Yesterday I brought up the recent Nomad Capitalist article “10 Tips for Buying Gold in 2018” in which gold expert Claudio Grass said:
As a general rule, if you have over $50,000 to invest in gold, store it in a safe jurisdiction. For anything less than that, keep it nearby.
And according to Grass, “safe jurisdictions” meant two European countries.
Offshore expert Mark Nestmann also talked about storing physical gold locally and offshore in a July 9 piece on the International Living website. In “Why You Should Store Gold Overseas to Protect Your Money,” Nestmann informed readers:
You may already have gold safely stored at home or in a domestic vault. While that’s a smart plan, there is an even safer way to store your gold: Keep it overseas.
If all your wealth is in the U.S., it’s vulnerable. If you are sued in the U.S. (a one-in-three risk for U.S. citizens) and lose, a creditor can foreclose on your U.S. assets, including your domestic gold. Gold stored overseas, however, is much more difficult for creditors to seize.
Second, there’s political risk. In 1933, Franklin Delano Roosevelt forced all gold-owners to turn their holdings over to the government. I don’t think a recurrence is likely, as gold is no longer the standard to which we peg our money. But moving your gold overseas gives you peace of mind.
Of course, it’s possible that the country you move your gold to could enforce a U.S. general gold confiscation order. But that’s never happened before. And in countries like Austria, Switzerland, and Singapore, doing so would violate their own ultraprotective wealth preservation laws.
The head of The Nestmann Group went on to talk about the three options available to Americans for keeping their gold overseas, one of which is “direct storage” and “a safe deposit box at a private vault.”
A short but informative primer on offshore gold storage, which you can read here on the International Living site.
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)
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