"Storing your gold overseas is an insurance policy against government meddling, wealth confiscation, frivolous litigation, and domestic social unrest."
Singapore (PRWEB) May 16, 2012
With civil asset forfeiture and government confiscation on the rise, investors who own gold are increasingly looking overseas to store their physical bullion. Though the reputation of traditional jurisdictions like Switzerland has been dented by recent dealings with the US government, there are still many options available.
According to Simon Black, co-founder of the asset protection blog Sovereign Man, "History shows that governments routinely resort to directly confiscating wealth from their people in times of need. Storing gold abroad reduces this risk of confiscation because you're placing your assets outside of their reach, outside of their control."
Black cites Executive Order 6102 as an example, signed by President Franklin Roosevelt on April 5, 1933. The order forbade the "hoarding of gold coin, gold bullion, and gold certificates within the continental United States," and criminalized the possession of monetary gold by any individual or corporation.
Moreover, a Wall Street Journal article from last year entitled 'Federal Asset Seizures Rise, Netting Innocent With Guilty,' broke the story of rising civil asset forfeiture in the United States. According to the Journal, there are more than 400 federal statutes and dozens of federal agencies that are responsible for a substantial increase in asset seizures in the US.
Justice Department statistics show that 15,000 different seizures took place in 2010, totaling $2.5 billion worth of property. This is more than double the amount from five-years ago.
"People usually assume that this sort of thing won't happen to them," says Black. "And then one day something innocent happens-- the neighbor's kid falls in their swimming pool, or they get hit with some other frivolous lawsuit. Suddenly all of their assets are on the table to be frozen or confiscated. Going offshore prevents this from happening. It's a great insurance policy."
Black's website, SovereignMan.com, has free resources available for download, including a special report entitled "Globalize Your Gold: the comprehensive guide to Offshore Precious Metal Acquisition, Storage, and Reporting."
As Black writes in the report, "Storing your gold overseas is an insurance policy against government meddling, wealth confiscation, frivolous litigation, and domestic social unrest."