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Rare Coin Market Update

Rare Coin Market Update #4 (Archives)

Take PHYSICAL Possession of your Gold and Silver Purchases

by James DiGeorgia 2011-12-19 11:33:30

One of my newer numismatic and precious metals subscribers expressed the desire to buy gold and silver but wanted to avoid taking physical possession.

"They want us to store the bullion and to send them a paper statement each month. I tried to explain why it's so dangerous to do this with any firm but they're just so entrenched in the concept of investing in paper I can't get them to see how dangerous it is."

I pointed out that the MF Global $1.2 billion collapse is a perfect example why an investor should never take anything less than the physical gold, silver and platinum with the exception of using Delaware Valley Trust for storage of your IRA.

You see the $1.2 billion that seems to have vanished into thin air through a series of complex paper trades at bankrupt MF Global is one thing, but what most investors reading about this latest Wall Street collapse is that 75% of the silver and gold bars stashed by investors in the firm's vault have also vanished.

Now, the trustee overseeing the liquidation of this once mammoth bankrupted brokerage actually proposed liquidating all remaining customer gold, silver, cash, as well as open options, futures and commodities positions - into a single pool of money that nets customers only 72% of the value of their holdings. In other words, these investors who trusted paper as a proxy and have paid the full price for delivery of specific physical gold or silver - and are holding warehouse receipts proving ownership will likely lose 28% of the value. They're lucky. I have seen these situations end far worse.

In fact there's one bullion firm that boasts a depository out there in the marketplace that I believe is a meltdown in the making. I believe the company's owner/president has been looting his firm's depository. I've been dying to reveal this dealer's name and what I know to the public for a year.

Bottom line: I would never steal a client's gold, silver or platinum bullion. I know who I am. That's not me. Still, I won't store other people's precious metals. Not because I'm worried that something might happen, on the contrary. I just don't want any other dealer pointing at me and saying - see he does it; it must be okay to do. TAKE POSSESSION OF YOUR RARE COINS, PRECIOUS METALS!

Best Wishes

James DiGeorgia