There is an issue that relates to retirement accounts that is of even greater importance. Jim’s advice is that all retirement accounts are under a potential threat of nationalization. Recently the IMF suggested nationalization of retirement accounts when discussing options for the Cyprus bailout.
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Jim’s MailboxPosted July 1st, 2013 at 12:43 PM (CST) by Jim Sinclair & filed under Jim's Mailbox.
http://www.jsmineset.com/2013/07/01/jims-mailbox-1299/
Dear Jim,
Your efforts are not wasted.
I saw you in London on June 1st and I have since taken actions as far as I can with DRS in my Mum’s Irish pension fund (ARF), and now I seek guidance.
Standard Life acts as the Trustee of the ARF fund, while shares are brokered by Brewin-Dolphin’s Stocktrade division.
After the London Q&A, I called Brewin-Dolphin/Stocktrade first and asked if I could have shares in Direct Registration. They said no problem, but first we must get the permission of the Trustee, Standard Life.
On my initial contact with the Trustee, Standard Life, I was informed that DRS was “not a facility that we offer”.
So I asked advisors in Deloitte in Dublin to contact Standard Life on my behalf to see if they would have more luck/leverage with the request.
This is the reply that Deloitte received from Standard life…
“From what I understand of the “Direct Registration System” this would entail the assets held in the clients Stocktrade account being registered electronically in their own name. At the moment all assets are held in the name of Brewin Nominees and are registered as being owned by Standard Life. All assets that link to any of our products are owned by Standard Life and the following taken from the policy provisions will put that in better words than I can do at the moment;
“Standard Life will own all of the investments held for you in your Synergy Approved Retirement Fund. The ownership structure will depend on the asset type. The assets can either be owned by Standard Life directly or by Standard Life owning the asset beneficially. Irrespective of the ownership structure, the value of your Policy will directly reflect the movements in those assets as we will Link your Policy to the asset.”
If we allow the assets to be placed in the client’s name this would take them outside of the ARF wrapper so unfortunately we will have to refuse the request to allow them be held in their name.”
I wanted to take it as far as I could before bringing it to you to seek the correct next step.
I’m not sure whether there is validity to this "wrapper" argument.
Thank you for your selfless efforts, it means the world.
Gratefully,
CIGA Ronan
Hi Ronan,
The reaction you have received is a common one. In most instances it is case of them not wanting to carry out the request rather than not being able to do so.
However, there is an issue that relates to retirement accounts that is of even greater importance. Jim’s advice is that all retirement accounts are under a potential threat of nationalization. Recently the IMF suggested nationalization of retirement accounts when discussing options for the Cyprus bailout. Jim suggests that you consider exiting the retirement plan, if that is possible, even if it means incurring a financial penalty as the effects of a nationalization would be far damaging to you financially.
The following link from the website is pertinent to this issue.
http://www.marketoracle.co.uk/Article41177.html
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
Dear Jim,
Thank you for all that you do for us GIGAs.
I understand that you do not give specific investment advice. You have however addressed which vehicles for investment constitute being a part of the system as against getting out of the system.
I live in the UK and have purchased what I believe to be physical gold and silver in the online exchanges goldmoney.com and bullionvault.com. There are other similar services. If they do keep a genuinely matching stock of metal then I can see no problem. However all the pricing is based on the COMEX, LBMA futures spot price with no great premium. In fact Goldmoney is priced exactly on the spot price and Bullionvault carries a very small premium generally.
My questions are:
1. Do you consider such services/exchanges to be genuinely physical metal investment vehicles and if a wide divergence does occur between the physical and paper prices which price would apply in these exchanges?
2. Do these services adequately satisfy the obvious preference to hold physical gold over ponzi paper gold? Should I have any concerns?
Thank you,
CIGA Daniel
Hi Daniel,
The question as to whether the services you are using are genuine should be self explanatory to you.
Jim does offer investment advice but he would recommend that if you wish to obtain information regarding investments in allocated bullion stored in jurisdictions outside of the effects of the ‘bail in’, such as Singapore and Hong Kong, you should consider contacting Egon von Greyerz via [email protected].
