UNDERSTANDING PRECIOUS METALS: HOW, WHEN, AND WHERE TO BUY GOLD AND SILVER
For decades I have been asked if precious metals are a good investment, how to invest in gold and silver, where to store it, and from whom should they be purchased. Because of the constant inquiries I wrote a this special report for one of the companies I founded, Kirk Elliott PhD Private Advisors. If you have any questions about this post, please feel free and reach out to me HERE.
Before you go out and start investing in precious metals or start selling off your current holdings, it is wise to gain a better understanding about this alluring asset class so that you are better equipped to make wise decisions regarding your retirement assets. There is much to know about owning precious metals, gold, silver, platinum and palladium. No better place to start by first reviewing a brief history and by addressing some basic questions like; why gold, why silver, why now?
A 6000 YEAR CASE STUDY
For over 6,000 yrs. gold has been the most sought-after form of asset protection. Therefore kingdoms and governments for centuries used precious metals to back their currencies. This provided confidence in the marketplace. You have heard the expression – “it’s as good as gold” and you can now see how and why this statement came to be.
Today we have what is called “fiat” or more accurately defined as “digital fiat currency”. Fiat simply means a currency with no tangible backing (like being backed by gold and silver for example). Fiat is printed by government decree (or by the Federal Reserve as a stellar example). All currencies today are fiat currencies including the U.S. dollar. This is important to note. All fiat currencies collapse as a matter of historical reference.
TYPES OF PRECIOUS METALS
A yellow precious metal, the chemical element of atomic number 79, valued especially for use in jewelry and decoration, and to guarantee the value of currencies.
A precious shiny grayish-white metal, the chemical element of atomic number 47.
Even though these are still silver, I wanted to make a separate category because of their popularity from time to time.
These are quarters, dimes and nickels no longer in circulation. They are typically scuffed up from having been in circulation. These were minted pre-1965 when they were made with 90% silver (unlike todays coins). Often purchased in large bags and can be used in a barter economy (like in Venezuela today).
A precious silvery-white metal, the chemical element of atomic number 78. It was first encountered by the Spanish in South America in the 16th century and is used in jewelry, electrical contacts, laboratory equipment, and industrial catalysts.
The chemical element of atomic number 46, a rare silvery-white metal resembling platinum.
Both gold and silver, bars and coins of modern-day issue.
Partially rare coins both gold and silver minted prior to 1934 and are no longer in circulation. These coins are graded and sealed and are assigned a market value above spot price based upon condition, weight, and year. Coins like these are graded by a Numismatist. The two leading grading companies are PCGS and NCGS.
These are exceptionally rare coins thus they are treated as a collectable and often have a very high market value. One might find these types in the Smithsonian Institute. Coins like these are graded by a Numismatists. The two leading grading companies are PCGS and NCGS.
Precious metals are tangible assets; you can touch them. You can own them. They come in coins and bars. However, since Wall Street and the financial services industry only deal with paper assets, they have created the paper proxy version of precious metals in order to capture market share.
Some brokerage houses claim that the metals you acquire are in fact tangible. In some cases, this may be true. However, if you call and ask the brokerage to send you a bar or coin, I mean ship one to you at your address of record, you may never receive one. These are comingled with pooled investors and the brokerage firm will store them and uses this as leverage and margin. You actually do not own these metals. It may be a part of your portfolio, but the metals themselves, are not yours.
Wall Street and the financial services industry only deal with paper assets; they have created the paper proxy version of precious metals in order to capture market share. They are offered in a variety of ways.
- Mutual Funds
PITFALLS TO PAPER
Management fees. What if you own a mutual fund for example and one of the gold mines they own collapses thus halting production? This affects the fund value.
When markets take serious downturns and corrections like 2008 for example, although gold and silver may be rising, your paper fund is falling. There are many reasons for this. Redemptions or liquidations. Overall market sentiment and selling frenzy will drive your paper value down while the tangible spot prices are shooting through the ceiling. Funds, companies, currencies, banks and brokerages go out of business and sometimes the investor loses some or all of their holdings. Gold and silver have never been worth zero for over 6,000 years.
These are physical tangible bars and coins both silver and gold that you physically own. You can take possession of them or you can have them stored in your name at a depository.
