New way to buy gold: let it to the dealer

[GreenFrog]

To those who may be interested, I found a digital gold dealer that is a bit different: for whoever is interested, he proposes to keep your gold/silver/else so that you don't have mailing fees or melting fees or anything. Now, is he secure I don't know. Are there other fees not mentioned? I'll call tommorrow.

It's https://online.kitco.com/sellprice/selling_pools.html

[lorenzo_n16]

The idea of storing your gold with someone else is fine, but what if shit hits the fan and you need it? You may have no way of getting it, and you also have no assurance the gold is really there. Paper is just a promise, having it in your possession is as good as gold. The best way to own gold is physically. Get yourself a safe deposit box, leave it there and forget about it. Or, hide it in your home.

[GreenFrog]

I'll check what warranties they give. For me, the problem of keeping it physically is that where I am there is only one physical dealer so his prices are a bit steep (3-5% more). This place could permit me to evade any shipping problems and get my cash back very fast if I need (no shipping and so on).

[IrishGold]

What did we tell you about letting someone else hold your gold?

Bad frog!
Bad frog!

[goldeconomy]

What did we tell you about letting someone else hold your gold?

Bad frog!
Bad frog!

Where to store your gold depends on how much money you are trying to protect.

If you have $100,000, stashing it in the form of gold and silver on your own property is a fine idea - as long as you hide it really well and no one else knows about it.

But the more gold you store on your property, the more likely someone will find out that you have it there and rob you. Also, insurance companies put a ceiling on how much gold they will insure at your house.

If your gold is in a safety deposit box and the proverbial shit hits the proverbial fan, it is no safer than it would be in a Swiss bank account - because the bank manager, or IRS agent could take it from you.

Putting all your eggs in one basket is just as bad of an idea if the basket is your house, or if the basket is an offshore bank. That's why it makes sense to mix and match. Keep some gold/silver at home in a safe place, and keep the rest of your investment portfolio in a number of other prudent investments.

So, paranoia is fine for small amounts of gold/silver (under $100K), but if you have $1 million you want to put into precious metals, and quite a few people do, then you need a secure, liquid and inexpensive way to do so.

Kitco sells GoldMoney (GoldGrams) as well as their gold pool product. There is also Crowne Gold. Gold-Plan.biz is a Swiss gold plan where the gold is stored at the Metalor Refinery near Zurich.

[Grizzled One]

Frog,

Listen to Irish on this one. If you can't touch it, you don't have it. If TSHTF who are you gonna trust? If you need to trust anyone, "trust me." I will hold all of your stuff, completely secure, etc, etc. When you need it, just find me "my friend."

Take matters into your own hands. Where there is a will, there is a way. You can secure your future. It just isn't all that easy.

[GreenFrog]

Irish, I simply disagree with you ;)




"If your gold is in a safety deposit box and the proverbial shit hits the proverbial fan, it is no safer than it would be in a Swiss bank account - because the bank manager, or IRS agent could take it from you."

What does IRS mean exactly? Is there the same in Canada? Since when BANKS do that (government, sure, but banks?)? And if it's in a safety deposit box, can they take it if they don't know what's in it? Finally, if it's not secure in a bank (even a Swiss bank?!), why would it be safer at E-gold, Pecunix or other if they store in banks?


PS: What's Gold-Plan.biz website? www.gold-plan.biz doesn't work.

[Uncle]

Irish, I simply disagree with you ;)
Since when BANKS do that (government, sure, but banks?)? And if it's in a safety deposit box, can they take it if they don't know what's in it? Finally, if it's not secure in a bank (even a Swiss bank?!), why would it be safer at E-gold, Pecunix or other if they store in banks?

Perhaps do some research and find out whom or what own the majority of banks. Here's a tip. They also own the Federal Reserve of USA.

The Creature from Jekyll Island : A Second Look at the Federal Reserve
http://www.amazon.com/exec/obidos/tg/detail/-/0912986212/qid=1064565254/sr=1-1/ref=sr_1_1/002-3767384-9496031?v=glance&s=books

I suppose storing your stash all depends on your level of normal thinking (some call it paranoia), and how easily you sleep with your decision.

