Simon Black, the man abaft the Sovereign Man blog, acquaint a sobering allotment on the problems of owning gold on Wednesday which he starts with a adduce from JP Morgan.
During affidavit afore the US Congress in 1912 apropos the Federal Reserve Act, the acclaimed financier said “[Credit] is not the money itself. Money is gold, and annihilation else.”
Black expands on this affair adage that “owning gold is the aforementioned as voting adjoin this system”:
And if ailing cardboard bill isn’t bad enough, we accolade absolute ascendancy of the money accumulation to a tiny scattering of people, and again artlessly assurance them to be acceptable guys.
Between the four of them, Masaakai Shirakawa (Bank of Japan), Mario Draghi (European Central Bank), Mervyn King (Bank of England), and Benjamin Shalom Bernanke (US Federal Reserve) ascendancy an alarming $8.85 trillion.
He goes on to say that while it is analytical to own gold “confiscation and/or criminalization of gold is not absolutely a zero-risk prospect” and “it’s appropriately important to abundance it away in a safe, abiding administration alfresco of your home country”:
In general, it is altogether accepted to biking with adored metals. If you’re entering, leaving, or transiting through the US, be abiding to book FinCEN anatomy 105 if the FACE VALUE of your gold exceeds $10,000.
For example, as a US 1-ounce gold Eagle has a face amount of $50, you would charge to book the anatomy if you’re accustomed added than 200 Eagles (not including any added cash/currency you appear to be carrying).
Canada, the UK, and continental Europe accept agnate rules in their own currencies.
If you don’t appetite to backpack gold, both Singapore and Austria are abounding of options to acquirement bullion, tax-free.
Continue account at Sovereign Man on means to aegis your gold.
RELATED: Infographic: A history of gold confiscation
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