I think it’s also important to be precise about what happened in 1933/34. People call it confiscation or seizure, but that implies that it was just taken from people, w/o compensation.
The proper framing is that holding gold was made illegal, and the government agreed to purchase gold at the prevailing rate from private owners.
The analogy to today is what could happen at the futures markets. At some point, the price of the futures (paper gold) is going to decouple from physical prices. But the futures exchanges have it in their contract that they can settle in cash. They are NOT obligated to physical delivery (contrary to what many believe). This “settlement” in cash is basically what happened to gold in 1933/34.
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The Fisch “devices” are really neat, but quite expensive. I’m still considering buying them. They are low tech, and will work whenever wherever. Simple scales are not able to detect all potential issues.
I highly recommend setting up a self-directed LLCIRA and using it to purchase PMs. As part of diversification of country risk, I set up a corporate account in Singapore with Silver Bullion, Plc. (https://www.silverbullion.com.sg/). In order to buy PMs w/ a self-directed IRA you have to be careful which products you purchase, as not all are authorized (https://www.goldsilverirarollover.com/gold-ira/ira-approved-precious-metals/).
With Silver Bullion, I have sold the PMs using their online platform and had the funds wired to my bank account in 2 days. Highly recommend them for offshore storage.
You can also buy American Eagles directly with your LLC, but they have to be stored by a custodian. You can’t hold them yourself in a safety deposit box, even if your LLC has the account at a bank.
We have a “bail in” law already ready in place, if the banks go belly up we depositors will find ourselves with shares in an insolvent bank. Funny that a banks “assets” are someone else’s debt. How bad does it get? Do the zombie companies that Chris speaks of have enough “assets” on the bank ledger to cause issues? A bank can’t UN-grow, and that is the nature of the peak oil wall that we are hitting
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FYI after the GFC many brokerages (ETrade, TD Ameritrade, etc) became banks and are subject to the same bail in rules, as I understand it. One more detail to be aware of.
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Yes, I agree. Ended up buying several of the gold balance devices this morning, enough to give a few to interested friends and still have a spare at home. The cut-outs in their sides do much the same thing as the Fisch devices, even though they’re not quite as fast to use.
After that, I’ll go with the ‘ring on counter’ test. If it’s the right size, mass, and rings true (is testing coins where that phrase originated?), good enough. Also I have a powder scale, but that’s more of a backup, and for dealing (if and when) with jewelry.
Fun story: About five years ago I was paying for gas, and heard one of the quarters give that distinctive silver coin ring when the clerk dropped my change on the counter. Heh, a free gallon of gas! At least, it was back then.
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The first rule of Fight Club is: You don't talk about Fight Club.
Second rule of Fight Club is: You do not talk about Fight Club.Definitely the most sound advice here aside from acquiring PMs in the first place.
Colonel Mustard: How did you know that?
Wadsworth: Can you keep a secret?
Colonel Mustard: Yes....
Wadsworth: So can I.
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There’s a distinction I’m not sure was 100% clear in this article.
In the UK the royal mint produce a gold sovereign.
This is a 22ct 1/4oz coin. They also produce a gold Britannia.
This is a 1oz 0.999 fineness (24ct) coin.
When chris referenced ‘sovereign’ coins, I believe he was referring to the latter?
Great thinking. I’m doing a very similar thing for my children. Hoping to give it to them for down payment on a home.
Another random parenting trick, every time they’ve lost a tooth, Ive put $100 bucks away for them for dental care. Already came in handy.
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Silver Eagle Monster Box…do you open it or leave it sealed?
A sovereign coin - generically - is one that is minted by a country’s official mint (or whatever private mint they’ve contracted to make the coins). It has a monetary value on it, like a dollar, a pound, maybe 8 bucks if it’s gold 
British sovereigns are also sovereign coins, because they were used as legal tender.
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Unless you need some of it, or plan to sell some of it, I’d leave it be, but it’s a personal choice.
Freebie coin tester apps for Android and iPhone:https://play.google.com/store/apps/details?id=com.pingcoin.android.pingcoin&hl=en_US&gl=US and https://apps.apple.com/us/app/precious-coin-tester/id1474466880
There’s a lot more as well, so you might want to play with a few. I’d offer recommendations, but alas, I don’t do smartphones.
A Fisch still won’t detect a gold-clad titanium-centered coin. A simple phone-based ring detector will. The two together would be best.
Next things…land, trees, and local means of production (short supply chains, such as cheese-making factory or sawmill).
And, yes, HAA is not being promoted as the lowest cost of delivery for home possession. Gold-Silver.com (and many others) do that. HAA is for larger storage amounts, safety from theft, and ease of transferring in and out of currency. Each has its place in the toolbox, just like a Phillips head and a flat bladed screwdriver.
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Exactly right. Also known as “when the going gets tough, they change the rules.”
Expect it again and again. It’s simply how low-integrity people, companies and governments operate.
If you want to make your own personal assessment of the likelihood of a future of punishing rule changes, just ask yourself “how much integrity do I think my government actually has?”
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I am a not very trusting source. I pop mine to be sure I haven’t received a box of double-clad 50 cent pieces or ingots of copper.
But it’s a tough choice.
I was planning to log on and ask someone here how to go about buying gold for a beginner. You read my mind. Thank you for always being one step ahead!
Regarding 401ks with crummy options…I am stuck in one. My current employer plan won’t allow a direct rollover into an outside IRA provider (such as iTrust or a Gold IRA) while I am still employed.
Considering the state of things I am half-way thinking about taking my 401k out as a taxable distribution and absorbing the hit. At least then I would have control over the remaining asset balance.
I know, “not financial advice” but wondering what folks in the tribe think about this. Under normal circumstances, I understand this is not a great idea! Ha. But if we’re serious about the dollar collapse and preparedness I wonder if this actually is a reasonable move to preserve capital.
Thank you so much for the guide so I could make a more informed decision!