Dear Bob,
As a longtime subscriber (to The Bob Livingston Letter, http://ift.tt/1mDtOyZ) I would like your opinion of the safety of buying and storing gold at Perth Australia Mint.
Thanks.
William B.
Dear William B.,
The Perth Mint is a mint owned by the government of Western Australia. It has existed for more than 100 years. In the Perth Mint Certificate Program, bullion can be purchased at the mint’s spot market ask price with no markup. There is a service fee and administrative fee, but storage is free. According to the mint’s contract, safety is assured because the metals remain on site and cannot be lent out.
While I have always stated that the safest and surest way to ensure your gold is protected from government confiscation is to keep it in your possession, in the past I have recommended the Perth Mint as an option for those who want to own large quantities but have a problem with storage. However, the growing global financial crisis and actions by several governments facing financial collapse have tempered my enthusiasm for it. Governments have shown — in Cyprus, through the government’s decision to steal 60 percent of bank deposits over 100,000 euros and Canada’s, Great Britain’s and America’s “bail-in” plans — that they do not keep their end of the bargains they make with their citizens.
The only way to keep you gold safe is to keep it in your possession, in a fire-proof safe, hidden away, or buried on your property in a secret location. You should tell as few people as possible that you have it, and those should be only your most trusted family and/or friends. Governments cannot take what they don’t know you have.
Best wishes,
Bob
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