Tag Archives: James Rickards

James Rickards Reports Gold Still Moving From Banks To Swiss Private Vaults

Late last week I was reading the Daily Reckoning website when I came across a November 28 article by the American lawyer, economist, investment banker, and best-selling author James (Jim) Rickards. The editor of Jim Rickards’ Strategic Intelligence mentioned the following in his discussion about potential triggers for the next financial crisis:

I was in Switzerland not long ago, and I met with one of the big four “secure logistics” firms in the world. These are the people that handle the actual physical metal.

They’re building vaults as fast as they can. They’ve been negotiating with the Swiss Army. Over the years, the army’s hollowed out some of these mountains in the Alps to build these extensive warehouses and storage facilities and tunnels that will withstand nuclear attack.

So these vault contractors have been in negotiation to lease the mountains — these nuclear bomb-proof mountains — from the army. My source told me, “We’re building vault space as fast as we can. But we’re running out of capacity.”

I asked, “Where’s the gold coming from?”

He said, “UBS and Deutsche Bank and Credit Suisse, and customers are taking it out of the banks and giving it to us.”

(Editor’s note: Bold added for emphasis)

The above might ring a bell for regular readers of Offshore Safe Deposit Boxes. Back in the spring I blogged about a March interview of Rickards by London-based Tip TV Finance show in which viewers were warned:

Keep away from the paper contracts. Get physical gold. Put it in a safe place. Don’t put it in the bank. I spent a lot of time in Switzerland. I visited… when I go to Switzerland I don’t spend much time with the banks, I spend it with secure logistics operators, vault operators, refineries- the people that actually handle the physical gold. They see gold coming out of Deutsche Bank, Credit Suisse, UBS, and others, going into Loomis and the private vault operators. That does not change the total supply of gold, but it changes the floating supply. Once you take it out of the banks there’s less available to prop up this paper gold market. The banks will probably be closed, at least temporarily. You won’t be able to get your gold

(Editor’s note: Bold added for emphasis)

“Get physical gold. Put it in a safe place. Don’t put it in the bank.”

So what qualifies as a “safe place” for Rickards?

Late last year, the author of the USA Today and Wall Street Journal business best-seller The New Case for Gold told The Capital Network’s Lelde Smits at Custodian Vaults, a private, non-bank safe deposit facility in Sydney, Australia:

Well you know, Lelde, we’re in a private vault. And I recommend private, non-bank storage. Now this is a vault. It’s very secure. You see we have some gold right here obviously and there is a lot more in these boxes. But this is not a bank. This is private. And that’s what I recommend.

You don’t want to put your gold in the bank because banks are controlled by the government. When you most want your gold, that’s when the banks will be closed. You won’t be able to get it. So, I recommend again, a place like the one we’re in, which is a private, non-bank, secure storage

(Editor’s note: Bold added for emphasis)


“Jim Rickards: How to make a fortune before 2018”
YouTube Video

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

(Editor’s note: The mention of a particular organization 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.)

Source:

Rickards, Jim. “Waiting for the Avalanche.” Daily Reckoning. 28 Nov. 2017. (https://dailyreckoning.com/waiting-for-the-avalanche/). 3 Dec. 2017.

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Jim Rickards On Storing Gold: ‘Don’t Put It In The Bank’

American portfolio manager, attorney, economist, and best-selling author James Rickards was recently interviewed by the London-based Tip TV Finance show. Rickards answered questions about a number of topics, including the next financial crisis and how to prepare for it. The editor of the financial newsletter Jim Rickards’ Strategic Intelligence believes physical gold should be part of preparations. He told listeners:

Keep away from the paper contracts. Get physical gold. Put it in a safe place. Don’t put it in the bank. I spent a lot of time in Switzerland. I visited… when I go to Switzerland I don’t spend much time with the banks, I spend it with secure logistics operators, vault operators, refineries- the people that actually handle the physical gold. They see gold coming out of Deutsche Bank, Credit Suisse, UBS, and others, going into Loomis and the private vault operators. That does not change the total supply of gold, but it changes the floating supply. Once you take it out of the banks there’s less available to prop up this paper gold market. The banks will probably be closed, at least temporarily. You won’t be able to get your gold

(Editor’s note: Bold added for emphasis)


“Brexit is a good separation; Scexit could be a reality- James Rickards”
(Gold discussion starts at 10:15)
YouTube Video

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.)