WHY GOLD, WHY SILVER, WHY NOW?
Lack of confidence is the underlying root that sets the stage for rising prices in precious metals. However, the metals markets are also heavily controlled and manipulated (as witnessed in the past few years) due to the paper and futures trading in the precious metals markets. But at some point this will change and that point is on the horizon with the global financial reset coming and sheer market driven forces.
Before you go out and start investing in precious metals or start selling off your current holdings, it is wise to gain a better understanding about this alluring asset class so that you are better equipped to make wise decisions regarding your investments. There is much to know about owning precious metals. No better place to start than by first reviewing a brief history and by addressing some basic questions like; why gold, why silver, why now?
- Chaos, social, political, geo-political, and economic uncertainty
- Metals act as a flight to safety in uncertain times
- Metals do well during rising interest rate cycles and inflationary times
- Inflation hedge
- Acts as an insurance policy against a declining or collapsing currency
- Supply and demand: Supplies are limited demand is high
- When the dollar weakens – gold generally strengthens
- Silver is not only a financial metal like gold but is also an industrial metal
- Silver is undervalued
- Metals are liquid, private and portable and recognized anywhere in the world
- Global financial and currency reset
It is important to note that interest rate cycles historically run in 28 years cycles. The last one was 32 years. With the election of Donald Trump and due to Trump’s weak dollar policy as part of his plan to MAGA, we have just entered in 2017 into a rising interest rate cycle which is expected to continue for many years to come. This is bullish for gold. With manufacturing returning to the U.S. we can expect the demand for silver to increase. So, buy gold, buy silver, buy now!
WHAT IS ThE GlOBAL FINANCIAL RESET?
Some of us have heard this phrase “global financial reset” for many years now while others, for the first time are beginning to hear this. Why? Because it is coming soon. What is meant by the global financial reset? In short, the global financial reset will replace the current system of how the US and the world exchange for goods and services and not only for international trade. This also applies to us when we buy food, gas, pay our bills, invest etc. You see the US has been the world’s reserve currency since the Bretton Woods Agreement of 1944. Well this is now, soon, coming to an end. The US dollar will soon cease to be THE world reserve currency and will be replaced by a new system. Thank God Trump is in DC during such a time as this. Beyond the trending news stories of the day is an even bigger story, Setting the Stage for the Next Global Reserve Currency.
The global financial reset will replace the current system of how the US and the world exchange for goods and services and not only for international trade. What will this effect? Food, gas, how we pay our bills, how we invest, and an endless list of other transactions.
WHAT IS BEING RESET?
DEBT! The global financial system is being smothered by unsustainable debt. There are now $17 trillion worth of sovereign debt globally that have negative interest rates, and that was before the COVID-19 global pandemic. In time the true cost of that pandemic will come to light, but estimates are in the U.S. alone it will cost about $4 trillion with an additional global price tag of $12 trillion.
Many large money center banks have more derivative debt (leveraged) than the entire US National debt—Chase, Citibank, Bank of America, and Wells Fargo all have more derivative debt than the entirety of the U.S. National Debt and Asian banks are even worse. This is a global pandemic.
THE RESERVE CURRENCY SYSTEM
A reserve currency system is a mechanism set up to bring stability to the international financial order. Rather than exchanging goods and services in domestic currencies for international transactions, all international settlements are settled in the USD. This has been done since the Bretton Woods agreement in 1944.
The world’s reserve currency is currently the USD. Prior to that is was the British Pound, and prior to that is was the Dutch currency. Here is the truth that all international economists know. A global reserve currency cannot last forever—it’s impossible. Too much is printed to fund international demand, then at some point the world turns on that currency.
FEDERAL RESERVE AND FEDERAL EXPRESS
The gig is up. The for-profit banking cartel, (the Federal Reserve), has run its course. The Federal Reserve is now well exposed for who they are and for what they have done. The Federal Reserve is no more government agency than Federal Express. One might consider the inception of the Federal Reserve to be “The Great Coupe of 1913”, and indeed it was, as the US Constitution states that only congress shall have the power to regulate the value and issuance of our currency. This was given away to the for-profit bankers, via legislation signed into law by President Woodrow Wilson, who later in his memoirs, regretted this decision. If you are not familiar with what I am talking about it is high time to get up to speed. The authoritative book on this subject is “The Creature from Jekyll Island,” by the legendary author, film producer and researcher, G. Edward Griffin.
