The Financial Dominoes are Falling

[webmaster]

Subject:The Financial Dominoes are Falling
By: Jason Hommel, Silver Stock Report

Overview: This is why you need silver and gold. They cannot go bankrupt. They cannot go to zero value. Their value does not depend on another's promise to pay. Silver and gold are not promises, they are payment in full.

Link: http://news.silverseek.com/GoldIsMoney/1205733480.php

[paker]

"I do not trust kitco.com, nor the Perth Mint, nor Monex, nor any other private company that claims to hold your gold or silver for you. "

I called Monex and asked a rep why it would be better for me to go through Monex than to buy silver from a local dealer. He shuddered and took my phone number, said he needed to clear other calls and he would call me back. He never called.

[LouisTheFly]

In response to article, I am from Australia and a keen gold & silver bug. THE WARNINGS ARE REAL. You cannot take delivery of gold or silver from Perth mint as they are not buying back or delivering orders. It seems they are waiting for prices to fall before they buy back, but refuse to deliver orders already paid for. YOU CANNOT BUY SILVER ANYWHERE WITHOUT A 2 MONTH WAIT. You could buy TONS of the stuff last year. NO SHORTAGE? Says who?
ONLY BUY THE REAL THING NOT THE PROMISE
Regards
LTF

[mls56]

In all that is going on, my silver/gold is safe, but what if you have a checking & saveing account & all of your credit cards & house payments are set up on auto pay, should you go to your local bank and stop the credit cards (HSBC) from haveing a free ticket to withdraw my money? this a small town local bank, been here 115 yrs???

[jeff]

You can invest in silver bullion in your IRA by going through a trust company such as GoldStar Trust http://www.goldline.com/buy-gold/goldstar-trust.html
You fund your newly opened GoldStar IRA account with a rollover from your current account. You then negotiate a price with your local coin dealer. You direct GoldStar to send a purchase order to the coin dealer. The coin dealer then sends the silver to HSBC Depository in New York for storage. HSBC tells GoldStar that they received the silver. GoldStar then sends your coin dealer a check.
HSBC Depository does not do business as a bank. They only store metal. It may seem that there are flaws in the system, but at least you get you IRA invested in silver bullion.
When you turn 59 1/2 years old you can take possession of your silver without a penalty. You ask GoldStar to send your silver to you. You are charged a shipping and insurance fee.
I have worked with them for several years and the system works very well.

[JesterJay]

Jeff,
Sure, it works fine now. But when everyone is trying to get their metal OUT and find out that for every ounce GS has there are 5 people who think it is theirs.

They don't have the metal and if they do they are the ONLY ONES THAT DO.

Cash in the IRA like I did and buy physical. I was ill at ease to do this at first, but when I bought the silver and saw that I actually HAD IT in my hands, the bad feelings of "what have I done?" changed to a great feeling of "LOOK WHAT I HAVE!". Said to myself, of course.
Regards,
JesterJay

Originally Posted by jeff

You can invest in silver bullion in your IRA by going through a trust company such as GoldStar Trust

I have worked with them for several years and the system works very well.

[HAG2:8]

Louis,
I am in Melbourne and have had no difficulty getting 5 kg bars from Johnson Matthey.

Re Perth Mint, I have had Certificate deposits with them and on advise from people more knowledgable than me I am withdrawing those deposits in gold and silver.
PProblem with 1st withdrawel I withdrew silver and Perth Mint confirmed transaction on 28th February. I am hoping that after a number of phone calls and emails that finally that money will be deposited in my bank account today. Yes I have worried.
Such withdrawals apparently go back to the introducing broker who then pays into your account. I don't see where there is any guarantee covering me from a default with the broker.

I read all about their guarantee and it being enshrined in an act of Parliament, but I still don't think they can back their silver deposits with actual silver.

I once enquired about converting my certificates to 1000 oz ingots and was told it would cost me $5000 in fabrication and storage costs for 3 bars. That all seems expensive and as if they don't actually have the silver on hane to melt down. But who knows?

[jeff]

To JesterJay-
The silver is physically boxed up and sent to HSBC Depository by your coin dealer. HSBC Depository does not hedge, lease or short silver. They only store it. Physical silver is what they received, not paper silver. GoldStar Trust does not hedge, lease or short silver. They are your bookeeper (IRA trustee) only.
Many people do not want to close out their IRA, so this is a way to safely have it in silver. If you buy 1000 oz bars, they will report the serial numbers to you, and give you those back when you ask for them.

[JesterJay]

Jeff,
I will defer to your knowledge of HSBC and GoldStar. Sounds like the right way to do things.
EXCELLENT JOB by them and YOU for pointing them out to us. Thanks very much for that.
Still, if given the option I have MY silver in MY safe.
Regards,
JesterJay*
*He who knows "almost" everything.

Originally Posted by jeff

To JesterJay-
The silver is physically boxed up and sent to HSBC Depository by your coin dealer. HSBC Depository does not hedge, lease or short silver. They only store it. Physical silver is what they received, not paper silver. GoldStar Trust does not hedge, lease or short silver. They are your bookeeper (IRA trustee) only.
Many people do not want to close out their IRA, so this is a way to safely have it in silver. If you buy 1000 oz bars, they will report the serial numbers to you, and give you those back when you ask for them.

[paker]

I think the most therapeutic thing about owning silver is handling it. My first 100 ounces was the most nervous purchase I've been in quite a while, but when I had it in my hand I knew I made the right choice.