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
Jim’s MailboxPosted July 1st, 2013 at 12:43 PM (CST) by Jim Sinclair & filed under Jim's Mailbox.
http://www.jsmineset.com/2013/07/01/jims-mailbox-1299/
Dear Jim,
Your efforts are not wasted.
I saw you in London on June 1st and I have since taken actions as far as I can with DRS in my Mum’s Irish pension fund (ARF), and now I seek guidance.
Standard Life acts as the Trustee of the ARF fund, while shares are brokered by Brewin-Dolphin’s Stocktrade division.
After the London Q&A, I called Brewin-Dolphin/Stocktrade first and asked if I could have shares in Direct Registration. They said no problem, but first we must get the permission of the Trustee, Standard Life.
On my initial contact with the Trustee, Standard Life, I was informed that DRS was “not a facility that we offer”.
So I asked advisors in Deloitte in Dublin to contact Standard Life on my behalf to see if they would have more luck/leverage with the request.
This is the reply that Deloitte received from Standard life…
“From what I understand of the “Direct Registration System” this would entail the assets held in the clients Stocktrade account being registered electronically in their own name. At the moment all assets are held in the name of Brewin Nominees and are registered as being owned by Standard Life. All assets that link to any of our products are owned by Standard Life and the following taken from the policy provisions will put that in better words than I can do at the moment;
“Standard Life will own all of the investments held for you in your Synergy Approved Retirement Fund. The ownership structure will depend on the asset type. The assets can either be owned by Standard Life directly or by Standard Life owning the asset beneficially. Irrespective of the ownership structure, the value of your Policy will directly reflect the movements in those assets as we will Link your Policy to the asset.”
If we allow the assets to be placed in the client’s name this would take them outside of the ARF wrapper so unfortunately we will have to refuse the request to allow them be held in their name.”
I wanted to take it as far as I could before bringing it to you to seek the correct next step.
I’m not sure whether there is validity to this "wrapper" argument.
Thank you for your selfless efforts, it means the world.
Gratefully,
CIGA Ronan
Hi Ronan,
The reaction you have received is a common one. In most instances it is case of them not wanting to carry out the request rather than not being able to do so.
However, there is an issue that relates to retirement accounts that is of even greater importance. Jim’s advice is that all retirement accounts are under a potential threat of nationalization. Recently the IMF suggested nationalization of retirement accounts when discussing options for the Cyprus bailout. Jim suggests that you consider exiting the retirement plan, if that is possible, even if it means incurring a financial penalty as the effects of a nationalization would be far damaging to you financially.
The following link from the website is pertinent to this issue.
http://www.marketoracle.co.uk/Article41177.html
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
Dear Jim,
Thank you for all that you do for us GIGAs.
I understand that you do not give specific investment advice. You have however addressed which vehicles for investment constitute being a part of the system as against getting out of the system.
I live in the UK and have purchased what I believe to be physical gold and silver in the online exchanges goldmoney.com and bullionvault.com. There are other similar services. If they do keep a genuinely matching stock of metal then I can see no problem. However all the pricing is based on the COMEX, LBMA futures spot price with no great premium. In fact Goldmoney is priced exactly on the spot price and Bullionvault carries a very small premium generally.
My questions are:
1. Do you consider such services/exchanges to be genuinely physical metal investment vehicles and if a wide divergence does occur between the physical and paper prices which price would apply in these exchanges?
2. Do these services adequately satisfy the obvious preference to hold physical gold over ponzi paper gold? Should I have any concerns?
Thank you,
CIGA Daniel
Hi Daniel,
The question as to whether the services you are using are genuine should be self explanatory to you.
Jim does offer investment advice but he would recommend that if you wish to obtain information regarding investments in allocated bullion stored in jurisdictions outside of the effects of the ‘bail in’, such as Singapore and Hong Kong, you should consider contacting Egon von Greyerz via [email protected].
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com