COMEX gold and silver delivery man JB Slear has answered SD reader Bryan's question regarding the 'safety' of storing precious metals in a COMEX approved vault such as Brink's in the same way that The Doc or Jim Sinclair would: CLOSE YOUR ACCOUNTS AND BUY PHYSICAL!!
Bryan writes:
When physical precious metals are stored for you in the Brinks storage facility through an IRA are they safe? If not is there any way to take physical delivery without paying all of the termination and penalty fees when receiving it? I hope that it is in a safe place and protected through (American Estate and Trust) IRA. I do pay storage fees every year for storing it. thanks in advance.
Bryan,
I wish I had words of comfort to give in regards to “safe” storage, but cannot after the years of thieving done right in front of our eyes. Jim Sinclair mentioned at one time he would post a place he thought would be safe as well, but that all changed in a single day. That day was when the British Government authorized the breaking into over 700 safety deposit boxes in order to nab 2 drug criminals money.
http://www.mirror.co.uk/news/top-stories/2008/06/02/police-raid-7000-safety-deposit-boxes-in-blitz-on-british-gangsters-115875-20592803/ The outcome was significant in that many people’s safety deposit boxes were no longer “safe” for the individual, and the complaints of stolen Gold/Silver from the innocent fell on deaf ears, because the authorities didn’t categorize what they took. British and American rules have been broken or ignored continually. These 2 countries were considered the safest places for investors to keep their assets, but with this approach using the few to steal from the many have changed all aspects of “safety”. This is a much smaller concern compared to “trusting” an IRA or Depository to hold your metals. All that has to happen, at this point, is a new “law” to be created (like in the times of FDR) and you’ll be left holding a paper promise instead of product just because you didn’t want to “suffer” a penalty. Look at our future here, are we going to have real law and order with the present administration and CONgress? Are we going to have lower or higher taxes in our future? We, personally, have done what our reader is asking, we did it few years back. My wife had an IRA account where the company was matching her deposits every year. We decided to cash out and hold our monies in physical with no third party involved at all, we paid our taxes, suffered the penalties and we’re still way ahead of the game. Jim Sinclair has said in the past that the trust in the third party system has been broken, IRA’s and all the other various third party schemes are not trustworthy, your money is at risk, more from the backside, than markets risk. It is strongly suggested that everyone remove the largest proportion of their retirement accounts from this system till trust is re-installed once again. For now, risk a little but not all of your retirement funds. Most of my clients have real assets and are not in their accounts (btw, I am a third party) but are safe and secure somewhere in their possession, and I don’t want to know where or what they’ve done with their personal storage concerns, less people who know the better.
Once you close out your accounts and buy physical, shut up about it, or move to a place that allows one to shoot if threatened and to keep shooting till you feel no more threat (like us, we moved to Az.). I’m sorry if this seems to be rambling, I’m fighting the flu bug at present and I think it got hold of my wits. If there’s anyone else who has concerns, please email Doc, he’s been doing a damn good job informing everyone interested ....May you all have a Merry Christmas and a Happier New Year .... and as always Happy Trades To You .....
JB Slear
Fort Wealth Trading Co LLC.
866-443-0868 Ext 104
817-717-5489
Fax: 817-764-2537
www.FortWealth.com
