Over the years, I have had a few calls such as the one I received Friday, from the son of a deceased customer of mine. I think he must have been maybe 60. I didn’t ask, but his Dad had died recently, younger than me, and the son had all he old man’s gold and silver. His Dad had been very wise. He had made a lot of money, and rather than placing it in a dollar denominated retirement plan, such as an IRA, he bought a lot of gold and silver from me, put it somewhere safe, and when he died, there it was for the kid to enjoy. The son called to ask me how to sell it. There is lots of it, and due to being ignorant of basic economics, as most Americas are, he had no idea of how much it was worth, or what to do with it. Dumb.
My answer was, ‘If you wish to sell it, call me, I’ll sell it for you, lock the price in, you ship it, and when it arrives, I’ll send you a check.’ “Really?” My next question was, ‘Do you need money?’ He answered, ‘No, not now.’ I then said to the effect of, ‘Congratulations, does anyone know you have it?’ ‘No’ was the reply. I then pointed out that his late father was a very smart man. He took his surplus money, after paying taxes on it, and bought gold and silver, which are, always have, and always will be, real money throughout the world. “Really?” He didn’t put it into an IRA, savings account, annuity, or hide the dollars under his mattress. I assume his home and other possessions were in a trust, so the kid probably didn’t have to pay an inheritance tax on it, but I didn’t ask. Had the father placed his money into an IRA or other government approved, taxable, dollar depreciating account, which are safe only in the number of dollars, but not their value, the son would have been far poorer than he now is. If he wanted to know how much it is worth, he could go to our website, and click on “How to sell.” “Really?” The son was rapidly getting economics 101 from me.
I then pointed out that his late father was thinking about him as well as himself. Had he lived longer, he could have sold a few gold coins to make his life pleasant if he wished, and if not, his son would get them with no tax, and the gold and silver could be passed on generation after generation, if so desired, and no one would know about it other than the family member possessing it. “Really?” The son was suddenly rich, and he hadn’t known till he called me. He does now!
Marriage is important. A few years ago, I had a client who was very wealthy, bought lots of gold from me, and had lived with this gal for many years. He died, and his daughter took the gold, even though, in writing, he had desired it to be left to his woman friend, who he loved, but to whom he was not married. He had kept the gold in a safe deposit box in his bank, and when he died, his daughter took it. She cared not a whit about her Dad’s desires. She was going to be rich, and she was his daughter, not a girlfriend. His long-time female friend, to whom he was devoted, was left broke, and out in the cold. Why didn’t they marry? Because, as he told me once, when I asked, ‘We’re too old to have kids, so why marry?’ His gal knows, but he’s gone, so it was too late. Words can’t express my sorrow for her when she called me and asked if I had a solution. I didn’t. Save your surplus assets in gold and silver, not in dollars, or dollar denominated things such as annuities and IRA’s, and for goodness’ sake marry the gal. Is a safe deposit box safe? Yes, as far as robbery is concerned, but I am not sure about whether death or government nonsense of some kind, may make such a storage place un-safe.
Another thing people ask me after the death of a parent or mate. “’Do I have to tell my lawyer about this?’ I say absolutely no. That would place the gold and silver into probate, and the taxes would then be levied on it. That might be very complex also, as the taxes would be based on its cost, value when the death occurred, etc. Forget lawyers if at all possible. The son I mentioned above, must have had his Dad tell him where the gold and silver were before he died, or he found it while going through his belongings. Am I trying to urge someone to avoid taxes legally, if possible? That’s just common sense. The gold and silver were obtained after the father had paid taxes on the money he used to buy the stuff, and I think inheritance taxes have been mainly abolished anyway.
“Blitz”
“Blitz,” is the latest book written and promoted by conservatives, and in spite of its silly title, there was a large ad in the Journal about it, offering a free one if I called an ‘800’ number, which I did. It was free if you joined some group for a year. One would think that a patriotic, conservative book author or promoter, would use an American, in America, to take calls, wouldn’t you? I called the ‘800’ number, and got a man whose English was partial at best, so I hung up and tried again. The second answerer was a female, whose English was barely passable, and I first asked her, “Where are you?” She was in the Philippines. I hung up in anger, and bought it from a U.S. book seller, paid for it and joined nothing. The so called “Blitz” of its title, is supposed to be so influential and mind changing, that it will cause voters to overwhelmingly vote for Trump in November. It isn’t any ‘blitz,’ but obviously a quickly written book, whose author, David Horowitz, must have had a great publicist. I have heard that negative ads often do more harm than good, and the book is far too negative. It lucidly exposes, in detail, all the dirty tricks the Democrats have been doing since the day Trump announced his candidacy. It itemizes all the crud the demos have been up to, but I don’t think this will be a ‘blitz.’ Would voters take time to read about how awful Biden and the demos are, or would it be far better to tell them how great Trump has been? Seems like most conservative broadcasters or office holders write a book. I thought I was now immune, as I bought a lot of them during the Clinton years and Hillary’s futile efforts. Enough is enough, but I bought this one. There are far better places to spend $30 or so, on books by various authors, who all have the same things to say about the hideous Democrats, their far-left leanings, or Joe Biden’s pretty obvious stupidity. In “Blitz,” I would suggest, if there is a re-print, to eliminate chapter 11, and eliminate the far too many repeats of Democrat efforts to oust Trump in some chapters. That’s why I think it was written hurriedly. However, Chapter 13 is outstanding, and a very positive delineation of Trumps’ accomplishments. I would urge Trump, Horowitz, or whoever is running the Trump campaign, to print Chapter 13 by the millions, give it a good title, and give it to all voters, not sell it. That might do the trick, as it is 100% positive about what Trump has accomplished, and why America needs a second term for him. That’s what voters need to know, not how evil the demos are.
Don Stott
-don@coloradogold.com