Gyroscopic Investing

No U.S. citizens allowed, so this is not much of a resource for Americans.

Would anyone use this if it was available to Americans?

AdamA wrote: Would anyone use this if it was available to Americans?

No.

Peter Schiff should stick to writing books and talking over people on TV (i.e., the things he's good at).

I suspect this is one of those deals where Schiff has minimal involvment in the actual operations of this "bank."  I'll bet they are just paying to use his name like real estate developers pay to use Donald Trump's name.  That's just a hunch.

notsheigetz wrote: http://www.economicpolicyjournal.com/20 ... -bank.html

I can't wait until he is arrested.  The Feds have always taken a dim view of Americans who own offshore banks or casino operations.

I don't want to see Schiff arrested... however, I'd love to see someone actually stand up to his idiocy that's not an even bigger idiot (lemmings on CNBC or Arthur Laffer).

MediumTex wrote: No U.S. citizens allowed, so this is not much of a resource for Americans.

I find it really humiliating that our banking and "anti-terrorism" laws have become so burdensome that it's no longer worth the effort to provide many types of financial services to Americans.

It's unfortunate that this also rendered some of Harry Browne's more specific advice about geographical diversification obsolete.  I'm looking forward to seeing how you guys address this subject in the book.

moda0306 wrote: I don't want to see Schiff arrested... however, I'd love to see someone actually stand up to his idiocy that's not an even bigger idiot.

Ha!  Good one.

I don't recommend storing gold in any place where:

1) You can't drink the water.
2) You can't quickly point to the country on a map.
3) Protection of private property in the past has been questionable.
4) The population is so small that the person that owns the bank may also be related to judge that will hear your case if your assets go missing.

If I was non-US I would just put the gold somewhere like Switzerland, Australia, Austria, or even the United States ironically enough. As bad as people think the US is, it's usually a ton safer than most places on the planet to store your wealth if given the choice.

Also I think Everbank offers gold metal accounts. These are US-based, but again if you are non-US that may be a good thing.

Two tips for U.S. citizens...

Investigate a second passport.  Often these can be obtained by virtue of parent's birthplace or even further removed ancestry; or else "purchased" via some not insignificant investment in the country of interest.  SovereignMan.com has good info.  EscapeArtist.com has fun articles that are sometimes informative.

There are many reasonably safe countries with strong rule of law and ready availability of safe deposit boxes in cities with international airports.  If traveling to Asia maybe you can arrange a layover in Singapore (visit Mustafa's for 22k bullion "jewelery") or Hong Kong (where you can buy bullion at major banks for low markup (e.g. $20/ozT on gold), and rent a box at or near the same bank).  Dubai in the UAE is the center for gold in the Middle East, but there are major markets (souks) in Saudi Arabia (Riyadh and elsewhere) and Qatar (in Doha, but is smaller, more expensive). For something closer to North America, Canada is convenient and RCM bullion products are available at some major banks (e.g. Scotia Bank with branches around the world) and post offices, but a big "official dealer" coin shop is likely to be cheaper.  And if you have never driven the Rockies from Glacier (Going to the Sun Road) and Waterton Lakes National Parks and on up to Banff, you are missing some amazing country.

And a reminder...  If you have a financial account outside the U.S. with a value of $10,000 or more you need to file an annual report with the IRS.  Personally I do not consider a safe deposit box a financial account any more than renting any storage space, but I do not know the official word from the IRS on the matter.

I thought this was kind of in line with Ron Paul's idea of competing currencies but I suspect not opening it up to Americans is more of a political statement than anything else.

notsheigetz wrote: I thought this was kind of in line with Ron Paul's idea of competing currencies but I suspect not opening it up to Americans is more of a political statement than anything else.

If you look at what's happening in the foreign gold storage market, this is the direction everyone is going (i.e., not doing business with Americans).

Schiff is just following the herd on this one.  Doing business with Americans is just not practical.  The thing that bugs me is the fact that the U.S. media is providing ZERO coverage of this form of soft capital controls.

MediumTex wrote: Schiff is just following the herd on this one.  Doing business with Americans is just not practical.  The thing that bugs me is the fact that the U.S. media is providing ZERO coverage of this form of soft capital controls.

You are exactly right.  I'm also not clear on why this situation isn't getting any coverage at all.

It's sort of funny imagining Peter Schiff having to come round the forums to ask where to find a hard money bank since he can't use his own.