There are two other key measures I have taken. The first involves creating a silver "savings account." I have set up a "holding" with GoldMoney for this purpose. It is of critical importance to use a service that stores real metal in a real vault on my behalf. This is why I have avoided a "silver certificate" program, of which there are many. Here are some of the features of a GoldMoney account that I like.
- It is easy to transfer funds between my local checking and GoldMoney accounts. (Although it used to be a lot easier before some government regulations muddied the water.)
- The holdings in my GoldMoney account can be easily and quickly converted into gold, silver, or one of several major currencies. This means that if I need to make a major purchase, I can simply convert some gold or silver to cash, and transfer that money to my checking account.
- I don't like paying metal storage fees - but those fees are one of the characteristics of an account in which real metal is being held on my behalf.
- You can look at independent audits listing weights and serial numbers for actual metal. Reassuring!
The last practical measure I have taken concerns retirement funding. It is possible to hold precious metals in an IRA. I have set up a ROTH IRA using the services of GoldStar Trust Company. It might seem a little complicated at first, because it involves me and three other entities. But these complications are necessary to preserve compliance with government regulations. Here's what I did: I set up an account with American Church Trust (which has since become GoldStar Trust). Then I began funding that account by transferring some money from another IRA and by making annual contributions. As this account was funded, I contacted my metals dealer to make purchases. These purchases were delivered to storage facilities of HSBC in New York and are held for my account with GoldStar Trust. By this means, I have apportioned a percentage of my retirement account to precious metals.
There is a common theme to all three measures I have outlined. They all involve holding actual metal. Anything other is essentially someone's promise to provide metal. This promise represents another layer of risk, something that I am trying to avoid.
That being said, I want to add one caveat. Government confiscation, economic meltdown, political turmoil, anarchy - any one of these could make all my preparations moot. My attempts to be wise and avoid risk must be balanced. My ultimate security is not in silver but God. I refuse to fix my "hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy" (1 Tim. 6:17). In this matter, I would counsel you do to do same! Fix your hope on God who is our hope, no matter what.
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