The IMF is to its participating members as the Federal Reserve is to the United States. The IMF provides support and SDR backing to certain members, (US, Japan, Russia, China, the EU etc.). SDR’s, or “special drawing rights” are a “privilege” (a debt to banks), and China was granted access almost two years ago. These select nations are granted SDR’s to provide funding as well as stability and confidence in a country and its currency. The Federal Reserve today is the largest purchaser of the US treasuries which is a debt to the Federal Reserve by the US. You can see how the IMF and the Federal Reserve in some aspects, provide the same “service”.
There are many people who are following the global financial reset you may want to look into this. People like Jim Rickards, Jim Willie and many others. Read more about President Trumps’ weak dollar policy and these other insightful and important posts titled Trump’s Economic Capitalism, and the Coming Collapse–Blame It on Trump and Setting the Stage for the Next Global Reserve Currency. And FYI, don’t let these links have you for one second believe that I am not a supporter of these policies. I am, 100%. Please do read on.
INDICATiONS OF THE GLOBAL FINANCIAL RESET
Global sentiment against the US Dollar is rising. This has been going on for quite some time now but is accelerating rapidly today. Pay no attention to the relatively recent surge in the US Dollar as everything is about to change.
There are many pieces on the global chess board being moved. We are entering a rapidly increasing economic warfare battle with nations. In my view, the long-term deep state op, North Korea, has just been liberated from the clutches of the deep state (more on this view in another article) and is preparing to come aboard with Trump and the new plan. Global support for Trump is on the rise. There are the tariffs, currency devaluations, trade deficits and Trump’s tax overhaul to create incentives to bring manufacturing back to America. There is De-regulation, thus paving the way for energy exploration and distribution and much more. This brings us to gold. Gold? Yes, gold.
There are no longer any currencies including ours that have any tangible backing. It is no wonder that China is the world’s largest producer and purchaser of gold. And China is hoarding it. They do not sell it, they keep it. It is sort of a battle for supremacy to be a competing world reserve currency.
With this global financial reset that is coming, watch gold as gold becomes the “world reserve currency.” Russia has now sold off all its US treasuries and is acquiring massive amounts of gold. President Trump discusses gold and the dollar a Forbes magazine review. To increase demand for a stable currency and to prevent governments from printing willy-nilly via fiat currency, versus keeping currencies in check by a solid backing like gold, the battle rages on for currency supremacy. Who is the power being shifted and eventually taken away from? The Rothschild Central Banks, The IMF and the Federal Reserve. But not without a battle. Thus, a world in chaos.
THE STAGE IS BEING SET
The stage is being set for a global financial reset of sorts. Exactly how and when this plays out is anybody’s best guess. Could the dollar be backed by gold and a basket of commodities and the battle for the world reserve currency continues? USA and perhaps China as two competing world reserve currencies of choice? Or will we move to a one world currency? Will, these events happen in stages? My guess is, it’s already being orchestrated behind the scenes (has been for about ten years). I would say this reset will occur as soon as October 2018 or sometime perhaps before the 2020 re-election of Donald Trump. But the first election of Donald Trump has thrown a wrench in the spinning spokes of the globalists wheel and thus expect turmoil and economic warfare for some time to come. But the old order, the Rothschild Central Bank -Federal Reserve etc., system, which has seized control over money itself, has for the first time, a real formidable and present danger of being Dethroned. Hooray at last!
We know what happened to Lincoln with the Confederate money and the greenback. We know what happened to JFK with E.O. 11110, and we know that Regan took a bullet to redirect him back on track to the banksters money madness. So, thank goodness President Trump has the key military protections and support as well as his own private security detail. And thank God as he provides, wisdom, courage, strength and protection for this president. But make no mistake, the global financial reset is “knock – knock – knockin’ on global’s door”. And soon, the word will change. And the global support that we will need will happen. It is happening. And as the hearings, probes, grand juries, indictments, trials and tribunals surface and escalate for all the world to see, we shall continue to see that the rats are on the run and so buckle down as they are going to escalate the madness against us and the president creating distractions, death, division and chaos. But in the end, they lose. The great awakening is taking place. We are now winning. Trump +Time = Winning.
