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  • Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

    http://www.sovereignman.com/importan...itizens-10958/


    RED ALERT: World’s biggest gold storage company dumps US citizens

    by Simon Black on February 22, 2013
    Gold
    Reporting From: Sovereign Valley Farm, Chile



    ViaMat, a Swiss logistics company that has been safeguarding precious metals since 1945, is literally the gold standard in secure storage.

    They have vaults from Switzerland to Hong Kong to Dubai, and they count among their clients some of the largest mining companies in the world. They know what they’re doing.

    And now they’re dumping US citizens.

    ViaMat does a great deal of business within the United States. As such, the company is heavily exposed to the insane US regulatory environment.

    As an example, the 2010 Foreign Account Tax Compliance Act turned into more than 500 pages of regulation! The costs and risks associated with compliance simply became too much for ViaMat to bear.

    This matter-of-fact letter from ViaMat management explains their decision:

    “We are currently experiencing rapid and substantial changes in the general regulations within this business. The changes mainly relate to the tax structures and taxation systems of various countries. As a consequence of these changes VIA MAT INTERNATIONAL has taken the decision to stop offering this service at its vault [sic] outside of the US to private customers with potential US-tax liability.”

    RED ALERT: Worlds biggest gold storage company dumps US citizens

    This is huge. I can’t possibly overstate the potential ramifications.

    For one, the big gold depositories like Gold Money and Bullion Vault ALL use ViaMat as a primary secure storage provider. So it’s only a matter of time before ViaMat’s decision cascades across these other firms.

    I have written extensively about this to subscribers of our premium service, Sovereign Man: Confidential; most gold storage firms are all essentially different varieties of the exact same product. They are retail marketing channels that ultimately use ViaMat to store their gold bars. If ViaMat has US exposure, THEY have US exposure. It’s the same risk.

    Now, if you’re in the United States in particular, one of the most important (and cost effective) steps you can take in international diversification is to store precious metals overseas.

    Gold remains the most effective ‘anti-currency’ out there, a bet against a corrupt financial system and debt-laden sovereign governments. But remember– governments have an unblemished track record of plundering their citizens’ wealth. So if you store your gold in the US, you might as well ask Barack Obama to keep it under his mattress.

    If history is any guide, storing gold abroad is critical. And it’s one of those things that you won’t be worse off for doing.

    The thing is, it’s equally critical to work with a service provider that has no US exposure.

    There are very few options out there. Again, most of the big boys use ViaMat, which has heavy US exposure. Or Brinks, which is a US company.

    For nearly a year, I’ve been encouraging our premium subscribers to store their gold with a Singapore-based company that has the most advanced, transparent operation on the planet.

    They are 100% Singaporean, and their US regulatory exposure is effectively zero.

    They’re also one of the only firms on the planet that actually tests the gold it sells (and stores) through three different methods, including X-ray and ultrasound. This way you know that your gold is, in fact, gold… and not tungsten.

    Best of all, they’re launching a new service to receive your existing gold at their facilities in Singapore. So if you’ve just been shut out of ViaMat, or you want to transfer your gold from another facility that has heavy US exposure, these guys will be able to do it.

    They are, without a doubt, the best solution out there. And Sovereign Man: Confidential members have received unprecedented discounts and exclusive access to new services offered by this firm.

    Storing gold overseas makes sense no matter what happens. And it’s critical to choose a reputable partner with no US exposure. If you agree with this premise and are serious about taking action, I’d encourage you to get started right away with a premium membership. Get the actionable intelligence you need, all backed by our risk-free guarantee.

  • #2
    Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

    Originally posted by globaleconomicollaps View Post
    http://www.sovereignman.com/importan...itizens-10958/

    RED ALERT: World’s biggest gold storage company dumps US citizens

    by Simon Black on February 22, 2013
    Gold
    Reporting From: Sovereign Valley Farm, Chile......
    whoa, huh?

    mr coles put this one up just awhile ago, over at finster's place

    again - why am i gettin the vibe that we're approaching a 'tsunami' moment?
    (when the water recedes....)
    Last edited by lektrode; 02-22-13, 07:13 PM.

    Comment


    • #3
      Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

      Originally posted by lektrode View Post
      whoa, huh?

      mr coles put this one up just awhile ago, over at finster's place

      again - why am i gettin the vibe that we're approaching a 'tsunami' moment?
      (when the water recedes....)
      sorry should have looked harder.

      Comment


      • #4
        Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

        Originally posted by globaleconomicollaps View Post
        sorry should have looked harder.
        wasnt complaining with the 'whoa' = more like as in: Wow, something seems to be happnin that isnt immed apparent...
        at least not what with we're being shown by the lamestream media (since they all busy with 'other' news and i'll just leave it at that)

        Comment


        • #5
          Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

          Originally posted by lektrode View Post
          wasnt complaining with the 'whoa' = more like as in: Wow, something seems to be happnin that isnt immed apparent...
          at least not what with we're being shown by the lamestream media (since they all busy with 'other' news and i'll just leave it at that)
          I think in this case, ViaMat doesn't want to handle U.S. depositors anymore because of the U.S. government's demand that they comply with our new disclosure regulations. From what I've read, it's getting harder and harder for U.S. citizens to open accounts in foreign banks.