Golden Regards
Uncle

[IrishGold]

That's okay GreenFrog. It matters not to me that you disagree with me. As Uncle said, it's "how easily you sleep with your decision." Because it has to be your decision

[Libertarian_Guard]

GreenFrog first ask G-Khan if you can change your name to LambChop, and be sure to tip your barber well because I'am sure he does not usually cut wool. My apology's is offered in advance should you take of my B.S. to heart, but you don't sound like much of a bug to me, and you are passing on some dam good advice from IrishGold, Uncle, Lorenzo and Grizzled One.

Unless you require the necessity of blaming others for your mistakes, then by all means take matters into your own hands.

[FoundingFathers]

Green Frog : The advise you have received is golden.

"if you don't use your eyes for seeing you will need them for wheeping".


FF

[Libertarian_Guard]

http://www.tulving.com/goldbull.html

Now hop on in there Frog.

[G-khan]

To those who may be interested, I found a digital gold dealer that is a bit different: for whoever is interested, he proposes to keep your gold/silver/else so that you don't have mailing fees or melting fees or anything. Now, is he secure I don't know. Are there other fees not mentioned? I'll call tommorrow.

It's https://online.kitco.com/sellprice/selling_pools.html
On your main holdings you want the real physical and if you can't touch it it ain't real it is another mans word that he is holding it for you..

What does interest me is starting one of these digital gold checking accounts. I would rather have my digits stored where they at least proclaim to be holding gold as backing for their digits. This is fiat I use in my daily living and not my investment... I plan to check into this further as it may take more gold off the market... Not sure if I plan to do it yet.

My advise to you is get and hold the physical - get real! You give them 10,000 bucks how you going to know it did not go into their pockets? Hold it frog!

[gpond]

Irish, I simply disagree with you ;)




"If your gold is in a safety deposit box and the proverbial shit hits the proverbial fan, it is no safer than it would be in a Swiss bank account - because the bank manager, or IRS agent could take it from you."

What does IRS mean exactly? Is there the same in Canada? Since when BANKS do that (government, sure, but banks?)? And if it's in a safety deposit box, can they take it if they don't know what's in it? Finally, if it's not secure in a bank (even a Swiss bank?!), why would it be safer at E-gold, Pecunix or other if they store in banks?


PS: What's Gold-Plan.biz website? www.gold-plan.biz (http://www.gold-plan.biz/) doesn't work.IRS refers to the United States Internal Revenue Service. This is the tax collecting arm of the federal government. There is historical precedent that the USA did in fact seize the gold from US citizens who had stored it in safe deposit boxes. The govt proclaimed that safe deposit boxes were sealed until a govt representative could be standing by to inventory the contents. The banks were under obligation to the United States of America. They complied.

[G-khan]

As I read more about digital Gold I do think this will drive demand up and that is good.. Also if you want to invest large sums of fiat into gold you don't want it all stashed at home. If you do get robbed you lose it all.. I do want to set up egold checking that sounds better than what my current bank is doing... I will continue to check into that and report what I find out... I agree with goldeconomy on most of his points to not put all your eggs in one basket...

My elephant has been laying me some nice eggs......

[lhslancers]

I realize it's an old post, but my two cents. The IRS will freeze all deposit boxes and require an agent to be present while you open same. Don't put your stuff in a bank, find somewhere else. Don't think they won't do it. When they started to tax income the game was over.

[Silver Shadow]

Yes, you absolutely MUST hold the physical yourself.

Do not store it all in one place either, but split it up. If you have a large quantity, someone is going to know or guess, or find out about it eventually.

The best bet is to buy a safe and keep only a very small proportion in that safe. Then, if you are held up at gun point by the government, or some honest hard working thief, give them the stuff in the safe, and know the rest is safely hidden.

Bank safe deposit boxes are not secure. The IRS or any Judge can freeze or seize your box, and confiscate the contents, either as evidence, or the proceeds of crime. Trumped up phony charges are no uncommon thing these days. Getting it back may take years, and it may become lost, or replaced with some brass or lead.

[G-khan]

I would rather have Irish and Tedd hold my Silver than go with this plan................

[IrishGold]

I would rather have Irish and Tedd hold my Silver than go with this plan................Well you dang sure better!
What better place to put your stash than under the protection of a pink panther and a little guy on a pot with a rainbow?
Safe as safe could be!