Tag Archives: precious metals

Sovereign Man Simon Black: ‘Have Some Non-Reportable Assets’

Regular readers of Offshore Safe Deposit Boxes know I’ve brought up Simon Black of Sovereign Man website-fame occasionally. Black is an international investor, entrepreneur, “permanent traveler”, and self-described “free man.” I’ve been following his work for some years now for his insights on offshore asset protection. And yesterday, a post entitled “100 billion reasons to have non-reportable assets” appeared on his blog. Those “100 billion reasons” referred to a low-end estimate of the billions of dollars Black claims the cash-strapped government of Saudi Arabia will seize in their ongoing anti-corruption purge. He surmised:

Saudi Arabia needs cash. Now.

So over the past few weeks they’ve found their source: theft.

Under the guise of a ‘corruption crackdown’, the government of Saudi Arabia has arrested hundreds of its wealthiest, most prominent citizens, and frozen more than 1700 bank accounts.

Black paralleled the Saudi situation with the United States. He added:

This is really no different than Civil Asset Forfeiture in the Land of the Free, the legal framework where countless federal, state, and local agencies have the authority to seize and freeze every asset you own without even so much as charging you with a crime.

(They can even take your kids away!)

I think there’s a pretty big lesson here: desperate governments almost invariably resort to stealing from their own citizens.

And that’s why one step in a Plan B is to have some non-reportable assets.

(Editor’s note: Bold added for emphasis)

One of those “assets that you’re not legally required to tell them about” mentioned was precious metals.

Black has discussed physical gold- and offshoring it- on the Sovereign Man website before. A little over three years ago I blogged:

Simon Black of Sovereign Man-fame talked about that additional line of defense with storing physical gold overseas. He wrote Wednesday on his site:

I’ve long been an advocate of moving a portion of one’s savings overseas.

After all, what’s the sense of leaving 100% of your assets within a country ruled by a morally and financially bankrupt government that treats you like a dairy cow?

Moving some of your gold abroad to a jurisdiction that prides itself on maintaining a high level of financial security and privacy protects you against legal thievery your government might commit against you.

Sure, it’s a risk that might never come to fruition. But you won’t be worse off for having stashed some of your gold away privately in a safe, stable jurisdiction…

(Editor’s note: Bold added for emphasis)

“What’s the sense of leaving 100% of your assets within a country ruled by a morally and financially bankrupt government that treats you like a dairy cow?”

Some would argue this applies to good old Uncle Sam. However, while I believe the American Republic is in real danger of becoming “morally and financially bankrupt”- we’re not quite there yet.

That being said, if we continue down the same path we’ve been on for a while now, that gold of yours could look pretty tempting to the Feds.

All-in-all, another fine piece by Simon Black, which you can read in its entirety here.

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

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

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Silver Bullion Article ‘Why Choose A Private Offshore Vault’

It’s been some time since I last mentioned The Safe House (TSH), a Singapore private, non-bank vault with safe deposit boxes. The facility is a subsidiary of the award-winning bullion dealer Silver Bullion, and while on their site earlier today I stumbled upon an article from late August entitled “Why Choose A Private Offshore Vault.” Gregor Gregersen (founder/CEO of The Safe House and Silver Bullion) and Srdjan Seva (Business Development at Silver Bullion) wrote:

When choosing a place to buy and store gold and silver bullion, there are several aspects that need to be considered, especially for those who are new to storing their precious metals. Physical precious metals are almost always purchased for the purpose of wealth protection but how good is such ‘protection’ in a systemic crisis?

(Editor’s note: Bold added for emphasis)

Gregersen and Seva hammered home two important points regarding the above. The first being:

When purchasing precious metals with a plan to physically own and store in a vault, it is important to make sure that buyers are the legal title owners of the stored bullion rather than just creditors being owed bullion.

(Editor’s note: Bold added for emphasis)

Second, and no less important:

Diversifying the country risk by storing precious metals offshore in a safe jurisdiction is one the most important aspects of wealth protection against seizures, nationalizations or other forms of confiscations in the home country.

(Editor’s note: Bold added for emphasis)

For Gregersen and Seva, a “safe jurisdiction” can be defined as having:

A clear rule of law especially when it comes to the respect of private property rights, has enough economic and military power to defend its sovereignty and which is strong enough to actually enforce its laws.

(Editor’s note: Bold added for emphasis)

Based on this criteria for a “safe jurisdiction,” I suspect a number of countries with safe deposit box facilities outside the banking system might fall short.