The global financial reset is coming. What to do? Let your voice be heard at the ballot box. Get politically active in one way or another. Buy some gold and be on the right side of history and pray for the safety of this president and this nation.
DESIGNING THE OPTIMAL METALS PORTFOLIO
Both gold and silver are financial metals with silver also being an industrial metal. It is important to hold both gold and silver as the leading and preferred tangible metals mix.
Today, silver is trading over 100 to 1. It takes approximately 100 ounces of silver to buy one ounce of gold. The historical ratio average has been 20 to 1, meaning it takes 20 ounces of silver to buy one ounce of gold. This tells us that silver is undervalued and at some point, the percentage spread gap will come back to its historical levels. Currently, it is wise to over allocate into silver. We recommend 70% silver and 30% gold. But the devil is in the details as silver can be heavy and bulky to store, so storage becomes a part of the discussion. More on storage later in another section.
Another very important reason to over allocate into silver now is to take advantage of the “ratio trade”. As the price point differential between gold and silver narrows to that historical average, those who have over allocated into silver can take advantage of the ratio trade simply by converting a large percentage of your silver holdings and acquire more gold. This is how one can double their gold holdings without investing one new dollar to the metals portfolio. This ratio trade opportunity has come about three times in the past 17 years and the conditions for another ratio trade opportunity is coming a bit down the pike. With this strategy, you significantly increase the dollar equivalent values of your metals holdings without investing one new dollar.
PLATINUM AND PALLADIUM
There is also a ratio between platinum and palladium. The two metals are interchangeable when used industrially, so it makes sense to watch the ratio between the two in order to see which one is undervalued. These are strictly industrial metals and if allocated into a portfolio should only be a small amount of the total investment allocation.
METALS IN IRAS (TRADITIONAL, ROTH, SEP)
If you are separated from service from your previous employer or retired altogether you should consider rolling your old plan into a self-directed IRA. Below is a list of reasons to do so. If you are still actively employed, there may be available options for you to roll over a portion of your account to an IRA.
REASONS TO CONVERT
- No longer employed-no longer contributing. Company no longer matching
- High administrative fees
- Limited investment options
- Cannot invest in physical metals
- Limited tax-advantaged distribution options at death
The IRA is a most important classification of assets. If you are not keeping place with the real rate of inflation (presently 6.12% and going higher), you will erode your IRA assets due to inflation, taxes, increasing required percentage of distributions and if invested in the wrong asset classes, you also lose value due to market corrections. Consider some of your IRA in precious metals. With IRA’s, you get to defer taxes on interest earned. You cannot take withdrawals if you are under the age of 59, (Exception is the 72T rule). Once you attain the age of 70, you are required to take an increasing distribution each year thereafter. Missing a distribution results in a 50% penalty by the IRS.
All IRS rules apply in a precious metals portfolio as in any asset class. 59. rule and the 70. rule. You can only own bullion, bars and coins gold and silver inside the IRA. Semi-Numismatics are not permitted.
Outside of the IRA you can take physical possession or store your metals at the depository. Inside the IRA, the metals must be stored at the depository as the IRS must know where the account inventory is stored due to custodian annual reporting rules as in any other IRA. The depository charges about $180.00 annually regardless of how many metals you are storing. Outside of the IRA, the depository charges a % of the total value of the account annually. The depository is a highly secure private depository in Delaware where individuals and governments store their metals. It carries $1 Billion Dollars of liability insurance from Lloyds of London.
Some people in retirement do not rely on the IRA for income but are forced to take their taxable distributions. Unique only to precious metals, you can take your distributions in dollars or in actual physical metals. This is very good for those who do not rely on the IRA for income as they can build a portfolio of metals at home by taking an in-kind distribution. It is still taxable, but you can receive the metals instead of the dollars if you chose.
Where your assets are currently held (i.e. IRA, Stock brokerage account, bank, etc.
