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from grindall61:

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  • Craig Escaped Detroit

    Just give up on EVERY type of FIAT bank, and jump into PHYSICAL PM banking with BITGOLD physical GOLD Bullion account and vault your gold outside the USA, Canada or England.

    Peter Schiff has a similar thing (but USA citizens are barred by law from joining it.)

    I think there are another couple of such systems out there, but I chose the one that seems like it may be the more stable of them at this point.

    Certainly cannot be any worse than Cyrprus, JPM, Goldman Sachs, Euro banks, etc.

    My first and primary bank is my kitchen FOOD pantry, my water well, etc.

    • Aside from the unfortunate fact that BitGold vaults with BRINKS only in “COMEX approved” vaults and operates on the SWIFT system, it has two major issues:

      1) American customers cannot use the crypto aspect of BitGold, i.e. cannot transfer gold from one account to another, eliminating its use as actual money.

      2) You can ONLY accept delivery to your “registered, legal address,” hence the required background check to sign up for an account. Were you to flee the country, you’d not only be unable to circulate your BitGold in virtual form, but you wouldn’t be allowed to take physical delivery, either.

      That’s a lot of counterparty risk. I love my PMs as a store of wealth outside the banking system, but they’re quite a liability in terms of border/capital controls. People don’t like hearing it, but cryptocurrencies are the only real option for transferring wealth across borders, aside from bribing border guards or leaving behind all metal assets under $10k in value.

      Bearing all this in mind, what advantages do you see with BitGold as opposed to holding the wealth yourself, Craig, knowing that physical possession is at least slightly easier to get out of America?

      But on the topic of a “national infrastructure bank,” this is precisely what Evelyn de Rothschild called for at Rio ’92 (aka the Agenda 21 conference) on a global scale:

      Though the UN believes the BRICS/AIIB to fulfill the role of “global infrastructure bank(s),” much to the chagrin of alt-media readers/viewers:

      • Craig Escaped Detroit

        Your info about Bitgold’s limits are correct. But, no matter WHERE you live or travel in the world,you can always transfer amounts of gold (into “currencies”) onto the MasterCard,and spend up to $20,000 daily spending limit. NOT limited to your address.

        True, as an American, I cannot transfer physical gold back and forth to other gold accounts. Not a problem for me. I’ll take the prepaid debit card and buy locally.

        Yes, I will NOT be using BitGold as my PRIMARY saving plan. As you say, BEST to hold physical in your OWN hands. And MY hands are holding enough.

        Only some overflow, excess money goes into the bitGold (Brinks- HongKong) system. I think it will come in handy to pay the on line bills, make orders, pay house taxes, car insurance, cell phone, etc.

        Your questions, almost seem as if you thought your fellow SGT readers did not know any of this stuff?

        I’ve read enough posts, to see that we are all a very well informed bunch of people here at SGT. Some are more angry than others, and some seem to prefer to poke sticks at each other, but they are still very well informed.

        I think that anybody who is NEW to the stacking/packing crowd, and throws their FIRST and biggest money into ANY system where somebody “holds it for you” is crazy.

        Home stacking first, other methods come later. You got that? I sure did.

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