          It seems they'll let us leave the country, but they don't want us taking our money with us.

          Be kinder than necessary because everyone you meet is fighting some kind of battle.

          Comment


          • #6
            Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

            I wish people like Simon Black would elaborate on what they plan to do if the US changes its tax law on gold. So you store it in Singapore? When you sell it, do you flip a coin to decide whether to report the gains or become a criminal?

            Comment


            • #7
              Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

              Originally posted by Thailandnotes View Post
              I wish people like Simon Black would elaborate on what they plan to do if the US changes its tax law on gold. So you store it in Singapore? When you sell it, do you flip a coin to decide whether to report the gains or become a criminal?
              Fiat money has devalued in relation to gold. $1 used to be worth 1/50 oz gold. Now $1 is worth approx. 1/1580 oz. So how is being paid in grossly devalued currency a "gain"?

              I agree with you, though. There isn't much good information out there concerning the legal ins and outs of selling gold, declaring it, how to transport it across borders, etc.

              Be kinder than necessary because everyone you meet is fighting some kind of battle.

              Comment


              • #8
                Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

                Originally posted by Thailandnotes View Post
                I wish people like Simon Black would elaborate on what they plan to do if the US changes its tax law on gold. So you store it in Singapore? When you sell it, do you flip a coin to decide whether to report the gains or become a criminal?
                I think the article is misleading. My reading of the law is that the Singapore company, regardless of whether or not they have a US subsidiary will be forced to comply with US reporting requirements if they have a custodial relationship with a US citizen or permanent resident. The key here is "custodial relationship". This means that they manage the gold for the client. They would not have this reporting requirement if they simply provided a safety deposit box and provided no management services.

                Comment


                • #9
                  Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

                  Ok, but I'm still confused about what Simon Black is hinting at. Is it get your gold out of the US and hide it in a country that hasn't signed on to FACTA, because if that's the gist, he might as well be advocating criminal activity for US citizens. Anyone can hide income or PM sales from the IRS, but hinting at/suggesting you do so without discussing the ramifications is disingenuous.

                  Comment


                  • #10
                    Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

                    Originally posted by Thailandnotes View Post
                    Ok, but I'm still confused about what Simon Black is hinting at. Is it get your gold out of the US and hide it in a country that hasn't signed on to FACTA, because if that's the gist, he might as well be advocating criminal activity for US citizens. Anyone can hide income or PM sales from the IRS, but hinting at/suggesting you do so without discussing the ramifications is disingenuous.
                    Simon Black is a proponent of abandoning US citizenship. A process, by the way, that he will not do himself.

                    Comment


                    • #11
                      Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

                      Originally posted by shiny! View Post
                      I think in this case, ViaMat doesn't want to handle U.S. depositors anymore because of the U.S. government's demand that they comply with our new disclosure regulations. From what I've read, it's getting harder and harder for U.S. citizens to open accounts in foreign banks.

                      It seems they'll let us leave the country, but they don't want us taking our money with us.
                      uh huh - unless of course it goes to... maybe the cayman islands instead?

                      yep, that feeling i'm getting that the lower manhattan crowd is 'waxing up their boards' seems to be getting stronger every day...


                      Comment


                      • #12
                        Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

                        Originally posted by shiny! View Post
                        From what I've read, it's getting harder and harder for U.S. citizens to open accounts in foreign banks.

                        It seems they'll let us leave the country, but they don't want us taking our money with us.
                        It can be straight forward to open a Singaporean based trading account with a bank in Singapore. To discourage this activity, the US does not allow long term capital gains from profit made in these accounts. But the US Government isn't the real hurdle, you will need an introduction, a significant amount to invest and you'll likely need to be an accredited investor.

                        Comment


                        • #13
                          Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

                          Originally posted by santafe2 View Post
                          It can be straight forward to open a Singaporean based trading account with a bank in Singapore. To discourage this activity, the US does not allow long term capital gains from profit made in these accounts. But the US Government isn't the real hurdle, you will need an introduction, a significant amount to invest and you'll likely need to be an accredited investor.
                          Interesting, thanks. It's all way beyond the likes of small-fry like me.

                          Be kinder than necessary because everyone you meet is fighting some kind of battle.

                          Comment


                          • #14
                            Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

                            Originally posted by shiny! View Post
                            Interesting, thanks. It's all way beyond the likes of small-fry like me.
                            We're all small fry but it's important to understand that there's no vast conspiracy. It's just a lot of earnest, and often bumbling folks trying to land this over loaded beacon of freedom we call the US without crashing and burning. Our best years are not ahead but I don't think it means the folks at the wheel are evil. They are simply at the helm of an impossible mission. I don't like PM as an investment but it certainly will remain a store of value. It doesn't matter if one holds it in the US and has to pay the collectibles tax rate or holds it outside the US as a citizen. The 21st Century is a time to be cautious.

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                            • #15
                              Re: Got gold in bullionvault/goldmoney/viamat? Time to look elsewhere.

                              At times like these, it feels good to be Canadian


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