The Phaserl


Take the Gold, Leave the Cash

by Ted Bauman, GoldSeek:

Which would you rather have — a briefcase full of cash, or a briefcase full of gold?

These days, the answer is clear: We’ll take the gold, please. No matter the ups and downs of the market price, it’s still the one thing guaranteed to have value when all else fails — as it must, one day.

But where to keep it? Traditionally, gold bugs focus on beating thieves and safecrackers. (Indeed, a strong home safe is an essential part of any wealth preservation strategy.) But there are other things to worry about too, which is why it’s so important you learn how to hold gold offshore … such as whether Uncle Sam needs to know about your offshore gold stash under requirements like the Report of Foreign Bank and Financial Accounts (FBAR) and the Foreign Account Tax Compliance Act (FATCA).


The answer is no, he needn’t … but only if you own and store your gold in a specific way. Protect against a greedy Uncle Sam by learning how to hold gold offshore.

A Financial Account by Any Other Name

Most people are now aware that foreign financial accounts are reportable to the IRS under FATCA. Both you and the foreign financial institution are obligated to report the details of any offshore accounts if their aggregate value exceeds certain thresholds.

But what about precious metals, like gold? It depends … on the meaning of the term “financial account.”

The easiest way to get your head around this is to ask two questions:

  1. First, is the institution that has your gold a bank (as in a safe deposit box)?
  2. Second, if it isn’t, do you have to pay “fabrication” fees before you can go and get your gold from storage?

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1 comment to Take the Gold, Leave the Cash

  • Ed_B

    “which is why it’s so important you learn how to hold gold offshore …”

    NO, no, a thousand times NO! “If you don’t hold it, you don’t own it”. When the S really hits TF, it is very likely that draconian travel restrictions will be implemented, so no one would be able to get to any gold that was stored off-shore. Added to that is the thought that if you were running a gold depository and the SHTF, would you be tempted to keep that gold to save the lives of your family or leave it in the vaults for those who aren’t coming for it? If it meant saving their spouse and children, who among us would not be at least tempted to take this gold? I am a very honest person but even I can see how this is likely to turn out.

    If you really want to secure your gold, find a very hidden place, preferably on your own property, and bury it deep in the ground. PVC tubing is ideal for this. It easily can be cut to any length desired, filled with gold and / or silver, and end-caps glued onto the PVC tube. Once this is done, the tube will be air and water tight and way too heavy to float if the ground becomes water-logged. The odds of this being found by a thief are so close to nil that it doesn’t bear considering. Multiple locations means that if your hoard is ever discovered, only part of it will be stolen. Diversification of location is our friend when hiding PMs.

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