Precious Metals and Offshore Bank Accounts

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Augustus
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Precious Metals and Offshore Bank Accounts

Post by Augustus » Sat Jul 15, 2017 8:08 pm

I've been reading war histories as part of my July 4 festivities. It's shocking to me how many civilians get displaced with no belongings or access to funds in these stories.

So my question is, does anyone have recommendations for "oh shit" money in precious metals, and can anyone recommend offshore bank account providers. My reasoning goes that I'd want enough cash on hand to buy flights, an offshore account in a stable currency that could be accessed anywhere, and some very small very portable precious metals or rocks that would be easy to carry with me as a just in case. The idea being that it could spare me being one of the destitute civilians I keep reading about.

DSKla
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Re: Precious Metals and Offshore Bank Accounts

Post by DSKla » Sat Jul 15, 2017 8:32 pm

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.

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Chad
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Re: Precious Metals and Offshore Bank Accounts

Post by Chad » Sat Jul 15, 2017 9:13 pm

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.

Augustus
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Re: Precious Metals and Offshore Bank Accounts

Post by Augustus » Sun Jul 16, 2017 12:05 am

Minor clarification, I said enough cash on hand to buy a flight, not gold. An ounce of gold is selling for 1200 right now, so a couple ounces is what I'm talking about, very small, very light weight, very concealable. Only purpose is if for some reason you can't get your cash out of a bank in a short term scenario and you can't lug all your stuff with you, like for instance hurricane Katrina, when a lot of people couldn't.

Also less focused on Syria, more focused on say Poland in the blitz of WW2.

Maybe it's just a silly idea to focus on precious metals? It has a strange possibly illogical allure to me. But small portable wealth that can be bartered anywhere seems intriguing in the kind of emergency scenario I'm talking about.

Offshore bank seems most credible though, and in a different currency. Does anyone know which currency has been most stable over time, esp in say a world war situation?

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jennypenny
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Re: Precious Metals and Offshore Bank Accounts

Post by jennypenny » Sun Jul 16, 2017 6:01 am

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.

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Seppia
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Re: Precious Metals and Offshore Bank Accounts

Post by Seppia » Sun Jul 16, 2017 7:01 am

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

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stayhigh
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Re: Precious Metals and Offshore Bank Accounts

Post by stayhigh » Mon Jul 17, 2017 12:08 pm

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.

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Tyler9000
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Re: Precious Metals and Offshore Bank Accounts

Post by Tyler9000 » Mon Jul 17, 2017 1:20 pm

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
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Re: Precious Metals and Offshore Bank Accounts

Post by Frosti85 » Tue Jul 18, 2017 3:57 am

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
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Re: Precious Metals and Offshore Bank Accounts

Post by Frosti85 » Tue Jul 18, 2017 4:58 am


Augustus
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Re: Precious Metals and Offshore Bank Accounts

Post by Augustus » Thu Jul 20, 2017 10:25 pm

The amounts I'm talking about are so small confiscation is not an issue, but I'd also want it on my person, not in a vault run by some company I don't know on the other side of the planet.

I've settled on the idea of half gold half platinum, I'm moving money from one bank to another anyways, so easy enough to transfer part of it to cash on hand and metal. Small amounts on hand, and 10k in a probably swiss account in swiss francs. Covers the Polish ww2 scenario nicely enough I think.

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