Question Gold Storage Solutions

[Vor]

Hello everyone, I have been thinking recently of investing more into some gold since as an American citizen many offshore banks do not want me as a client however I have noticed many safety deposit/vault storage institutions do not care one bit. I also like the anonymity factor you can achieve with gold unlike banked assets today due to CRS, FATCA, and the alphabet soup.

Is there any particular gold storage companies you guys would recommend that are safe in terms of jurisdiction for privacy and the companies reputable to not run off with your deposited items. I have looked into storage in Singapore and Switzerland so far. I am wondering if it’s better to store gold with the companies who are advertising their storage tailored to it or maybe a more generic safety box company etc? Any recommendations?

 

[Martin Everson]

if were lucky in 15 years will be hoping they give a massive tax cut globally down to 40% from 56% lol

Fast forward 15 years and people asking on OCP how to lower their taxes to 30% .

 

[Golden Fleece]

Fast forward 15 years and people asking on OCP how to lower their taxes to 30% .

The answer will be "move to the Chernobyl exclusion zone, where law enforcement does not exist."

But, as always, banking will still be difficult.

 

[fatcat1970]

My only real concern about a bank deposit box would be their FBAR reportable and in which case I need to tell the IRS about it if it’s a bank deposit box. Private companies this isn’t the case but of course a private company is less trustworthy than a reputable bank.

I've looked into this. For example; if you buy gold from the Perth Mint or Bullion Star in Singapore and have them store it for you that's reportable. If you fly to Perth, purchase gold from the Perth Mint then take it to a local Australian bank and put it into a deposit box (with you being the only person with a key) then that's NOT reportable. You could also fly to Australia with gold you purchased (anonymously) in the USA, (Australia has no import duty or sales tax on 99.5% gold) put it into a local bank deposit box...that's also NOT reportable. The KEY is, pardon the pun, for the bank, or mint, or vault NOT to have some sort of access or control over your gold.

 

[dread pirate]

Hong Kong brokers (LPM for example) won't report unless compelled by a court order. I think bullion star is the same from memory.

 

[backpacker]

Hong Kong brokers (LPM for example) won't report unless compelled by a court order. I think bullion star is the same from memory.

I recall that there was some sort of info on the Bullion Star website regarding reporting but I cannot find it anymore.
May be things have changed.

The argument of @fatcat1970 in post #23 makes sense:

The KEY is, pardon the pun, for the bank, or mint, or vault NOT to have some sort of access or control over your gold.

 

[JackAlabama]

I recall that there was some sort of info on the Bullion Star website regarding reporting but I cannot find it anymore.
May be things have changed.

The argument of @fatcat1970 in post #23 makes sense:

The problem is you might be locked out from your storage if you DIY. Imagine having a box somewhere in Europe during covid with no means to visit.

 

[fortunespeculator]

The problem is you might be locked out from your storage if you DIY. Imagine having a box somewhere in Europe during covid with no means to visit.

So if i am buying gold from colombia and putting it in bullion star ,what other costs might i have to face.I understand that there is no import tax on gold in Singapore.Will bullion star allow this??Or i have to buy from them inly ,only then they will store it?

Anyone can share the lpm website or contact details??

Fast forward 15 years and people asking on OCP how to lower their taxes to 30% .

I think before we get to that point there will be a French Revolution style Guillotine around the world of such world leaders and another Boston Tea Party.So that we can again start afresh from there.

 

[Vor]

I recall that there was some sort of info on the Bullion Star website regarding reporting but I cannot find it anymore.
May be things have changed.

The argument of @fatcat1970 in post #23 makes sense:

“How Safe is your Gold?” – Transcript of Speech by BullionStar CEO

How Safe is your Gold? Transcript of speech made by BullioNStar CEO Torgny Persson to audience at FreedomFest 2016 conference on July 14, 2016 in Las Vegas

www.bullionstar.com

On here they address how they are not a FATCA reporting institution since they are not deemed a Financial Institution. Whether a US person would need to report this on a FBAR form is debatable...

 

[Golden Fleece]

This is directly from the IRS web site:

I directly hold precious metals for investment, such as gold, in a foreign country. Do I need to report these assets on Form 8938?​

No. Directly held precious metals, such as gold, are not specified foreign financial assets. Note, however, that gold certificates issued by a foreign person may be a specified foreign financial asset that you would have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.

This tax year I sold precious metals that I held for investment to a foreign person. Do I have to report the sales contract on Form 8938?​

The contract with the foreign person to sell assets held for investment is a specified foreign financial asset investment asset that you have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.

Basic Questions and Answers on Form 8938 | Internal Revenue Service

Find answers to basic questions about Form 8938, Statement of Specified Foreign Financial Assets.

www.irs.gov

So, even if you do not need to report your gold holdings under FATCA, you must report its eventual sale, if sold to a foreign person. Of course, you must also report any gains made on the sale.

 

[Vor]

This is directly from the IRS web site:

Basic Questions and Answers on Form 8938 | Internal Revenue Service

Find answers to basic questions about Form 8938, Statement of Specified Foreign Financial Assets.

www.irs.gov

So, even if you do not need to report your gold holdings under FATCA, you must report its eventual sale, if sold to a foreign person. Of course, you must also report any gains made on the sale.

the last part of "if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you" I am assuming they are referring to $50K limit on FATCA. That being said i've bought and sold gold to Bullionstar for cryptocurrency and they haven't taken any KYC information that could've been reported to the IRS(passport, ssn, id, etc)