When we see currencies of countries devalue at that rate we have seen over the last year or so, it has to make you a little bit more predisposed to acquire that timeless relic which seems to maintain its value over the long run, gold.
Since many of us have no back yard to bury it in, and those of us who do don’t think much of the idea, goldmoney.com has seen a veritable goldrush of business. With goldmoney.com you can acquire gold and silver and the lowest prices available anywhere and for a nominal fee leave it stored in their vaults in either London or Zurich.
Maybe since the English government has shown itself to be not a respecter of private property in private vaults, raiding and confiscating where they see fit, maybe you will choose Zurich.
But there is a problem with goldmoney.com; that is, unless you are very wealthy.
One need not be very wealthy at all to have decided to put ones assets into a trust for estate planning purposes, speed the disposition of your assets upon your death, and keep your private business upon death out of the newspaper and public record. Not to mention saving anywhere up to 15% of the value of your assets in probate fees.
So you have a trust? Congratulations. I’m sure your attorney instructed you to title all of your assets in the name of the trust, right? So far so good.
Now try to open an account at goldmoney.com in the name of your trust. No problem. Simply fill out a stack of paperwork an inch thick, sign in triplicate and have everything notarized along with some fingerprints and a couple pints of blood – all to keep Uncle Barack happy, and you’re done.
Well, not quite. You still need to transfer funds! Since the account is in the name of a trust, however simple and humble it might be, the minimum deposit it US $500,000.00.
Still breathing? That’s right, half a million smackers is the minimum investment for a trust. Or a corporation for that matter.
I contacted goldmoney.com to confirm this policy. Here is the response:
Dear Customer,
Thank you for your message.
I am afraid GoldMoney management have made the decision to only open trust’s that are professionally managed and looking to invest USD500,000 in gold/silver. I am afraid there is no other way of opening a trust if your trust does not meet the above conditions.
I am sorry I could not be of further help!
With kind regards.
I can’t help but wonder what went on in the meeting where that policy was hammered out.
Like it’s really a big deal that the account is in the name of a trust. And I thought James Turk was all for the little guy as well.
Maybe next time.
