You all know by now how Jim Sinclair is pleading with you to get out of the banking system NOW!
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Jim,
Sent this gentle reminder to my friends and family.
CIGA Wolfgang Rech
You all know by now how Jim Sinclair is pleading with you to get out of the banking system NOW!
-He is PLEADING with you to open accounts in Hong Kong and Singapore. Store your cash and gold there. It does mean, however, flying there to open an account.
-He is PLEADING with you to register you stocks in DRS (Direct Registration System in your name only, not the broker’s).
-He is PLEADING with you to liquidate your IRA’s as soon as possible, well before 2017, even if it incurs a penalty.
He is traveling every three weeks to speak to you face to face on this and any other subject you have in mind. I must say, it takes tough nuts to follow through on this.
Now, Jim Rogers is giving his warning. He has already moved there!
‘Run for the Hills’ Now, I’m Doing It: Jim Rogers
Published: Thursday, 28 Mar 2013 | 11:32 AM ET
By: Paul Toscano | Producer, CNBC.com
Jim Rogers, Rogers Holding, weighs in on the S&P surpassing its all-time closing high. Hint: He’s still not buying U.S. stocks.
The EU/IMF raiding bank accounts in Cyprus to bail out the country’s financial system sets a dangerous precedent and investors should "run for the hills" said investor Jim Rogers, chairman of Rogers Holdings, on "Squawk on the Street" Thursday.
Rogers said that with Cyprus, politicians are saying that this is a special case and urging people not to worry, but that is exactly why investors should be concerned.
"What more do you need to know? Please, you better hurry, you better run for the hills. I’m doing it anyway," Rogers said. "I want to make sure that I don’t get trapped. Think of all the poor souls that just thought they had a simple bank account. Now they find out that they are making a ‘contribution’ to the stability of Cyprus. The gall of these politicians."
More…
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Good day Jim,
Great News! Chairman Bernanke just stated with the new banking rules, the American taxpayer will never have to bail out a big bank again.
PS -He also has some swamp land he would like to sell you.
Regards,
CIGA George
Dear George,
The depositors are going to be bailed-in. You see, the Fed thinks depositors are not taxpayers.
Respectfully,
Jim
==========================================================
Jim,
I’ve followed you and your teachings here on JSMineset for some time and continue to learn. Having attended the recent Q&A in Los Angeles (with my son, his friend, and my wife), many of my GOTS questions have already been answered. Again, thank you for coming to California. There are a few new questions all related to foreign banking that I have and with regrets, my schedule will not allow a trip over to Arizona.
If you can, please answer the following:
1. Please explain why the specific countries of Singapore, Hong Kong and/or Taiwan make the list of banking locations for protection from Bail-in.
2. Once an account is setup (via the in person visit) in either of the targeted countries, will a physical visit be needed in the future even for new deposits and/or withdrawals?
3. Would you suggest that amounts of deposit/balance be kept under $10,000? Or does amount matter?
4. Would suggested initial deposit logistics include wiring (bank to bank), or cashier’s check, or cash?
5. Would a deposit in either of the three target countries be denominated in US Dollar or in the respective local currency?
6. Are there any good dos/don’t for someone considering traveling to either of these countries for the purpose of establishing GOTS strategy?
Thank you for any consideration in answering these questions. Since a trip to either of these distant countries is a serious undertaking, I’d like to decrease the chances as much as possible of making any blunders.
CIGA Richardson
Hi Chris,
Jim’s GOTS advice is that any excess liquidity over and above your day to day expenses, be deposited in banks in Singapore, Hong Kong and Taiwan. The reason for this is that those jurisdictions are outside of the Western economic system. In the event of a financial crisis all countries will be affected but Jim does not see those countries being involved in the ‘bail in’ process that is clearly going to be the strategy of choice for the Western governments.
In terms of the day to day functioning of any bank account in those countries you will need to contact the individual institutions to establish their practices.
Diversification of your deposits is a worthwhile strategy and you will have the choice of being able to open an account denominated in a range of currencies.
Before you travel to Asia for this task you should ensure that you have communicated with the institution/s to make sure you have the relevant documentation they require to open an account for you. Emailing them with an inquiry is the logical first step as they have systems in place to deal with foreign clients.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
==========================================================
Jim,
I live in North Dakota (the USA).
If a person has 200,000.00 cash should he divide it equally between two banks? This way we keep under the 130,000.00 confiscation level. Or am I oversimplifying the matter?
