Q: I have been receiving a lot of email ads about Home Storage Gold IRAs? I
was wondering if you are familiar with these? One question I have
specifically is what happens if the gold is stolen in a burglary? Would
the IRS still want their money even though it was gone?
Thanks for your great newsletter,
David Schectman’s Answer:
You have to open up a limited partnership but it goes against the spirit of the law. It also is a red flag with the IRS. We strongly advise against this. You should store with an approved entity that offers you the judiciary responsibility.
This is a question for an attorney, but I bet you would be up a creek without a paddle. You would lose both ways – the value of the stolen coins and to the taxman.
Bottom line: No reason to do it. Use an approved source.
Q:There seems to be a lot of discussion about JP Morgan’s motives in relation to their huge recent stockpile of physical silver.( By the way, if there is a silver shortage, where did all this silver come from ? ) .The simple argument is that they anticipate a price explosion, so they will profit handsomely. A more sinister motive might be that this silver could be provided to the market, even at a low price, to enable the current financial system to be further prolonged, and the fiat dollar not destroyed. This could yield more to them than a single windfall on the sale of their silver.
What are your thoughts ?
Andy Hoffman’s Answer:
A lot of discussion, yes; but frankly, nothing new or novel. I go into great depth regarding my views in my latest SGT Report podcast, which is scheduled to be published on Wednesday evening, April 29th. Essentially, I talk of how it makes sense – on paper – for JP Morgan to short paper silver and buy physical, to profit from the manipulation and prepare for the future. However, at this point JP Morgan is as much a government entity as a private firm; so frankly, I think its management cares solely about how to manipulate the market to keep the fiat Ponzi scheme going.
Moreover, with due respect to Ted Butler, why anyone would believe a single thing JP Morgan reports to the public – of its silver inventories, COMEX short positions, earnings, balance sheet, or otherwise, is beyond me. They are a criminal operation funded by – or better put, partnered with – the U.S. government, with a rap sheet longer than Charles Manson. In other words, don’t pay attention to what they say – particularly on the COMEX, as since June 2013, the following disclaimer has been inserted in every position and inventory report…
“The information in this report is taken from sources believed to be reliable; however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness. This report is produced for information purposes only.”
Aside from curiosity, I could care less what the COMEX, JP Morgan, or any other Wall Street/Washington entity claim about their PM positions or inventories. I trust them like a fox in a hen-house.
Q: I’ve heard the IMF will re-calibrate the currencies making up the SDR
this year, to take effect 1st Jan 2016. Will this move ‘revalue’ the
worlds currencies (including asset prices) therefore saving the
currencies after most probably a devaluation.
I’m from the UK and would like to know how this unfolds for the UK
All the best….Peter Baillie
Bill Holter’s Answer:
I believe the IMF will reconfigure the SDR in Sept. or October. I spoke of this in yesterday’s writing. I believe gold will be brought toward the system rather than away and the yuan will be part of it. Very possible, even probable in my opinion the yuan will be equal weighted with the dollar. As for the pound, I think it will have a lesser importance within the SDR than it does now.