My toll-free number is a thing of the past. After dealing with two phone companies, I discover that my toll-free number doesn’t belong to me but to a company called Lumen, which is impossible to deal with, so in the unlikely event than anyone wants to contact me, from now on it is 1-970-249-4646. Saves me $75 a month.
Now about the IRA. An IRA is a safe place to store your metals, if you don’t object to giving your Social Security number, letting government know you have it, what you paid for it, and when you bought it. Also, when you sell it, what you sold it for, and when you sold it. The difference is taxable. If you want to pass it on to your kids, I’m not sure how that works, since I don’t have an IRA, but I’d bet it would involve all sorts of inheritance taxes. That about sums up my position on IRA’s. If you are employed and have a probably compulsory IRA in dollars, I think you may be able to convert it into gold and silver. Consult your company’s treasurer, or maybe David, Melissa, or Morgen. I’m retired, and haven’t done an IRA for several years.
Store in safety? Secure storage at home, will cost you less than an IRA storage. Yes, they do charge fees for their IRA storage. A good alarm system, a safe, and some guns will do the trick, and keep your entire household safe, not just your metals. Bury it? Sure, if you draw a map where it is and give it to your kids, and maybe bury it next to a metal drain pipe to escape metal detectors. When you buy a safe, borrow someone else’s pickup, and pay cash. Don’t allow delivery, as people than know you have a safe..
If you are smart enough to own precious metals, you don’t want anyone to know about it; and if you die, you don’t want lawyers to put it into probate. You want your kids or to whoever you leave your real money, to know where you stashed it, so they will have untaxable access to it. After all, taxes were taken out of your pay when you bought the stuff, why should it be taxed twice?
Is the value of your metals going up? Of course not! The value of the dollars you buy them with, is going down, and that’s why you shouldn’t save in dollars, any more than you would store life giving water (which is what gold and silver are), in a leaky bucket, or food in a broken refrigerator. The food will spoil and the dollars are too, only not as fast as the food stored in a warm place. The metals’ purchasing power remains the same. What you purchase things with, (dollars), decays, and that’s why those dollars will continue to buy less and less, including gold and silver. It’s the same gold, silver, tires, milk, gasoline, jeans, and what you have to buy. All will continue to go up, which is inflation, caused by an increase in the money supply. That’s not my opinion, but a simple fact. I’m keeping track of consumer prices now, and will compare them in four years. Please pray that Biden continues, as if he doesn’t, the current vice-president will become president, and do everything in her power to destroy the America we all love and cherish.
It’s too bad my kids have to be in this business. They wouldn’t if consumer prices, gold and silver, had remained static for over a hundred years, as they did. Gold @ $20.67 and silver @ $1.25. No inflation, no wars, and your gold and silver were the coins you used to buy stuff. Everyone had them! Those times will never return, so we have to preserve our assets in things other than un-backed paper money, which has lost 95% of its purchasing power (value) over the last hundred years. I know, this sounds repetitious, but I can’t help it. It has to be said, and it’s so simple that anyone can understand the problem and its solution, if they stop, think, read, and be logical.
-Don Stott
don@coloradogold.com