Physical gold executive orders (6102) & all that

paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
GM's safe haven claims are absurd while all physical redemptions have to come from Texas. I want a European/UK alternative to the Texas vault for redemptions as the US Govt will just ban the movement of physical gold during the coming fiat endgame and make you sell it for peanuts (fiat), to them, prior to establishing a new gold standard, or SDR - whatever, before trousering the increase in value themselves. I want a store of value that I can benefit from rather than uncle Sam! If I was a US citizen I would want that foreign alternative even more given their rulers liking for a shakedown...


  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    Clarification: I trust GM but I don't trust the US govt to behave appropriately - crisis, or not
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    @paddy10tellys You are right not to trust the US Government. They have stolen our gold before and are much more likely to do it now, at gunpoint and with righteousness and malice! As would the British government -- OK maybe they'd use batons instead of guns and they'd say "please" but still...
    Having said that, I think it would be wise to get your physical gold redemption before the "rush" regardless of where it comes from. It is unrealistic to expect any currency change or crash to occur without a great deal of chaos. During times of chaos there tends to be a lack of security which interferes with transportation and free commerce. Stack it now while nobody is watching or caring.
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    HaHa @RocketDog
    RocketDog said:

    As would the British government -- OK maybe they'd use batons instead of guns and they'd say "please"

    Spot on

  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    @RocketDog might just get the Goldmoney Community "Witty Award" ... got some great lines! :wink:
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    Why thank you, @Gmoney1. (If only I could monetize my wit...)
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    Hi @paddy10tellys
    Am I missing something? Most of the physical gold is in offshore vaults. The amount in Texas would be low that could be confiscated. If this did happen, I would suspect Goldmoney to open one from the Channel Islands, Zurich etc., Agree with @RocketDog on the British/London vault as England sold most of their gold. I would also like to see the facility in Europe as it would avoid customs, and I would worry more about customs seizing it to have you explain the source of it rather than anything else. I think I will just save up until I can walk in to a Goldmoney vault and redeem a Kilo Bar :) :p
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    I have been redeeming into the Goldmoney cubes. I think they have the lowest "overhead" in fabrication costs etc. (I am in USA where shipment is quicker and not so expensive.) I am hoping that in the future the Goldmoney cubes will be widely recognized, right now I do not believe they are. I agree that customs is very likely to swipe your gold. I am keeping my physical gold as a store of wealth in order to pay future property taxes when I retire. I see land theft as a huge threat to a person whose cash no longer works and who is no longer working to earn more.
    I would leave my operational / crossborder gold in my GoldMoney holding account because you can easily travel with the Debit card (or future, multi-currency cards) in your wallet and access your account from anywhere on the globe you can get internet.
    It sounds like shipping out of Texas is not the best solution for European (or even Canadian) customers due to the cost alone, much less the potential problems that @paddy10tellys has described. Hopefully future expansion will allow for another physical gold shipment location.
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    Just keeping it initial gold cube redemption occurred within 4 days. One day for the confirmation, tracking info the next day and 2 days shipping. My most recent gold redemption is running on 8 days. I got a confirmation number on day one and still have not received the tracking number, 8 business days later. I have been in touch with CS and they assure me that all is well and I will receive a tracking number within 1 - 5 business days. So this in neither a complaint nor a backhanded attempt to contact CS who responded quickly to my inquiry. Just letting the community know what it happening on this end. Maybe they needed to melt down more bars to make those cute little cubes? I would assume that demand for physical redemption is up in today's economic and political climate.
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    edited August 2017
    Hi @RocketDog

    Thanks for the response and I agree that getting the cubes manufactured is probably the cause. I watch the link below as they state how quick they can ship and during crisis times are on back order.

    I also am holding it for long term /retirement. I would hope property tax never gets to be as bad as the USin Ireland but we did have the IMF "bail us out"

    I purchased 1-2 of these in the past before GM existed - the 50 x 1g "chocolate bar" gold

    They would be recognisable I believe and I like the idea of having 50 1 gram if the price goes crazy to sell a 1 gram rather than a 1oz coin for example.
    There is a manufacturing/in built fee for these of about 100euro about spot so not an ideal product and which I assume the cubes do not have this delta to spot.
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    edited August 2017
    @IrishGuy If I lived next door to the Brinks vault in London where my gold is being stored I would not be able to knock on their door & say, " I'll be having that gold that's mine now thank you very much..."

    My gold would be shipped to me by Schiff from the Texas vault & the gold in the Brinks vault in london would be allocated to someone else.

    All the physical redemptions are shipped from the US by Schiff.

    It's a choke point.

    If Uncle Sam tells Schiff not to export physical gold from the States then you have no option but to redeem in fiat, even if fiat is not what you want. If it ever comes to this no one will be wanting fiat... so, you are screwed
  • TexTex Posts: 197 Bronze ✭✭✭
    I think it all depends on who the US president is.

    I tend to agree with Josh. You can here what he said in this interview

    With that being said no one knows for sure so spread your risk out appropriately. ie Mene is an example of "insurance" to the historical tradition of confiscation.

  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭

    Are you saying you cannot pick up the 1kiilo as discussed in this post?
    People are under that impression. The only other option is a holding and transfer it so silver which I also like as an option if they make the process of changing over easier.

    Thanks again for your insights even I feel you do think I am screwed :)
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    Hi @IrishGuy, I think the only place you can "pick up" your bar of gold or any gold for that matter is in one of the GoldMoney retail stores, not at the Brinks vault. They are building a retail store in Toronto and have a few others planned around the globe. I am not sure if one is coming to Great Britain.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @IrishGuy @paddy10tellys @RocketDog

    100% you can pick up your gold at the vault it is stored in but it would be a 1kg bar, nothing smaller. Near the beginning of the physical gold redemption options there is a button labeled "1kg Bar Vault Pickup".

    Redeeming Physical Gold
    Last Updated: Nov 14, 2016 07:21AM EST
    If you wish to redeem your gold physically, Goldmoney Personal & Business offers a variety of products for you to choose from! We have partnered with renowned precious metals dealer Dillon Gage to offer redemption by mail in the form of the 10 gram GoldCubesTM that Goldmoney Personal & Business users know and love, as well as a wide variety of high quality gold and silver items! These items are purchased using the equivalent fiat value of your gold at the time of ordering. You can also redeem 1 kilogram bars in person from the vault in which you are storing your gold.
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    @GoldIsCurrency thank you for clarifying. Appreciate it to know I am not [email protected]@d if I get to save up to 1 kilo.
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    Thank you for the correction @GoldIsCurrency.

    I look forward to when the real estate market crashes again and I will be able to trade a 1kg gold bar for a decent property.
    Does that make me a bad person?
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    @RocketDog not a bad person, a wise one. I hope you are correct. Dermagraphics is the US may also help you as all the baby boomer gen now retiring may be selling up into a weak market.
    Define decent however. If gold was to triple the 1kg would be worth about 120k US. If property was to half also I would think you would get some sort of decent property but I think during the next recession /crash you will need gold also to go much higher to consider that an viable option. This assumes you are in the US! Other parts of the world a kilo would get you a nice property.
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