Red Alert
Recently
by Simon Black: Why
a Banking Insider Says ‘It’s Time To Be Very Worried’
Reporting
From: Sovereign Valley Farm, Chile
ViaMat, a Swiss
logistics company that has been safeguarding precious metals since
1945, is literally the gold standard in secure storage.
They have vaults
from Switzerland to Hong Kong to Dubai, and they count among their
clients some of the largest mining companies in the world. They
know what theyÂ’re doing.
And now theyÂ’re
dumping US citizens.
ViaMat does
a great deal of business within the United States. As such, the
company is heavily exposed to the insane US regulatory environment.
As an example,
the 2010 Foreign Account Tax Compliance Act turned into more than
500 pages of regulation! The costs and risks associated with compliance
simply became too much for ViaMat to bear.
This matter-of-fact
letter from ViaMat management explains their decision:
“We are
currently experiencing rapid and substantial changes in the general
regulations within this business. The changes mainly relate to the
tax structures and taxation systems of various countries. As a consequence
of these changes VIA MAT INTERNATIONAL has taken the decision to
stop offering this service at its vault [sic] outside of the US
to private customers with potential US-tax liability.”
This is huge.
I canÂ’t possibly overstate the potential ramifications.
For one, the
big gold depositories like Gold Money and Bullion Vault ALL use
ViaMat as a primary secure storage provider. So itÂ’s only a
matter of time before ViaMatÂ’s decision cascades across these
other firms.
I have written
extensively about this to subscribers of our premium service, Sovereign
Man: Confidential; most gold storage firms are all essentially different
varieties of the exact same product. They are retail marketing channels
that ultimately use ViaMat to store their gold bars. If ViaMat has
US exposure, THEY have US exposure. ItÂ’s the same risk.
Now, if youÂ’re
in the United States in particular, one of the most important (and
cost effective) steps you can take in international diversification
is to store precious metals overseas.
Gold remains
the most effective ‘anti-currency’ out there, a bet against
a corrupt financial system and debt-laden sovereign governments.
But remember – governments have an unblemished track record
of plundering their citizensÂ’ wealth. So if you store your
gold in the US, you might as well ask Barack Obama to keep it under
his mattress.
February
26, 2013
Copyright
© 2013 Sovereign Man