Jim’s advice is that no Western based bank is safe from the ‘bail in’.
----------------------------------------------------------------------------------------------------
The answer to your question is simply yes, your retirement account could easily be targeted in the ‘bail in’ scenario. The real question is, do you want to take that chance with your assets?
Jim’s concern is not that your metal might be confiscated, rather it is the potential for nationalization of all retirement accounts. He recommends that you store your precious metals in Singapore in allocated storage. He has stressed until he is blue in the face that everyone must exit the Western economic system as quickly and as fully as they can.
---------------------------------------------------------------------------------------------------
http://www.jsmineset.com/2013/06/25/jims-mailbox-1293/
Hi Jim,
Thanks for all your hard work. It is very much appreciated. I called TD Waterhouse and they said of the 5 stocks I want to direct register, only 3 issue paper certificates and for the other 2, I will receive a document that states the shares are in my name. The cost is $50 per stock and they didn’t have an issue with it. I have 2 questions I’m hoping you can answer for me:
I have a self directed RSP that I purchase stocks with. Because it is self directed, do I still need those shares put into direct registration or does the fact that it is a self directed RSP protect me already?
At some point I’ll want to sell the shares, but to do so, I’d have to have the shares put back into my trading accounts to be able to sell. My concern is after I sell, won’t the proceeds be at risk in both my TFSA and my self directed RSP? If I sell and take out the funds in the RSP I take a heavy tax hit. I can sell the shares in the TFSA and remove the cash with no penalty.
Thanks for any advice you can give,
CIGA Grant
Hi Grant,
In regards to the shares with TD Waterhouse you want all 5 directly registered with the relevant transfer agent. No ifs or buts, please simply direct them to do that. Once that is done you concern yourself about obtaining paper certificates later on. The priority is to get the shares under your name via DRS.
The shares held under your self directed RRSP also need to directly registered with the relevant transfer agent.
Do not focus on the potential future sale of your shares at this time. Your priority should be to GOTS now.
Regards,
Peter Mickelberg
Principal Communications Assistant
www.jsmineset.com
Dear Jim,
My wife and I both have PM IRA’s. How would a bail in affect them? Is it possible that they could be nationalized and confiscated? The metal is stored in the USA. We have tested them twice on taking possession of small amounts of the metals and been have been successful both times but it still concerns me with all of the uncertainty in the system.
Thanks for all you do above and beyond what you have to do. Hope to meet you in either Orlando or Miami.
CIGA Rick
Hi Rick,
The answer to your question is simply yes, your retirement account could easily be targeted in the ‘bail in’ scenario. The real question is, do you want to take that chance with your assets?
Jim’s concern is not that your metal might be confiscated, rather it is the potential for nationalization of all retirement accounts. He recommends that you store your precious metals in Singapore in allocated storage. He has stressed until he is blue in the face that everyone must exit the Western economic system as quickly and as fully as they can.
In regards to bullion storage in Singapore we suggest you contact Egon von Greyerz at Matterhorn Asset Management
( www.matterhornassetmanagement.com).Regards,
Peter Mickelberg
Principal Communications Assistant
www.jsmineset.com
Hi, Jim and Peter,
I understand you guys are bombed by emails every day. Thanks for all the hard work. I would really appreciate if you can answer my elementary level question. I remember Jim said that gold confiscation won’t happen here in States. And in GOTS, he recommended "keep as many ounces gold coins as you are willing to give up at home." What does it mean? Is it referring to a security issue like theft or something else?
About the bail in, is the money in the business account going to be affected as well?
Thanks!
CIGA Larry
Hi Larry,
Jim is referring to the issue of personal security.
In the event of the ‘bail in’ it won’t matter whether the account is a business or personal account. All accounts will be at risk.
Regards,
Peter Mickelberg
Communications Assistant
www.jsmineset.com
Dear Jim,
After reading many of the postings in today’s material, I need a few hints. You suggest large amount of cash not be kept in any bank or brokerage.
Where else do you keep cash because I know you don’t mean under the mattress. I would be unable to visit Singapore, Taiwan or Hong Kong so are there other alternatives?
Thanks for all that you do.
CIGA MRD
Hi Peg,
Jim’s advice is that no Western based bank is safe from the ‘bail in’. If you have excess funds then the cost and time needed to fly to Asia to open an account may be a small price to pay in comparison to losing everything as happened in Cyprus.
Regards,
Peter Mickelberg
Principal Communications Assistant
www.jsmineset.com
-------------------------------------------------------------------------------------------------------------------
Dear Jim,
I am a Malaysian but I have travelled widely and independently. For instance I have driven around in some 30 countries, including Kuala Lumpur to London. My point is I see things at the street level. USA is a fantastic concept but the execution just gets more difficult in a highly competitive world. You, sir are a great guy in so many regards and I greatly admire your work. Yes, you do have fans and followers here.
Your recent commentaries on Singapore are spot on. I have lived through rates (SGD to Ringgit) of parity (also common usage on both sides), 1.1, 1.4, 1.7, 2.0 to now 2.5. In my younger days it seemed that 1.1 and then 1.4 would hold forever. Now in my retirement (at 54) it appears imminent that the rate will surpass 3 in this lifetime. Yes, Malaysians are the evergreen target market for SG bankers although Indons outnumber us.
From your postings I am aware that you receive a lot of emails; so I do not expect any. After all I am getting all the answers from your site. But still, it would be really great if you decide to hold your special Q&A in SG or HKG. Or perhaps you figure that the situation is less dire here?
Best regards and respect
CIGA HKF
Dear CIGA HKF,
Jim’s view is that the Western system is headed for an unprecedented economic crisis. The rest of the world, including Singapore, will be affected but it provides a safer destination for people’s assets than anywhere else. To avoid the ‘bail in’ one must take the necessary steps now before it is too late.
