Still on the topic of gold (often socked away in safe deposit boxes) today, back on November 13 Andrew Henderson penned an article on the Nomad Capitalist website entitled “10 Tips for Buying Gold in 2018.” I’ve mentioned Andrew and his company before on the blog, but for those readers not familiar with them, Henderson is the founder and managing partner of Hong Kong-headquartered Nomad Capitalist, billed as the “world’s leading offshore consulting firm.” Anyway, from the piece:
Not too long ago, my friend Claudio Grass – an expert in the gold business – shared the short version of his top ten tips for buying gold. Knowing the wealth of knowledge he possesses, I asked him to sit down for an interview so we could create the long version of that same list. His insights into the world of gold did not disappoint.
(Editor’s note: Bold added for emphasis)
Some particular “insights” that jumped out at me:
• “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.”
• According to Grass, two European nations qualify as safe jurisdictions. Joshua Rotbart, a “global expert on precious metals for investment” mentioned in the piece, added two more countries in Asia to the list.
• “Physical gold is the antidote to the current system. The current banking system is based on credit, paper, and computer digits. The crisis that we are expecting- the reason so many people are buying gold to protect themselves- will be a huge banking crisis. Therefore, if you decide to purchase physical gold, it’s only logical to store it outside of that banking system. Property rights in the banking system are of a temporary nature. Banks in the past have confiscated physical gold and cash, and there is always the possibility of a bail-in where all assets will undoubtedly be confiscated.”
• Echoing yesterday’s blog post about Jim Rickards and the information he received about gold being moved from banks to Swiss private vaults, Joshua Rotbart added:
“Clients are moving their assets from bank vaults to privately held vaults. There are a few reasons for that:
Better access to their assets (they are no longer dependent on business hours, the goodwill of the banker etc.);
Increased distance from the reach of governments and regulators;
Better service; and
Better value for money.”
Henderson was right. Claudio’s insights into the world of gold did not disappoint. You can read the entire piece here on the Nomad Capitalist website.
Still more on the yellow metal later.
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)
(Editor’s note: The mention of a particular individual/business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material 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.)