When you say that all IRA’s will eventually be confiscated do you also mean physical PM IRAs as well? I know an IRA is an IRA, but the logistics of confiscating physical PM in an IRA sends a huge red flag to the world, key markets and American citizens in general (who are as dumb as dirt anyway) that basically there is no personal property rights that exist any longer in the country formerly known as the United States.
The reason I ask is because there are some very reputable PM gurus and well known investment newsletters or so called gold bug entities that are promoting these vehicles very hard.
If the physical IRA vehicle is not safe from being confiscated right along with the general equities IRA, what’s the point in promoting this type of IRA if your reputation will be completely destroyed in the process with tens of thousands of your followers being bankrupted as a result?
Jim’s advice is that all retirement accounts, irrespective of the assets held within them, are at risk of nationalization. This is why he is strongly advising that we exit those accounts whilst there is still an opportunity to do so. In some countries such as in the UK and Australia that opportunity does not exist. Exiting now and paying the relevant penalties is the only way to protect yourself from what is coming. Before Cyprus and now Poland none of us would have believed such things were possible but it is a reality that we simply must face. Jim is a lone voice in advising of this danger and unlike so many others he has no self interest in the matter. Many advisers will eventually jump on the bandwagon but it will be too late by then. I think it is significant that Jim was unequivocal in stating that the FED would not taper whereas so many other commentators were hedging their bets. We should all heed Jim’s words and GOTS now.
My Dear Friend Jim,
Just so you know, now when I go to withdraw cash from my Italian bank, they want to know why I need the money. They want a detailed description too. In the US I get strange looks when using 100 dollar bills and some stores can’t find the change. Something to consider.
With much gratitude,
Jim thanks you for the interesting feedback. Crazy times indeed when a bank challenges you and asks why you want access to your own money. Perhaps you should ask them for a detailed answer as to why they want to know. Soon everyone will hopefully realise that bank depositors are simply unsecured lenders. In the not too distant future Jim’s GOTS advice will be looked upon as being prescient indeed..
Greetings Mr. Sinclair,
Is a safety deposit box in Alberta Treasury Branch (ATB) safer than in a Big-5 Canadian bank?
Your consultant Peter Mickelberg recently responded to a question from an Alberta resident regarding the ownership structure of Canadian banks and credit unions. I’m wondering if ATB, and specifically a safety deposit box held there, would be treated any differently in a bail-in scenario. ATB is, as Mr. Mickelberg rightly identified, is a Crown Corporation owned by the Province of Alberta. Unlike the other provinces, Alberta has (almost) no public debt. ATB is not regulated federally, so it seems to me that in a bail-in scenario, it would be up to the Alberta government to make decisions.
Thanks in advance for your generosity in sharing your knowledge and insights.
In the event of a systemic crisis Alberta will not be unaffected. Jim has advised that the use of safety deposit boxes in banks of any description, as a storage alternative, is not a desired option. The GOTS advice inherently implies exiting the system and retaining assets in any bank, even by way of a safety deposit box, means you are still within the system and thus at risk. The bail in will be far reaching and to ensure that your assets are protected Jim is strongly advising that you do what you can to not be involved in the system at all if that is possible.