September 3, 2014
In spite of the impression you would have gotten if you read my report “How to Prepare Yourself for the Coming Economic Train Wreck,” I still care about my ex-husband and consider him a friend. I was back in Raleigh for 8 days at the conclusion of my cross-country U.S. adventure so I invited him to dinner and we had a nice time. This was probably my last time in Raleigh, so I wanted to spend some time with him. I went to his house a few other times and we ended up going to lunch together, too.
The place where we ate lunch was close to the pawnshop where I bought some 24K gold necklaces earlier this year. I wanted to go back there to see what else they had so I took my ex-husband with me to show him how easy it is to buy gold. For years, he’s been in agreement with me about the idea of buying gold, but has not gotten up the nerve to do so yet. He’s very conservative about spending money and making decisions.
I walked into the pawnshop and went to the jewelry counter. I asked the lady behind the counter what 24K gold pieces they had. She brought out 3 rings. I asked for the price, she did the calculations (they base the price on the spot price of gold that day) and I bought 2 of them with cash. Easy. My ex actually said he felt comfortable doing that himself and said he would come back on a regular basis to buy things.
I explained that you can carry jewelry across international borders with no questions asked. I also mentioned that jewelry has never been confiscated by the U.S. government. He has been afraid to buy gold (coins or jewelry) because of doubts about the authenticity and value of the items. I explained to him that the pawnshop I use gives you 30 days to return the item for a refund. In that time, you could take the piece to an independent appraiser to ensure that its value matches your purchase price. I think that made him feel more comfortable.
I’m in the Chicago area now, staying with my brother. Before I got here, my brother told me he had to go to a friend’s house to get 50 ounces of gold to sell. His friend was on a trip and needed more cash so he was selling his gold.
Then, my first week at my brother’s house, my brother told me that he had picked up another 50 ounces of gold from his friend’s house and was going to get that to the dealer to liquidate, also. I told him I was interested in buying some. He talked to his friend and his friend agreed that I could buy it at the current spot price, and so I did. I’m now the proud owner of 10 1-ounce Austrian Vienna Philharmonic Gold Bullion Coins. I didn’t have any of these types of coins in my collection before.
The seller has now sold all of his gold, but he still has a lot of silver. I told my brother that if his friend starts selling his silver, I’m interested in buying some of that, too. This is a rare opportunity for me to buy without having to pay a middle-man, thereby cutting out the premium. The friend is an alcoholic and is on a spending spree. In a more sober time in his life, he bought all of this precious metal and was prepared. Now that his drinking has gotten out of control, he’s unwinding all the good things he did right to prepare. It’s sad.
I’ve talked about this before, but I want to mention again the fact that I continue to buy gold each month through the MetalStream program offered by the Hard Assets Alliance. I funded the account once and have it set up to automatically buy $400-worth of gold each month. The purchases are stored in Singapore. This allows me to dollar-cost-average so that I don’t have to guess whether gold is at a low price or not. I just buy each month and sometimes I get it at a very low price and other times I pay a little more. I’m comfortable with that because I know there’s no way of knowing where the price is going to go in the short-term.
Through the MetalStream program, you can buy gold and/or silver and you can have it stored in one of two places: Singapore or Salt Lake City. If you purchase metals outright (ie. not through the monthly MetalStream program), you have the option to store the metals in New York, Zurich, London or Melbourne. I already have some metals stored in Zurich and London through BullionVault and I don’t want to store my metals in the U.S. so I’m having my Hard Assets Alliance purchases stored in Singapore.
Yours in Prosperity,