Sovereign Advisors offers paper and tangible opportunities via private placement and precious metals along with expert advice from a PhD Economist, Dr. Kirk Elliott.
There are a couple options for your IRA assets that are allocated into precious metals. Based on the amount invested, Sovereign Advisors will choose the appropriate company to best serve your needs. These companies provide year end summary statements to the account holder as required by the IRS for reporting purposes.
Metals are purchased from and stored at the Delaware depository. The fee from this depository is about $250.00 annually and can be deducted from your metals account or paid by check.
COST OF ACQUISITION
Precious Metals is an unregulated industry. Not all dealers are created equally. The dealers who advertise extensively pay millions of dollars a month to reach you. The only problem is to offset their advertising costs, they simply, oftentimes, over charge the customer. Most will also charge a fee not only when you buy it, but also when you sell it. We have done the due diligence for you so that you have the best overall value firm to acquire your metals positions. Here’s how it works:
Metals are mined typically in mountains.
The facility that fulfills the Process which removes impurities and mints rounds or bars to a 99% purity level.
Government minted coins and bars to 99.99+% purity.
Purchase inventory from refinery and or U.S. mint and from the general marketplace for circulated metals.
Purchases metals from the depository for sale to consumer. Sells metals back to depository or makes a secondary market to the consuming public.
This is where you come in and purchase the metals from the metals dealer.
Metals are sold via commission. Most metals firms will charge you twice. Once when you buy it and then again when you sell it. In most cases, this is not the most economically beneficial way to transact. Why? Because if you are charged on the back end too, then you will be paying a commission on the value of your account liquidation. Since most of us are buying and holding, the metals will have appreciated. Why would you want to pay a commission on the way out? If you invested $100,000 coming in and it’s worth $200,000 going out, and you pay commission again on the way out, you have paid far too much. The true competitive industry average is 8% for bullion coins and bars, gold and silver. Some firms will charge you 4% or more upfront and 4% or more back end when you sell it. Best to pay one time only. Pay it up front.
PRECIOUS METALS COMPARED TO REAL ESTATE
Investing is tangible metals is just that: tangible. If you buy a home (tangible), you are paying about 6% upfront to the realtor when you buy it and 6% to the relator when you sell it. That is 12% vs. metals at 8%. Like metals, you are typically holding your real estate for some years and selling when it has appreciated so in essence, you are actually paying quite a bit more in real terms than 6% on the back end for real estate and same for metals you are in essence paying far more than 4% due to the appreciated value of the asset.
PRECIOUS METALS COMPARED TO MUTUAL FUNDS
Mutual funds are very expensive. It’s just that no one reads the prospectus. The average mutual fund cost is about 3.25% annually. Even the “no load” funds are costly, and they typically have back end charges should you liquidate before 5 years. With metals at 8% one-time up front and zero on the back end, you can clearly see how owning a mutual fund for a few years is far more costly than acquiring tangible metals. By acquiring metals in the bull market phase, you are buying into a positive trending asset class, and although volatile, it does not take very long to make up that 8% acquisition cost. Remember, you are purchasing metals as an overall insurance policy to offset inflation and a declining currency.
DECEPTIONS AND PITFALLS
Avoid national dealers who advertise on television and radio. That is a very expensive way to advertise, and the end consumer ends up paying for it.
- Avoid dealers who offer a super low price in exchange for them “storing metals for you.” Many times, they re-sell the same metals repeatedly knowing that not everyone. will request physical delivery at the same time (like fractional reserve banking).
- If it’s too good to be true, it probably is. For example, “We have a 1% commission.” Generally, this statement is not true. They may sell at 1% more than an arbitrary internal price that is a price higher than the purchase price from the depository.
- When can that statement be true? When the dealer is a large national firm that takes a large commission on a liquidation from a client (i.e. 4%). When they keep rolling through their own inventory, they can offer a lower price up front because they made it on the liquidation. There is a huge caution here: At some point you will need to liquidate, and you will be the person that is taken advantage of for someone else’s gain.
- Depending on the state, if a dealer has a retail store-front they should collect sales tax. The tax amount would be added on to the normal commission spread of the metals being purchased. If they take credit cards, the dealer must make up for the 3+% of the cost of using credit cards.
