by Jeff Thomas,International Man:
The image above shows a one-kilo bar of gold (worth roughly $150,000 at present).
Although my associate was joking when he placed one in his back pocket once, the gesture serves as a reminder of a basic principle of gold ownership:
Keep your bullion in a place where you maximise your control over your ownership of it, whilst minimising the control others (such as banks and governments) have over it.
At one time, banks were a primary choice for the storage of gold, but that’s changing rapidly. Why should that be? After all, the very idea of modern banking grew out of the storage of gold by goldsmiths.
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For quite some time, I’ve been predicting the coming of cash controls in the EU, US and other countries that are awash in debt and, for all practical purposes, are insolvent.
Any country is likely to suffer from periodic negative monetary trends, even those whose governments are fiscally responsible. However, in the above jurisdictions, the problem has gone far beyond that. The problem is systemic, which means that a recovery can come only with a collapse and reset of the system.
Historically, when governments find themselves in this fix, they do the exact opposite of the right thing. They prolong the existing situation as long as possible, kicking the can down the road, assuring that the final collapse will be the worse for it. The government in question will print money, raise taxes, impose protective tariffs and implement capital controls.
All of these measures are harmful to the populace, particularly to those who have made the effort to save, storing their wealth (however large or small) in cash, precious metals, real estate, etc.
Source: SGT Report
