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Thread: Urgent letter I received from the Vice-President of my Retirement Services

  1. #1
    Join Date
    Apr 2011
    Posts
    37

    Default Urgent letter I received from the Vice-President of my Retirement Services

    This is the bulk of the letter we received on the 12th of April.

    We are writing to inform you and alert you to some continued speculative activity that could have a negative effect on your current holdings in your IRA. Your timing and foresight to establish a precious metals IRA was excellent as the Federal Reserve continues to pursue inflationary monetary policies. However, we want to alert you to some potential moves by speculators that could temporarily negatively impact the price of silver and subsequently the value of your silver holdings.

    Much of the recent price explosion in the silver market over the past year or so has been fueled by speculators using their hedge funds and investment banking houses to drive silver prices higher. We expect them at some point to take short-term profits and possibly drive silver prices temporarily back to the $15-$18 level. Silver seems to have stalled in the $30.00 range. As such our recommendation is to "lock in" your silver profits while maintaining your same percentage of assets in the precious metals.

    We strongly recommend you consider trading half or more of your silver American Eagle coins into the gold American Eagle coins inside your IRA. Our reasoning is quite simple. With increased volatility and the potential of a speculative sell off and drop in price of silver we believe it is a good time to lock in the silver profits and diversify at least half or more of your silver IRA into gold as gold has established itself as the premier International Currency. Gold is proving to be the more stable way to hold precious metals.

    The transaction is tax-free and would consist of essentially a mere trade of one metal to another and requires only two pieces of paperwork which are enclosed. Please feel free to contact us to further discuss our recommendation and to understand your options.

    Our long term outlook for gold is $3000.00-$6,000 per oz. Due to the massive U.S. debt the Federal Reserve will monetize the debt to try and avert a total collapse of the U.S. and world economy.

    End of letter---------------------------------------------------------------------------------

    FYI - I have had this IRA account for two years. A while back, I blogged on this site about the fact that this company took months to finally send us our gold. We had ordered and paid for 14 Swiss francs at a cost of 398.00 each. By the time we received them they were down to the $290 range. We actually have not made any profit at this point as I actually paid about $32.50 for the SEs in the first place.

    Ironically, I had just yesterday filled out the paperwork to take the losses and have our silver shipped to us from the depository. I have not mailed off the documents yet.

    I sure would like to hear any input or opinions from any of you guys. So thanks in advance!
    Gail

  2. #2
    Join Date
    Dec 2008
    Location
    Zionot, Squashkenazi
    Posts
    10,426

    Default such concern for your welfare is commendable

    Quote Originally Posted by gailannr View Post
    This is the bulk of the letter we received on the 12th of April.

    We are writing to inform you and alert you to some continued speculative activity that could have a negative effect on your current holdings in your IRA. Your timing and foresight to establish a precious metals IRA was excellent as the Federal Reserve continues to pursue inflationary monetary policies. However, we want to alert you to some potential moves by speculators that could temporarily negatively impact the price of silver and subsequently the value of your silver holdings.

    Much of the recent price explosion in the silver market over the past year or so has been fueled by speculators using their hedge funds and investment banking houses to drive silver prices higher. We expect them at some point to take short-term profits and possibly drive silver prices temporarily back to the $15-$18 level. Silver seems to have stalled in the $30.00 range. As such our recommendation is to "lock in" your silver profits while maintaining your same percentage of assets in the precious metals.

    We strongly recommend you consider trading half or more of your silver American Eagle coins into the gold American Eagle coins inside your IRA. Our reasoning is quite simple. With increased volatility and the potential of a speculative sell off and drop in price of silver we believe it is a good time to lock in the silver profits and diversify at least half or more of your silver IRA into gold as gold has established itself as the premier International Currency. Gold is proving to be the more stable way to hold precious metals.

    The transaction is tax-free and would consist of essentially a mere trade of one metal to another and requires only two pieces of paperwork which are enclosed. Please feel free to contact us to further discuss our recommendation and to understand your options.

    Our long term outlook for gold is $3000.00-$6,000 per oz. Due to the massive U.S. debt the Federal Reserve will monetize the debt to try and avert a total collapse of the U.S. and world economy.

    End of letter---------------------------------------------------------------------------------

    FYI - I have had this IRA account for two years. A while back, I blogged on this site about the fact that this company took months to finally send us our gold. We had ordered and paid for 14 Swiss francs at a cost of 398.00 each. By the time we received them they were down to the $290 range. We actually have not made any profit at this point as I actually paid about $32.50 for the SEs in the first place.