Rickards’ latest book…

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Related Reading: Main Street Embracing Idea Of Keeping Precious Metals Outside The Banking System?

Wednesday evening I came across an article on the website of The Post-Crescent (Appleton, Wisconsin) which mentioned safe deposit boxes. Back on January 20 Vern Sumnicht of family wealth managers Sumnicht & Associates in Appleton- population 73,596- talked about the Trump administration and his suspicion there will be “a lot of stock market volatility in 2017.” One sector Sumnicht thinks will do well in such an environment is precious metals- specifically gold and silver. He wrote:

According to Reuters, Italy’s Banca Monte dei Paschi di Siena (Monte Paschi) plans to issue no less than $15 billion of debt next year “to restore liquidity and boost investor confidence.” This kind of “irresponsible” banking policy could easily cause a worldwide currency crisis. This is why I also suggest that our clients hold at least six months of annual expenses in gold and/or silver bullion and keep it outside of a bank safety deposit box where they can easily get at it as insurance against potential currency problems

(Editor’s note: Bold added for emphasis)

Sumnicht’s suggestion to clients reminded me of what American lawyer, economist, investment banker, and best-selling author James Rickards wrote on The Daily Reckoning website just this Monday (blogged about here):

The thing about gold and silver is that it needs to be in physical form, in safe storage, and a non-bank. Putting it in a safety deposit box in a bank is troublesome because by the time you want it the most, that will be when the banks are going to be closed

(Editor’s note: Bold added for emphasis)

For more information about Sumnicht & Associates, head on over to their website here.

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

(Editor’s note: The mention of any business in this post 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.)

Source:

Sumnicht, Vern. “Winners and losers under Trump.” The Post-Crescent. 20 Jan. 2017. (http://www.postcrescent.com/story/money/2017/01/20/winners-and-losers-under-trump/96555852/). 25 Jan. 2017.

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Related Reading: James Rickards Mentions Role Of Private, Non-Bank Vaults In Next Financial Crisis

Monday night I was reading a just-published article by American lawyer, economist, investment banker, and best-selling author James Rickards on The Daily Reckoning website. In “The Ice-Nine Lockdown,” Rickards discussed the fictional doomsday machine “Ice-Nine,” which served as “a metaphor to explain what’s going to happen in the financial system and the next financial crisis.”

What he forecasts certainly isn’t pretty.

At one point in the piece Rickards stated:

Physical gold and silver is the answer to Ice-Nine, and you should get it while you still can…

He elaborated elsewhere:

The thing about gold and silver is that it needs to be in physical form, in safe storage, and a non-bank. Putting it in a safety deposit box in a bank is troublesome because by the time you want it the most, that will be when the banks are going to be closed…

(Editor’s note: Bold added for emphasis)

A really interesting article, which you can read on The Daily Reckoning website here.

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 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. 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 contained herein.)

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Jim Rickards: ‘You Don’t Want To Put Your Gold In The Bank Because Banks Are Controlled By The Government’

I’m back! Regrettably, I had to divert my attention away from Offshore Safe Deposit Boxes/other Internet-related projects to attend to family obligations and other matters that required my immediate attention. Thank you for your patience during the break.

There’s a tremendous amount of material to talk about (and people to talk to), so let’s get down to business.

The last time I blogged about American portfolio manager, attorney, economist, and author James Rickards was back in April, when he was making the rounds on the mainstream/alternative financial news outlets discussing his latest book, the USA Today and The Wall Street Journal business bestseller The New Case for Gold. Rickards, who also penned The New York Times bestsellers Currency Wars: The Making of the Next Global Crisis (2011) and The Death of Money: The Coming Collapse of the International Monetary System (2014), is on the verge of releasing yet another text, The Road to Ruin: The Global Elites’ Secret Plan for the Next Financial Crisis. And last night, I stumbled upon a recent interview he did with The Capital Network’s Lelde Smits at Custodian Vaults in Sydney, Australia (regular readers may recall this facility was named the “World’s Best Offshore Private Vault Video,” short program category, for 2015).

