6 replies to this topic
Posted 21 November 2008 - 07:35 AM
I have a largish account at the Perth Mint (maybe 10% of my net worth) and feel pretty comfortable with the risks versus the advantages. I really like having assets outside the US in the event that I ever decide to leave or the US puts on some sort of exchange controls in attempt to protect the dollar. I realize that some have questioned whether the Mint really has all the gold that they say and that you may be in effect taking unsecured credit risk. There is a guarantee from the state of Western Australia which I think has value. Also, the Mint is the trustee for the Australian gold ETF which I think puts more scrutiny on them. One advantage to the Mint versus GLD is that I can show up in Perth and collect my gold in person. The only way to get out of GLD is to sell, incurring the 28% capital gains tax.
Posted 21 November 2008 - 08:04 AM
100 year-old mint, wholly owned by the Government of Western Australia
AAA rated by the U.S. international credit rating agency, Standard & Poor''s
Precious metals lodged under the PMCP, are insured by Lloyds of London (gold, silver & platinum)
FREE storage for unallocated metal (100% stored by the Perth Mint, at the Perth Mint in Western Australia)
Minimum opening investment is US$10,000 with a 2.25% service fee and a $50 certificate fee. Minimum subsequent transactions are US$5,000.
A 1.25% service fee applies to liquidations
Posted 21 November 2008 - 10:09 AM
GLD Works really well somewhere like a Roth IRA, as does SLV. I figure a Large pop there will signify a buying oppertunity in stocks. I''ll hold physical elswhere, but GLD and SLV, I am convinced, are the best places to prepare a stash for future stock purchases. Treasuries and Dollars will break like a fart.
Are Kitco holdings considered outside the US?
They have a New York and Canadian center.
Posted 21 November 2008 - 11:17 PM
it''s all just pieces of paper (or less). It isn''t metal, and it won''t be metal. It''s a way to pretend to sell you metal without having to own the metal; or if the metal is held, to move it elsewhere when it''s useful to someone other than the people holding the pieces of paper (or less).
Don''t be fooled by promises.
Posted 23 November 2008 - 10:07 AM
Well, in 1933, I think you were better off owning gold in an account in Australia than in your hands in the US given what Roosevelt did.
Posted 23 November 2008 - 05:05 PM
I sort of doubt that Australia would be far behind.
Besides, I just don''t see it happening.
1) The world has changed far too much since 1933.
2) How many Americans own gold? The large majority that don''t own more of it than a thin band around their finger are already unable to start to collecting it, given that it''s almost unavailable in the market.
Posted 13 December 2008 - 10:59 PM
Chicagobear, why would you trust those guys at the Perth Mint?
We all know S&P ratings are bought, not earned.
We all know Government guarantees can become worthless overnight.
Why in the heck don''t you have a nice $3000 safe, bolted to concrete, hidden behind a nice false wall in your home?
That''s how I''d handle it, because, at the end of the day, you can''t trust these guys with your money.
I also do not trust banks or brokerages, either and keep a minimum in such accounts for transactions and trading.
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