- Dealers who take cash for metals may open their sales to federal audit as the could be complicit in money laundering. AVOID companies that take cash payments for metals purchases.
- Avoid coin dealers that imply semi rare coins are not reportable. Dealer non-reporting is not the same as tax reporting? Every gain or loss needs to be reported to the IRS. Deception is never okay.
- Local coin shops do not deal in volume. Therefore, retail spreads tend to be larger.
- Coin shops will not manage your account like a client. You are simply a transaction—so ratio trading strategies are not really a viable strategy unless you the client watch the markets daily and do it yourself.
- Depending on the state, sales tax will need to be collected.
- Hard to verify authenticity of metals purchased from local coin shops. It’s better to purchase from a firm that buys directly from a U.S. depository where authenticity is guaranteed.
- Avoid coin shops that accept cash for metals purchases.
THE TREND IS YOUR FRIEND
As mentioned earlier in this report, metals and commodities in general do very well during times of inflationary pressures and rising interest rates. One of the key rules of thumb in investing is understanding public policy, actions by the Federal Reserve, and what the impact is on various asset classes. Just remember this: “The trend is your friend”. Economists the world over agree for reasons outlined in this report, that metals will outperform most other investments in the years to come. Look at this analysis done by PhD Economist, Dr. Kirk Elliott.
HOW MUCH SHOULD I INVEST?
Each case varies based on many criteria. As a rule of thumb, we believe a dollar for dollar ratio (paper to tangible) at this time is wise. The bond market is not the place to be now and for some years to come as the rising interest rate trend we are in has a negative impact on the yields in bonds and over time will provide a surge in metals. The stock market is at all-time high and again echoed by most analysts and economists the world over, will come crashing down soon. Inflation is here and will continue to rise and central banks around the world continue to print currency without discretion. The global financial reset is knocking on our door. By adapting the dollar for dollar paper to tangible ratio, you are offsetting the dangers defined by acquiring the metals. Some invest more, some less. The key thing is to begin to acquire some now at this phase of the bull market.
THREE PHASES OF A BULL MARKET
Early adapters and contrarians. These individuals are getting in at the lowest acquisition cost. This is a very volatile phase of the bull market with huge moves both up and down.
The masses begin to catch on. This phase is volatile but less than phase one. We can expect two steps forward, one step back repeated over and over. This is typically the longest phase of the bull market. Today in 2018, we can expect about 3-8 more years in this phase depending on many factors.
This is known as the speculative blow-off. You can see this prevalent in recent years of real estate, bubbles, tech bubbles and bitcoin bubbles. This will be no different when it comes to metals. This phase can have upward swings of 400%-600% or substantially more. Everyone is getting in. You should be getting out. This phase can go on for 6 months to a year.
WHAT PHASE IS GOLD IN NOW?
As of mid 2018, we entered into phase two of the bull market, so come aboard now!
NEW PARADIGM SHIFT FOR STRATEGIC PLANNING
Surveys indicate that people no longer trust the media for news, politicians for the truth, or that Wall Street has Main Street’s best interest in mind. This is where we come in. The Economic Institute for Asset Preservation empowers individuals in a changing world.
My philosophy is truly a paradigm shift in thinking offering our members a new and superior approach to protecting and preserving wealth. This ushers in control and predictability knowing you will not outlive your income and will not only survive the economic catastrophe that is on the horizon, but you will thrive. Meanwhile so many others will continue to operate in the deceitful and flawed modalities being advised by an industry they no longer trust. A collapse of magnitude is on the horizon. We take a proactive rather than a reactive approach. U.S. monetary policy has shifted for the first time since the Clinton administration. What impact will this have on your portfolio? Are you prepared?
I hope this special report was beneficial in clearly defining some opportunities and threats that lay before us. The precious metals industry is unregulated, so you must be careful. However, a properly designed portfolio over time may be the difference between finance survival and financial failure. Don’t let the fact that the precious metals industry is unregulated deter you from action. Simply work with people you trust, and you will be well on your way to taking advantage of the trends rather than the trends taking advantage of you.
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Paul, R., & Lehrman, L. (1982). The case for gold: a minority report of the U.S. gold commission. Washington, D.C.: The Cato Institute.
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