On the topic of owning physical gold in advance of a coming crisis which Rickards foresees, Ms. Smits asked the editor of the financial newsletter Jim Rickards’ Strategic Intelligence where he was keeping his gold at the moment. Rickards replied:

Well you know, Lelde, we’re in a private vault. And I recommend private, non-bank storage. Now this is a vault. It’s very secure. You see we have some gold right here obviously and there is a lot more in these boxes. But this is not a bank. This is private. And that’s what I recommend.

You don’t want to put your gold in the bank because banks are controlled by the government. When you most want your gold, that’s when the banks will be closed. You won’t be able to get it. So, I recommend again, a place like the one we’re in, which is a private, non-bank, secure storage…

(Editor’s note: Bold added for emphasis)


“Jim Rickards: How to make a fortune before 2018”
YouTube Video

I found the exchange between Rickards and Smits very informative. To learn more about Custodian Vaults, you can visit their website here. As for the other parties:

The James Rickards Project
The Capital Network

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

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum 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.)

Rickards soon-to-be-released book…

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James Rickards: Put Gold In ‘Private, Non-Bank Storage In A Reputable Vault Operator’

James Rickards, an American portfolio manager, attorney, economist, and author, is making the rounds these days on the mainstream/alternative financial news outlets. Rickards, who penned The New York Times bestsellers Currency Wars: The Making of the Next Global Crisis (2011) and The Death of Money: The Coming Collapse of the International Monetary System (2014), has been discussing gold in conjunction with the release of a new book last week, The New Case for Gold. The director of The James Rickards Project, “an inquiry into the complex dynamics of geopolitics + global capital,” has also talked about where to store that precious metal. Last Tuesday, while on the Fox Business Network, Rickards told viewers:

Have physical gold- bullion, coins, American gold Eagles. Again, put a slice- ten percent- put it in a safe place. Not in the banks. Put it in private storage

(Editor’s note: Bold added for emphasis)


“Making the case for gold”
Fox Business Network Video

The editor of the financial newsletter Jim Rickards’ Strategic Intelligence added in a separate interview last week with Greg Hunter on the USAWatchdog website:

So I recommend ten percent of your investable assets in gold. Let me define investable assets. Take your home equity, put it to one side. Take your business equity, and put that to one side. So if you have a pizza parlor, dry cleaner, an auto dealer, you’re a doctor, lawyer, dentist, whatever it is, that’s your livelihood. So put your business equity and your home equity to one side. Whatever’s left, those are your investable assets. Take ten percent of that, and put it into PHYSICAL gold. Physical gold that you control- not in the banks. Either private, non-bank storage in a reputable vault operator or some other safe place…

(Editor’s note: Bold added for emphasis)


“James Rickards-Gold $10,000 to $50,000 per Ounce”
(Gold storage discussed starting 29:13)
YouTube Video

On March 1, I blogged about a recent Financial Times (UK) piece in which it was noted Rickards “recommends storing gold in non-bank vaults in Switzerland as well as some closer to home, ‘to provide back-up if Switzerland becomes unreachable.'”

And on March 17, I discussed his belief that “Switzerland is probably the best place in the world to store physical wealth.”

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.)

Rickards’ latest book…

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Switzerland Still Best Place In The World To Store Physical Wealth?

On March 1, I blogged about a recent Financial Times (UK) article in which American investment banker/risk manager/attorney/financial commentator James Rickards recommended storing gold in private, non-bank vaults in Switzerland. Such advice from Rickards, who penned The New York Times bestsellers Currency Wars: The Making of the Next Global Crisis (2011) and The Death of Money: The Coming Collapse of the International Monetary System (2014), isn’t exactly new. Back on June 17, 2015, The Gold Chronicles, a production of the Cayman Islands-based Physical Gold Fund SP, uploaded an interview with Rickards on its website. The New York-based adviser on capital markets to the Director of National Intelligence and the Office of the Secretary of Defense spoke highly of Switzerland regarding asset protection matters. Rickards shared with listeners:

With regard to Switzerland specifically, Switzerland is my favorite jurisdiction in the world for security and liberty and respect for the rule of law

The Swiss do take this seriously. They have not been invaded successfully for over 500 years or maybe longer. The last time somebody tried to invade them, a Swiss force met them on almost a suicide mission. The Swiss were outnumbered and killed, but they just wanted to prove a point and they did. The invading army retreated pretty quickly.

