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173 Comments

  3. Jane:

    Thanks for the feedback for Sandy’s behavior subsequent to his leaving. I found the article interesting for a variety of reasons. However, you are right it is a puff piece. I am persuaded to take it down.

    Catherine

  5. The NYT article about Sandy Lewis paints him as someho w repentant and vindicated for his call that Wall Street is corrupt and heading for a fall. Sandy Lewis is a mean-spirited elitist who has done everything he could to take over Essex including but not limited to threatening and running off his neighbors, to create his enormous estate that he calls a farm on the shores of Lake Champlain. He has relentlessly refused to pay consultants and service contractors, hired lawyers to sue or at least scare everyone, and he does not deserve a kind word from anyone, including the New York Times.

    I lived in a neighboring town for nearly thirty years, know all of his neighbors, and refused to work for him. Sandy Lewis made a ton in the options market doing trades that were made illegal after they figured out what he and others at Bear Stearns were doing. Again, first hand knowledge: my late husband had a seat on the American Options Exchange and worked out of Bear Stearns. He was always a bit angry that Sandy and jerks like him made off with their wealth at the expense of all the other floor traders.

  6. Could you run this by Franklin:
    I just visited my local coin shop for the first time in over a year. I asked to buy two gold coins with cash and they asked me for ID. I explained that I thought someone could buy $5000 without any reporting requirements and they said, no its $2500. I said, “ok, may I buy one coin”. They said only if I provided ID. That kind of ended the conversation.

    So, the questions for Franklin are:
    (a) What are the limits on acquiring precious metals without the purchases being traced by the authorities. Can you increase the limits by dealing with multiple vendors? Is there a way to do these things non-local vendors (like Franklin’s). What kind of payment would be used?
    (b) What is the recommended method for acquiring significant precious metals savings over a multi-year period with as little traceability as practicable. Have things tightened up to the point where untraceable large acquisitions (say enough for a very modest retirement) are not feasible anymore?
    (c) There must be similar reporting requirements on an individual selling precious metals. Of course, the individual must report the transaction himself from an IRS standpoint if there has been a capital gain, but what about the requirements for a vendor purchaser? Will an individual be asked for ID and is the vendor required to report even single coin purchases?
    (d) Are there any requirements on the individual for reporting other than keeping records of the buy and sale dates and amounts? Do they need to keep official receipts from the counter parties of each transaction?
    (e) Is there any kind of organization that tracks the changing government requirements and keeps their membership informed. I’m thinking of something like an NRA for precious metals. If there is no convenient place like this, might yourself or Franklin provide a web page with information on this and links into federal statutes and/or the IRS web site as references?

    Of course this fits into the general theme of “no more privacy, Big Brother’s cameras / computers are watching everything you do, everyone you talk to, every place you go”. I see this trend accelerating with no signs whatsoever of any return. Google, facebook, all these Internet guys are making it harder and harder to do things without a real-name and I expect the NSA is already quite adept at matching up internet “handles” to real people anyway.

    Well, if Franklin is uncomfortable dealing with these questions could you find another expert to provide an opinion?

    Seems like something you and/or Franklin could prepare for this and it could be a major topic for the next precious metals report.

    Thanks much,

    Douglas M Dillon

  7. Maybe Franklin would comment on Prof. Joseph Farrells’ breakaway civilization comment from 9/6/12 at minute 53:

    “that gold reserves are massively obviscated” I presume a 20% increase in world reserves would be digested and recovered from within 3-6 months?

    And my question abuot 9/11 Building 7’s vault was empty…where do you send so much gold?

    Thanks,
    Brad

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