Precious Metals and Offshore Bank Accounts

Ask your investment, budget, and other money related questions here
Post Reply
DSKla
Posts: 240
Joined: Wed Dec 24, 2014 11:07 am

Re: Precious Metals and Offshore Bank Accounts

Post by DSKla »

You could do all of that with bitcoin except for the stable part.

Book flights, access anywhere with certain wallet types, and Opendime is a USB that can be handed over like cash. And it's untraceable. Probably easier to use without calling attention to yourself than precious metals.

Of course of there's a crazy situation like a war that requires you to skeedaddle, your investment could be worth anything from nothing to a whole lot more than you expected.

Chad
Posts: 3844
Joined: Fri Jul 23, 2010 3:10 pm

Re: Precious Metals and Offshore Bank Accounts

Post by Chad »

The problem begins with your premise. If you are displaced, you won't be able to buy a flight in that area. British Airways, etc. wasn't flying to most Syraian cities during the war/revolution. Also, it's unlikely you can walk up to the counter and buy it with gold, lithium ,etc. You would need to first remove yourself from the area where everyone is being displaced.

If you are displaced you aren't carrying metal with you. At least not much of it. The better option is to have money in places like Switzerland, Singapore, Naru, Grand Caymans, etc. in multiple currencies.

Also, having an extra citizenship is nice. Places like Naru let you buy one.

Property in foreign locations is another option.

Finally, if you are displaced in the continental United States, EU, or China all bets are off on what anything is worth, as this basically means one of the three legs of the world economic stool basically falling apart.

User avatar
jennypenny
Posts: 6851
Joined: Sun Jul 03, 2011 2:20 pm

Re: Precious Metals and Offshore Bank Accounts

Post by jennypenny »

You'll pay a higher price per ounce, but I think jewelry is more portable and easily traded than bullion. If you really want straight gold, carry coins instead of bullion. I like bitcoin, too. Visa logo gift cards are accepted where Visa is accepted. They also don't look like money if tucked in with your credit cards so it's easier to get more money through airport security without raising flags. Just remember to cycle through them if you keep a small supply because they can have expiration dates. Burner cell phones might also be good trades (make sure they work where you plan to go).

I also wonder if cellphone-based payment options and apps (anything from apple pay to m-pesa) are worth having. I'm not sure if the security risk of those is worth it yet.

User avatar
Seppia
Posts: 2016
Joined: Tue Aug 30, 2016 9:34 am
Location: South Florida

Re: Precious Metals and Offshore Bank Accounts

Post by Seppia »

Panama seems like a good place to keep an additional bank account.
Switzerland has gotten tougher in recent years.
I think a small amount of phisical gold isn't a bad idea. Bitcoin? Doesn't seem great for SHTF scenarios

stayhigh
Posts: 113
Joined: Sun Dec 06, 2015 4:20 pm

Re: Precious Metals and Offshore Bank Accounts

Post by stayhigh »

Being a prepper is tough task, as you can't be ready for every possible scenario.

1. Read this: https://www.amazon.com/Emergency-This-B ... 0060898771
2. Put some cash and precious metals in safe place. Offshore bank account is also an option.
3. Get a weapon and learn how to use it.
4. Be as little independent from outside world as you can, within your comfort zone.

Tyler9000
Posts: 1758
Joined: Fri Jun 01, 2012 11:45 pm

Re: Precious Metals and Offshore Bank Accounts

Post by Tyler9000 »

This book on the Permanent Portfolio has a chapter dedicated to the offshore storage of physical gold. IIRC, Australia is a popular country for this kinda thing.

Frosti85
Posts: 63
Joined: Thu May 11, 2017 3:27 am

Re: Precious Metals and Offshore Bank Accounts

Post by Frosti85 »

I have a PM account @ Perth mint.

So far I'm pleased with the service. But I also read about some gold confiscation law in australia... which made me unsure and right now I dont plan putting more money into the account.

Frosti85
Posts: 63
Joined: Thu May 11, 2017 3:27 am

Re: Precious Metals and Offshore Bank Accounts

Post by Frosti85 »


chenda
Posts: 3289
Joined: Wed Jun 29, 2011 1:17 pm
Location: Nether Wallop

Re: Precious Metals and Offshore Bank Accounts

Post by chenda »

Have you considered investing in jewellery ?

Post Reply