CIGA John
Hi John,
You must bear in mind that in the event of a systemic banking failure the FDIC does not have the reserves to bail out all or even a moderate percentage of account holders. Dividing your funds up into balances of less than $130,000 will not provide you with any extra protection.
Jim’s advice is very clear on this point. He advises that you only keep a maximum of $5000 in any account so that you can meet your day to day needs. If you have extra liquidity he advises opening an account in Singapore, Hong Kong or Taiwan. The bail out is now a thing of the past. The signs are clear that from here on the process will be to bail in and that means your funds are potentially at risk.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
==========================================================
Dear Peter,
Thank you very much for your prompt reply. I will proceed with direct registration according to your advice. One last question please, if you don’t mind: Are holdings of mutual funds working with big banks like RBC at risk in case of bail-in? What is the difference, if any, in terms of risk and regulations between such funds and regular savings accounts of the same bank in case of emergency/bail-in situation? Would my investment in the RBC mutual fund be considered the same as my savings account?
Thanks in advance,
CIGA Vitaly
Hi Vitaly,
The prudent course in the present climate is to regard any asset that you own that is not under your direct custody and control as being at risk.
Accordingly, you need to take whatever steps necessary to protect yourself. The ‘bail in’ is being openly spoken of by central bankers across the Western world. Pre Cyprus no one had even thought of the possibility of it occurring. Now it has moved from impossible to possible and disturbingly now, to probable.
Jim has advised many times that we must eliminate all third parties between ourselves and our assets.
If you can act now, then why wait, as it will be too late to do so once it is announced. The people of Cyprus are an example of that for us all to see if only we would remove the blinkers from our eyes.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
==========================================================
Mr. Sinclair,
Thank you for all you are doing! This will seem like a silly question but I am in the middle of my education. If I choose to take physical possession of my shares, how do I sell them when I am ready to do so? Where do I take them?
Sincerely,
CIGA Brad
Hi Brad,
You simply reverse the process by delivering the certificates back the transfer agent with an instruction to DTCC the shares back to your broker and into your brokerage account. Jim advises this process will take one day at the most.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
==========================================================http://www.jsmineset.com/2013/07/02/jims-mailbox-1300/
Jim,
Sent this gentle reminder to my friends and family.
CIGA Wolfgang Rech
You all know by now how Jim Sinclair is pleading with you to get out of the banking system NOW!
-He is PLEADING with you to open accounts in Hong Kong and Singapore. Store your cash and gold there. It does mean, however, flying there to open an account.
-He is PLEADING with you to register you stocks in DRS (Direct Registration System in your name only, not the broker’s).
-He is PLEADING with you to liquidate your IRA’s as soon as possible, well before 2017, even if it incurs a penalty.
He is traveling every three weeks to speak to you face to face on this and any other subject you have in mind. I must say, it takes tough nuts to follow through on this.
Now, Jim Rogers is giving his warning. He has already moved there!
‘Run for the Hills’ Now, I’m Doing It: Jim Rogers
Published: Thursday, 28 Mar 2013 | 11:32 AM ET
By: Paul Toscano | Producer, CNBC.com
Jim Rogers, Rogers Holding, weighs in on the S&P surpassing its all-time closing high. Hint: He’s still not buying U.S. stocks.
The EU/IMF raiding bank accounts in Cyprus to bail out the country’s financial system sets a dangerous precedent and investors should "run for the hills" said investor Jim Rogers, chairman of Rogers Holdings, on "Squawk on the Street" Thursday.
Rogers said that with Cyprus, politicians are saying that this is a special case and urging people not to worry, but that is exactly why investors should be concerned.
"What more do you need to know? Please, you better hurry, you better run for the hills. I’m doing it anyway," Rogers said. "I want to make sure that I don’t get trapped. Think of all the poor souls that just thought they had a simple bank account. Now they find out that they are making a ‘contribution’ to the stability of Cyprus. The gall of these politicians."
More…
==========================================================
Good day Jim,
Great News! Chairman Bernanke just stated with the new banking rules, the American taxpayer will never have to bail out a big bank again.
PS -He also has some swamp land he would like to sell you.
Regards,
CIGA George
Dear George,
The depositors are going to be bailed-in. You see, the Fed thinks depositors are not taxpayers.