An informative and insightful read, which can be found here on the Silver Bullion website. For more information about The Safe House, visit their website here.

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

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

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Next Degussa Numis Day In Switzerland

Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Spain, and Switzerland, has just posted information about their next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website:

The Next Numis Day

We appreciate and appraise your treasures- in Zurich and in Geneva

Coins tell of great civilisations; they bring history to life. And they are of enduring value. Do you wish to put a lovingly curated collection or individual items in the best of hands while benefiting from the extensive expertise of a renowned precious metals trading house? Then you have come to the right place. A simple phone call is all it takes to arrange an appointment at our next Numis day.

Location:
In our showroom in Quai du Mont-Blanc 5 in Geneva
Date:
On December 7, 2017 from 9 am to 5 pm.

Location:
In our showroom in Bleicherweg 41 in Zurich
Date:
On December 8, 2017 from 9 am to 5 pm.

We provide comprehensive advisory service.

Our coin expert Robert Eberlein will be there all day to evaluate your pieces and give you tips. He looks forward to discussing the finer points of numismatics with you.

You can rely on us to provide a fair market value determination, and, on top of that, to offer other marketing options: If you wish, you can sell directly to us at a fair price on Numis Day. Or we can consult with you and jointly determine the best marketplaces for your special treasures, for example, international coin auctions or prestigious Internet platforms.

Are you interested in coins as an investment? If so, our experts will also be happy to advise you on Numis Day. Numismatists have been collecting historical coins for centuries, and the popularity of this pursuit has not waned. If you wish, we can also represent you at auctions worldwide.

Do you wish to sell old gold?

Numis Day is all about historic coins.

Please arrange a separate appointment with us if you wish to evaluate and sell gold jewellery, old gold or silver.

For more information about Degussa’s next Numis Day or the company, visit their website here.

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

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

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‘Paradise Papers’ And Offshore Asset Protection Going Forward

Some time ago, an overseas safe deposit box facility contacted me about removing them from that list of offshore private vaults I maintain on this blog’s sister site.

The concern was over the use of the word “offshore” with the website- and the negative connotation associated with it these days.

I sympathized with the vault operator and happily complied with the request.

I was already well-acquainted with the demonization of pretty much anything having “offshore” attached to it while creating/naming the Offshore Safe Deposit Boxes blog and Offshore Private Vaults website four years ago. However, I was comfortable with the use of the word with these projects since the secured storage of lawfully-obtained/owned, privately-held belongings outside the United States (plenty of legitimate reasons to do so, and perfectly legal per Uncle Sam) is different from offshore banking (no financial transactions are being conducted).

Offshore finance is under attack today as the so-called “Paradise Papers”– “a huge leak of financial documents that throw light on the top end of the world of offshore finance” as BBC News calls it- makes headlines in the legacy media.

But note what the BBC also said concerning this material. Tucked away in a “Paradise Papers reporting team” web article yesterday:

The vast majority of the transactions involve no legal wrongdoing.

(Editor’s note: Bold added for emphasis)

And there’s this “pop-up” accompanying a piece by the International Consortium of Investigative Journalists (ICIJ), reportedly overseeing the investigation:

Please read the statement below before searching. There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any people, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly.

(Editor’s note: Bold added for emphasis)

While the “Paradise Papers” may result in additional vilification of anything “offshore” among consumers of mainstream media, likely users of offshore products could shrug it off (while keeping in mind the importance of following the law). It’s conceivable this group ends up dismissing the matter after they contemplate/investigate potential agendas and/or influences.

I leave readers with this, which I posted on April 5, 2016, with the release of the “Panama Papers”:

Even though offshore corporate structures, offshore banking, and the like aren’t exactly my forte and not really areas this blog and sister site Offshore Private Vaults focus on, I feel I too should emphasize “offshore” doesn’t necessarily mean “criminal.”

The secured storage of legally-obtained and owned assets in bank and private, non-bank safe deposit boxes located outside the United States is perfectly within the law. And as regular readers of this blog know, Americans do it for a variety of reasons, including:

• Securing and having convenient access to valuables while residing, studying, travelling, and working overseas
• Geographically-diversifying wealth per the advice of financial/investment advisers
• “Prepping” for potential nationwide emergencies/disasters, where domestic access to privately-owned assets becomes impossible
• Protecting assets should “Uncle Sam” ever go rogue and join the growing wealth confiscation movement across the globe

While both the blog and website are aimed at the law-abiding, I still go so far as to communicate the following to visitors:

“Offshore Safe Deposit Boxes strongly condemns any attempted use of these overseas storage containers for illegal purposes.”