The website will publicize any potential Q&A session in the Asian region.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
----------------------------------------------------------------------------
http://www.jsmineset.com/2013/06/25/jims-mailbox-1293/
Hi Jim,
Thanks for all your hard work. It is very much appreciated. I called TD Waterhouse and they said of the 5 stocks I want to direct register, only 3 issue paper certificates and for the other 2, I will receive a document that states the shares are in my name. The cost is $50 per stock and they didn’t have an issue with it. I have 2 questions I’m hoping you can answer for me:
I have a self directed RSP that I purchase stocks with. Because it is self directed, do I still need those shares put into direct registration or does the fact that it is a self directed RSP protect me already?
At some point I’ll want to sell the shares, but to do so, I’d have to have the shares put back into my trading accounts to be able to sell. My concern is after I sell, won’t the proceeds be at risk in both my TFSA and my self directed RSP? If I sell and take out the funds in the RSP I take a heavy tax hit. I can sell the shares in the TFSA and remove the cash with no penalty.
Thanks for any advice you can give,
CIGA Grant
Hi Grant,
In regards to the shares with TD Waterhouse you want all 5 directly registered with the relevant transfer agent. No ifs or buts, please simply direct them to do that. Once that is done you concern yourself about obtaining paper certificates later on. The priority is to get the shares under your name via DRS.
The shares held under your self directed RRSP also need to directly registered with the relevant transfer agent.
Do not focus on the potential future sale of your shares at this time. Your priority should be to GOTS now.
Regards,
Peter Mickelberg
Principal Communications Assistant
www.jsmineset.com
Dear Jim,
My wife and I both have PM IRA’s. How would a bail in affect them? Is it possible that they could be nationalized and confiscated? The metal is stored in the USA. We have tested them twice on taking possession of small amounts of the metals and been have been successful both times but it still concerns me with all of the uncertainty in the system.
Thanks for all you do above and beyond what you have to do. Hope to meet you in either Orlando or Miami.
CIGA Rick
Hi Rick,
The answer to your question is simply yes, your retirement account could easily be targeted in the ‘bail in’ scenario. The real question is, do you want to take that chance with your assets?
Jim’s concern is not that your metal might be confiscated, rather it is the potential for nationalization of all retirement accounts. He recommends that you store your precious metals in Singapore in allocated storage. He has stressed until he is blue in the face that everyone must exit the Western economic system as quickly and as fully as they can.
In regards to bullion storage in Singapore we suggest you contact Egon von Greyerz at Matterhorn Asset Management
( www.matterhornassetmanagement.com).Regards,
Peter Mickelberg
Principal Communications Assistant
www.jsmineset.com
Hi, Jim and Peter,
I understand you guys are bombed by emails every day. Thanks for all the hard work. I would really appreciate if you can answer my elementary level question. I remember Jim said that gold confiscation won’t happen here in States. And in GOTS, he recommended "keep as many ounces gold coins as you are willing to give up at home." What does it mean? Is it referring to a security issue like theft or something else?
About the bail in, is the money in the business account going to be affected as well?
Thanks!
CIGA Larry
Hi Larry,
Jim is referring to the issue of personal security.
In the event of the ‘bail in’ it won’t matter whether the account is a business or personal account. All accounts will be at risk.
Regards,
Peter Mickelberg
Communications Assistant
www.jsmineset.com
Dear Jim,
After reading many of the postings in today’s material, I need a few hints. You suggest large amount of cash not be kept in any bank or brokerage.
Where else do you keep cash because I know you don’t mean under the mattress. I would be unable to visit Singapore, Taiwan or Hong Kong so are there other alternatives?
Thanks for all that you do.
CIGA MRD
Hi Peg,
Jim’s advice is that no Western based bank is safe from the ‘bail in’. If you have excess funds then the cost and time needed to fly to Asia to open an account may be a small price to pay in comparison to losing everything as happened in Cyprus.
Regards,
Peter Mickelberg
Principal Communications Assistant
www.jsmineset.com
-------------------------------------------------------------------------------------------------------------------
Dear Jim,
I am a Malaysian but I have travelled widely and independently. For instance I have driven around in some 30 countries, including Kuala Lumpur to London. My point is I see things at the street level. USA is a fantastic concept but the execution just gets more difficult in a highly competitive world. You, sir are a great guy in so many regards and I greatly admire your work. Yes, you do have fans and followers here.
Your recent commentaries on Singapore are spot on. I have lived through rates (SGD to Ringgit) of parity (also common usage on both sides), 1.1, 1.4, 1.7, 2.0 to now 2.5. In my younger days it seemed that 1.1 and then 1.4 would hold forever. Now in my retirement (at 54) it appears imminent that the rate will surpass 3 in this lifetime. Yes, Malaysians are the evergreen target market for SG bankers although Indons outnumber us.
From your postings I am aware that you receive a lot of emails; so I do not expect any. After all I am getting all the answers from your site. But still, it would be really great if you decide to hold your special Q&A in SG or HKG. Or perhaps you figure that the situation is less dire here?
Best regards and respect
CIGA HKF
Dear CIGA HKF,
Jim’s view is that the Western system is headed for an unprecedented economic crisis. The rest of the world, including Singapore, will be affected but it provides a safer destination for people’s assets than anywhere else. To avoid the ‘bail in’ one must take the necessary steps now before it is too late.
The website will publicize any potential Q&A session in the Asian region.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
----------------------------------------------------------------------------
http://www.jsmineset.com/2013/06/25/jims-mailbox-1293/