Respectfully,
Jim
==========================================================
Jim,
I’ve followed you and your teachings here on JSMineset for some time and continue to learn. Having attended the recent Q&A in Los Angeles (with my son, his friend, and my wife), many of my GOTS questions have already been answered. Again, thank you for coming to California. There are a few new questions all related to foreign banking that I have and with regrets, my schedule will not allow a trip over to Arizona.
If you can, please answer the following:
1. Please explain why the specific countries of Singapore, Hong Kong and/or Taiwan make the list of banking locations for protection from Bail-in.
2. Once an account is setup (via the in person visit) in either of the targeted countries, will a physical visit be needed in the future even for new deposits and/or withdrawals?
3. Would you suggest that amounts of deposit/balance be kept under $10,000? Or does amount matter?
4. Would suggested initial deposit logistics include wiring (bank to bank), or cashier’s check, or cash?
5. Would a deposit in either of the three target countries be denominated in US Dollar or in the respective local currency?
6. Are there any good dos/don’t for someone considering traveling to either of these countries for the purpose of establishing GOTS strategy?
Thank you for any consideration in answering these questions. Since a trip to either of these distant countries is a serious undertaking, I’d like to decrease the chances as much as possible of making any blunders.
CIGA Richardson
Hi Chris,
Jim’s GOTS advice is that any excess liquidity over and above your day to day expenses, be deposited in banks in Singapore, Hong Kong and Taiwan. The reason for this is that those jurisdictions are outside of the Western economic system. In the event of a financial crisis all countries will be affected but Jim does not see those countries being involved in the ‘bail in’ process that is clearly going to be the strategy of choice for the Western governments.
In terms of the day to day functioning of any bank account in those countries you will need to contact the individual institutions to establish their practices.
Diversification of your deposits is a worthwhile strategy and you will have the choice of being able to open an account denominated in a range of currencies.
Before you travel to Asia for this task you should ensure that you have communicated with the institution/s to make sure you have the relevant documentation they require to open an account for you. Emailing them with an inquiry is the logical first step as they have systems in place to deal with foreign clients.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
==========================================================
Jim,
I live in North Dakota (the USA).
If a person has 200,000.00 cash should he divide it equally between two banks? This way we keep under the 130,000.00 confiscation level. Or am I oversimplifying the matter?
CIGA John
Hi John,
You must bear in mind that in the event of a systemic banking failure the FDIC does not have the reserves to bail out all or even a moderate percentage of account holders. Dividing your funds up into balances of less than $130,000 will not provide you with any extra protection.
Jim’s advice is very clear on this point. He advises that you only keep a maximum of $5000 in any account so that you can meet your day to day needs. If you have extra liquidity he advises opening an account in Singapore, Hong Kong or Taiwan. The bail out is now a thing of the past. The signs are clear that from here on the process will be to bail in and that means your funds are potentially at risk.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
==========================================================
Dear Peter,
Thank you very much for your prompt reply. I will proceed with direct registration according to your advice. One last question please, if you don’t mind: Are holdings of mutual funds working with big banks like RBC at risk in case of bail-in? What is the difference, if any, in terms of risk and regulations between such funds and regular savings accounts of the same bank in case of emergency/bail-in situation? Would my investment in the RBC mutual fund be considered the same as my savings account?
Thanks in advance,
CIGA Vitaly
Hi Vitaly,
The prudent course in the present climate is to regard any asset that you own that is not under your direct custody and control as being at risk.
Accordingly, you need to take whatever steps necessary to protect yourself. The ‘bail in’ is being openly spoken of by central bankers across the Western world. Pre Cyprus no one had even thought of the possibility of it occurring. Now it has moved from impossible to possible and disturbingly now, to probable.
Jim has advised many times that we must eliminate all third parties between ourselves and our assets.
If you can act now, then why wait, as it will be too late to do so once it is announced. The people of Cyprus are an example of that for us all to see if only we would remove the blinkers from our eyes.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
==========================================================
Mr. Sinclair,
Thank you for all you are doing! This will seem like a silly question but I am in the middle of my education. If I choose to take physical possession of my shares, how do I sell them when I am ready to do so? Where do I take them?
Sincerely,
CIGA Brad
Hi Brad,
You simply reverse the process by delivering the certificates back the transfer agent with an instruction to DTCC the shares back to your broker and into your brokerage account. Jim advises this process will take one day at the most.
Regards,
Peter Mickelberg
Communications Consultant
www.jsmineset.com
==========================================================http://www.jsmineset.com/2013/07/02/jims-mailbox-1300/