    Ironically, I had just yesterday filled out the paperwork to take the losses and have our silver shipped to us from the depository. I have not mailed off the documents yet.

    I sure would like to hear any input or opinions from any of you guys. So thanks in advance!
    Gail
    Mail that paperwork immediately, registered or certified.
    The kabbal sounds desperate for your silver.
    What was that VP's name?
    "I foresee little future in 'the price of silver', I see a huge future for 'the price in silver'." - heartbone
    "The truth is called hate by those who hate the truth." - K

  3. #3
    Join Date
    Sep 2008
    Posts
    1,073

    Default

    Quote Originally Posted by silverheartbone View Post
    Mail that paperwork immediately, registered or certified.
    The kabbal sounds desperate for your silver.
    What was that VP's name?
    I would take a check, pay the 10% penalty, pay the 33% income tax, then go to my LCS and buy silver.
    Gold to $3K silver to $15. Really? 200:1 time to play the ratio ehhh Matty ?

  4. #4
    Join Date
    Aug 2009
    Posts
    624

    Default

    It seems they never advised you to invest in Silver, it was your wise decision to move to Silver.
    So they gave you bad advice then.
    Now they expect you to take their advice????

    I would first get physical delivery (if possible). If physical possession isn't possible it could be another MF Global.
    After you have possession I would be very tempted to give him a phone call and say "get f@%$#ked".
    Legal Disclaimer: All posts by the person known here as tom1000000 are not to be relied upon for any reason and may be totally incorrect. All rights reserved.

  5. #5
    Join Date
    Jun 2011
    Posts
    482

    Default

    You should clarify a few things. Unless I am misunderstanding your comments, it sounds like you took physical delivery as you said "this company took months to finally send us our gold".

    Then you stated "I had just yesterday filled out the paperwork to take the losses and have our silver shipped to us from the depository".

    From what I have read so far, I would be leary signing anything unless I had a financial advisor or lawyer read it over first.

  6. #6
    Join Date
    Apr 2011
    Posts
    37

    Default

    yes, you are correct, I should have explained that better. The gold order was made later, after we had ordered the SEs. The SEs were the majority of our PM IRA account. Then we did an order of gold (swiss francs months later. The gold is not in an IRA, we have physical custody of them. The SEs are in a depository in Delaware. I have not yet sent the paperwork in to have the silver shipped. I have filled out the paperwork, just haven't mailed it out.

  7. #7
    Join Date
    Jan 2010
    Location
    California
    Posts
    367

    Default

    All I can say is what I would have done at this point.
    As they stated, you have you eagles in your IRA deposited and held in some depository of which you have no access on daily basis ....

    There is high possibility that the same coins as you have are claimed by several other people or maybe not, but I would have not sleep easy....

    Get the delivery ( especially since you had already paid for it) and hold onto it.

    This seems like one more desperate try to get hands of some real silver by another parties....

    Get your stuff into your hand NOW !

  8. #8
    Join Date
    Jun 2011
    Posts
    482

    Default

    You may want to find out the cost of physical delivery before you commit to anything. If the cost of delivery takes a big portion out of your initial investment then you may want to consider other options. If they can be shipped UPS or Fedex then cost should be reasonable. If they send a Brinks truck to your house then it could get expensive.

    I am curious to know if the company gave you an idea of how much it was going to cost to swap into gold Eagles.

  9. #9
    Join Date
    Apr 2011
    Posts
    37

    Default

    The transaction is tax-free and would consist of essentially a mere trade of one metal to another and requires only two pieces of paperwork which are enclosed. Please feel free to contact us to further discuss our recommendation and to understand your options.


    This is all they said in the letter, judging from the way we have been treated with this company, there is no free lunch!

  10. #10
    Join Date
    Oct 2011
    Location
    North Carolina
    Posts
    351

    Default

    Quote Originally Posted by rush2112 View Post
    You may want to find out the cost of physical delivery before you commit to anything. If the cost of delivery takes a big portion out of your initial investment then you may want to consider other options. If they can be shipped UPS or Fedex then cost should be reasonable. If they send a Brinks truck to your house then it could get expensive.

    I am curious to know if the company gave you an idea of how much it was going to cost to swap into gold Eagles.
    In today's market for approximately every 50 oz of Silver Eagles you will get 1 oz American Gold Eagle. Your better off with the silver.

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