Of course, the country is heavily armed. A lot of those mountains that you like to ski on and they look pretty from the train, well, guess what? They’re hollowed out and have armaments, artillery, communications, and command-and-control stations. It’s interesting to note that some Swiss vaults are buying hollowed out mountains from the Swiss Army and using them as vaults. Some of the expanded capacity, in terms of Swiss vaulting, is actually inside a number of these mountain tunnels and chambers that have been hammered out for defensive purposes.

For all the reasons I mentioned, i.e., rule of law, national security, integrity, tradition, liberty, I think Switzerland is probably the best place in the world to store physical wealth. I know a lot of people talk about Singapore, but I’m just not a big fan of Singapore. It looks kind of libertarian from the outside with pretty good rule of law, and I do business in Singapore, but it’s a little too close to China. It’s a little too under the Chinese thumb for my comfort whereas Switzerland, I would say, isn’t under anybody’s thumb.

(Editor’s note: Bold added for emphasis)

Is Switzerland really the go-to country for protecting lawfully-obtained and owned private wealth? I mean, certain members of the U.S. financial community have recently proclaimed that Switzerland has capitulated to those seeking to eliminate privacy and eventually confiscate individual wealth to increase government coffers.

Interested in finding out if Switzerland still maintains its long tradition of respecting and protecting privately-owned assets, I recently communicated with a Swiss private vault that offers safe deposit boxes in the mountainous Gotthard region (Altdorf). Swiss Gold Safe Ltd. spokesman Ludwig Karl was very reassuring that Switzerland can and will respect/protect individual wealth as it’s something still largely embedded in the national consciousness. From a March 4 e-mail:

We have chosen Altdorf for private lockers, because it is a landmark and symbol of freedom. In Altdorf, the bailiff Gessler, representing the count of Habsburg in central Switzerland, requests that everybody greets his hat on a rod on the market square. William Tell refuses reverence to the hat. The bailiff forces William Tell to shoot an apple off his sons head with his crossbow. William Tell hits the apple, but he has prepared a second arrow to shoot the bailiff in case he would have hurt the child. Later on William Tell shoots the Austrian tyrant Gessler in the hollow way between Immensee and Küssnacht.

Later in 1291, the three oath-takers (Eidgenossen) from the cantons of Uri, Schwyz and Nidwalden, wanted to be free and independent and founded the Old Swiss Confederacy with their oath on the “Rütli”, a silent meadow above Lake Lucerne. Nowadays, central Switzerland is often associated with the notion of the réduit, the Swiss bunker and defence system in the Alps, developed around the time of the Second World War. This idea of réduit – of resistance – is still firmly entrenched in the national psyche and often associated with the St. Gotthard mountains.

Beside the fact, that we are a well-armed nation, we have cultivated the so called “spiritual defence” (geistige Landesverteidigung), a strong and widespread political will of the Swiss population to defend Switzerland’s independence and democratic constitution against aggressors of all kind. We have a long tradition of respecting private property and wealth and are willing to defend our values of freedom.

Today, Swiss Gold Safe uses the privatized Bunkers successfully and offers security lockers and storage in remote surroundings…

That’s right. Swiss Gold Safe is one of those non-bank vaults Rickards was referring to when he said, “Swiss vaults are buying hollowed out mountains from the Swiss Army and using them as vaults.” From their website:

Swiss Gold Safe Ltd. is a privately owned Swiss storage company, founded in 2006, totally independent from banks and other organisations. Near Altdorf, in the Gotthard massive we offer safe deposit boxes in a high security bunker, originally constructed for the Swiss army and privatized in 2007…

Swiss gold safe indeed, by the sound of it.

So is Switzerland still “the best place in the world to store physical wealth”? The arguments in support of that idea sure seem quite compelling.

The Rickards interview can be listened to here on the Physical Gold Fund SP website. For more information about Swiss Gold Safe Ltd., which is celebrating 10 years in existence in 2016, you can visit their site here.

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

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum 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.)

Rickards’ soon-to-be-released book…

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