Recently by Terry Coxon: Expatriate Your Wallet
If you could only do one thing to protect yourself from the hazards of being tied to the U.S. economic system, buying physical gold would be our first recommendation.
Gold is independent of any government, and is recognized and traded everywhere in the world. Because of its intrinsic fundamentals – it’s rare, durable, easy to identify, divisible, and quite portable – it’s been used for centuries as money and is a reliable, long-term store of value.
I’m sure many readers know all this. But what many readers might not know is the answer to this critical question:
"Okay, I’ve bought some gold bullion… Where is the best place to store it?"
The right answer most people never hear is, "In more than one place."
You see, for the maximum in wealth security, your gold storage plan should have both a domestic component… and an offshore component.
Holding a substantial amount of gold outside the U.S. protects it from a government that has outlawed the ownership of precious metals in the past… and could do it again. But you also want to keep some of your gold in the U.S., close at hand. Gold is protection from chaos, so you need to be able to get to it if circumstances deteriorate.
The most private way to hold gold domestically is home storage. No records, no third parties. Home storage means using a hidden safe securely fastened to the home’s foundation, hiding it somewhere in the house, or even burying it on your property.
The problem with home storage, however, is you risk being robbed, maybe by someone ready to take your life if necessary.
Private secure storage facilities are the free market’s solution to that risk. They are not regulated by the government. They’re not controlled by a three- or four-letter agency. And many will accept customers on a no-name basis.
It doesn’t get any more private than that.
Two private storage facilities to consider are: Sarasota Vault in Sarasota, Florida and 24-7 Private Vaults in Las Vegas, Nevada.
I’ve recommended both facilities for years, with great feedback from readers.
You’ll note the key word with these storage facilities is "private." And you’ll note they are NOT banks.
Because of the high degree of confidence most people once had in banks and financial institutions, they equated secure storage with a bank safe deposit box.
Consider, however, all banks are plugged into the global financial system… which means even in the most liberal, freedom-loving countries, banks are subject to arbitrary government controls and regulations.
The safety you get from gold comes from its independence from the financial system. Using a bank safe deposit box compromises that safety. That’s why private, secure storage facilities make so much sense.
I’ve run out of space today detailing the domestic part of your gold storage strategy. But remember… for maximum wealth security, think globally. In tomorrow’s essay, I’ll show you my favorite international ideas for ensuring your wealth is safe and sound.
Editor’s note: At Casey Research, maximum wealth security is a foremost concern in these uncertain times. Any high-income earner is at risk to become a victim of the state – bled dry by every new law, regulation, and restriction on how to invest and conduct business. For Casey Research’s guide on how to truly internationalize your assets, click here.
November 18, 2010
Terry Coxon is contributing author of Casey Research's u2018Going Global' Special Report.