“Offshore Private Vaults strongly condemns any attempted use of these private vaulting facilities and their safe deposit boxes/lockers for illegal purposes.”

As it concerns U.S. government reporting requirements, just last week I blogged:

If “Uncle Sam” requires precious metals in an offshore bank safe deposit box to be reported, then by all means, you should do it.

And should taxes be involved, the way I see it, it’s like The Good Book says:

Render unto Caesar the things that are Caesar’s…

In conclusion, who knows how far the fallout from the “Panama Papers” will extend. But it would be a real shame if offshore asset protection , and in particular the tool of the offshore safe deposit box, gets thrown under the bus from this event despite it being beneficial and legal for Americans to pursue.

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.)

Sources:

Paradise Papers Reporting Team. “Paradise Papers: Tax haven secrets of ultra-rich exposed.” BBC News. 6 Nov. 2017. (http://www.bbc.com/news/uk-41876942?ocid=socialflow_twitter&ns_mchannel=social&ns_campaign=bbcnews&ns_source=twitter). 7 Nov. 2017.

“Offshore Trove Exposes Trump-Russia Links And Piggy Banks Of The Wealthiest 1 Percent.” International Consortium of Investigative Journalists. 5 Nov. 2017. (https://www.icij.org/investigations/paradise-papers/paradise-papers-exposes-donald-trump-russia-links-and-piggy-banks-of-the-wealthiest-1-percent/). 7 Nov. 2017.

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Degussa Singapore Launches YouTube Channel

It’s been some time since I last blogged about the first Asian branch of Degussa, a leading international player in the precious metals world. Degussa Singapore opened its doors at 22 Orchard Road in October 2015 and operates a safe deposit box service in addition to selling bullion bars, coins, and precious gifts.

Yesterday I learned about Degussa Singapore’s recently-launched YouTube.com channel. From the “About” page:

On this channel we’ll offer some shopping inspirations as well as tutorials and interesting background information.

Michael Kempinski, Managing Director of Degussa Singapore, discussed “why gold and silver are coveted currencies and how you can protect your wealth against inflation and economic uncertainty” in the latest video (uploaded April 18):


“Five Reasons for Buying Gold”
YouTube Video

Good stuff. And the Orchard Road facility sure turned out nice.

Head on over to Degussa Singapore’s YouTube channel here for more videos.

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

(Editor’s notes: The mention of entities marketing themselves as precious metals vendors/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.)

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Nomad Capitalist’s 5 Best Countries For Offshore Gold Storage

Research related to Monday’s post about precious metals storage in Singapore led me to a piece published last fall by Andrew Henderson over on the Nomad Capitalist website. 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.”

Back on September 28, 2016, Henderson wrote in “The five best countries for offshore gold storage”:

The world is a big place and not every country is made alike, especially when it comes to offshore gold storage. The following are our top picks here at Nomad Capitalist for best countries for offshore gold storage

(Editor’s note: Bold added for emphasis)

Their top picks? In alphabetical order:

-Austria
-Cayman Islands
-New Zealand
-Singapore
-Switzerland

Henderson proceeded to explain why these countries made the “top 5” for offshore gold storage before ultimately selecting a single nation for the “number one spot on this list.”

Another insightful read from Andrew Henderson, which you can view in its entirety here on the Nomad Capitalist website.

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

(Editor’s notes: The mention of entities marketing themselves as consulting businesses 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.)

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Singapore’s ‘Strong’ Precious Metals Storage Infrastructure Anchors Trading Hub Push

It’s no secret that Singapore has become a global leader in the storage and safekeeping of private wealth.

In fact, the last mention of the Southeast Asian city-state on this blog concerned a December 12, 2016, article on the The Business Times (Singapore) website which noted privately-owned precious metals from around the world are finding their way to non-bank vaults in Singapore.

The Straits Times (Singapore) recently reported on the leadership of “The Lion City” in storing precious metals as part of a push to make Singapore a bullion trading “hub.” Jacqueline Woo wrote on April 13:

Singapore is in a good position to reprise its role as the region’s global precious metals trading hub, but there is still some way to go, said Singapore Bullion Market Association (SBMA) chief executive Albert Cheng…

Mr Cheng believes Singapore has the key features in place to become Asia Pacific’s global precious metals trading hub, given its strong financial, as well as precious metals storage and trading infrastructure

(Editor’s note: Bold added for emphasis)

An interesting piece, which can viewed on The Straits Times 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 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.)

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