Box Is Now Considered Money Laundering’

Martin Armstrong, economist at Armstrong Economics and the subject of the 2014 documentary The Forecaster, has chimed in on the new HSBC safe deposit box regulations in Hong Kong. He issued this warning on his company’s blog Friday:

Governments are targeting safe-deposit boxes to look for cash that is hiding from taxation. HSBC, a U.K. bank, is now moving against claimed financial crimes by altering conditions for safe-deposit boxes. This is becoming a global trend. Anything of value that is stored in a safe-deposit box is now considered money laundering. Governments want their taxes and all the laws are changing to ensure they get their money.

(Editor’s note: Bold added for emphasis)

“Anything of value that is stored in a safe-deposit box is now considered money laundering”

Does that include legally-purchased and owned precious metals (with receipts to boot also showing taxes paid when applicable)?

Armstrong didn’t elaborate in his June 3 post, but back on March 29 I discussed how he thinks government will deal with precious metals. From that post:

On March 14, Armstrong talked more on this subject. He blogged:

Government will make transactions in gold or silver illegal and equivalent to money laundering. These people are not about to let anything circumvent their dreams…

The likelihood that you will be able to travel with gold is about zero. The likelihood that you will be able to go to the local grocery store and buy food with silver or gold coins is also zero. The more probable outcome is that this will provide a hedge against government to make the transition to the next monetary system. These people are fighting for dominance over society. Do you really think it will be that easy that everyone will be using gold and silver coins? They will not go down without a fight and the first blood draw will be on our side — not theirs.

(Editor’s note: Bold added for emphasis)

I added:

If events unfold like Mr. Armstrong predicts they will, geographical diversification of precious metals in the physical form- particularly gold- in an offshore safe deposit box could prove to be a wise financial decision.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Source:

Armstrong, Martin. “Hunt for Taxes: Safe-Deposit Boxes Under Attack.” ArmstrongEconomics.com. 3 June 2016. (https://www.armstrongeconomics.com/world-news/taxes/safe-deposit-boxes-under-attack-hunting-for-money/). 6 June 2016.

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