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The Solari Report – 19 Feb 2009
I first met James Turk in the late 1970’s while interviewing for jobs on Wall Street. It was many years later thanks to the Gold Anti-Trust Action Committee that I had the opportunity to get to know him. There is no more astute commentator today on the gold and silver markets and their role at the heart of financial and geopolitical events.
James is the founder of GoldMoney, the author with John Rubino of The Collapse of the Dollar and How to Profit from It and publishes The Freemarket Gold & Money Report.
James will be joining me on Thursday, February 19th on The Solari Report. We will be talking about recent events in the precious metals markets, the state of the global economy and the outlook for the US economy and the dollar.
If you are a subscriber to The Solari Report, you can post your questions at your private panel or feel free to also post them at this blog post. If you would like to learn more about The Solari Report and subscribe, click here.
Mr. Turk, I have enjoyed reading your books and have learned alot about what is
happening now with all the financial market problems. 4 years ago I decided to
put a little Gold and Silver into my portfolio,(Mostly Bullion)! I always am
curious as to know what is the best Coins to hold onto for the big Dollar bust?
I’m worried that the government might “install confiscation” before I can exchange
my personal precious metal investment for a better return!
Your thoughts are well appreciated!
Thanks, Jeff
Is there a way that I can “liquefy” some gold coins that I have in storage at Fidelitrade by transfering them directly to an account at Goldmoney?
Katie, if you are on welfare, you are in no position to worry about buying gold nor property. This economic downturn is for the working people who have some real assets to lose. You are already down, and you need to only survive paycheck to paycheque on the dole.
I’m new to the idea of placing funds overseas. There are a few things I’ve ran across which make me very nervous.
1) GoldMoney is insured by Lloyds of London. It’s my understanding that Lloyds of London is on the ropes financially.
Laws of other countries (tax laws in particular) – GoldMoney is located Jersey so I’m wondering
2) Are they governed by the laws of Great Britain?
3) What is their track record regarding confiscating gold?
4) Do they have VAT taxes and would that be something that could bite me? The same applies to income taxes, etc. I’ve seen in an interview of a representative of Anglo Far East and this person said that if their client takes possession of the gold they’d be hit with a VAT tax which, depending on the country, could range from 7 to 17 percent.
About 2 hours after my post I saw a headline on CNBC about the dire straits Lloyds of London is in. They’ve been in trouble for a considerable amount of time.
So if I knew about this and it’s been common knowledge for a long time I have to wonder why didn’t the GoldMoney folks know about this and why did they decide to go along with Lloyds being used for insuring the gold?
Long of Tooth:
There is a place in their website where you can direct all your questions. It is much more appropriate that they answer them.
I for one value real gold sitting in a vault more than insurance these days. That is why it is critical to understand the quality of people governing the gold sitting in the vault.
Without law and without ethical, competent people, and broad based community support for the same, hard to know what will work.
Catherine
Dear Catherine
I’d already submitted those questions to GoldMoney (probably because of the weekend they haven’t yet replied) before posting them here. I posted them here because I wasn’t sure that either you or your followers were aware of the Lloyds situation, and I quote from the GoldMoney website:
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http://goldmoney.com/en/stored-and-insured-gold-and-silver.html
“…VIA MAT insures the vaults against risks such as theft so that your precious metals are thoroughly protected. The insurance is underwritten at Lloyds of London. VIA MAT’s highly secure vaulting and transport facilities are recognised by its insurers who in turn provide their coverage at exceptionally low cost. The insurance coverage is included in our competitively priced precious metals storage fees.…”
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You’ve said you have funds in GoldMoney, so I was wondering if it gives you warm fuzzy feelings knowing that GoldMoney accepted insurance that was underwritten by Lloyds of London? Isn’t that sort of like being insured by AIG?
I hope you realize that I know I’m just a nobody and you are much more intelligent, better educated and far wiser than me. I’m asking these questions because of how much respect I have for you and how much I value your opinion.
LoT