What business/businesses are you dealing with to make these transactions?
Who, in your opinion, are the most trustworthy in this business?
I’m just starting this process now, and I would like some feedback from some people already doing this.
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Is switching IRA to Gold-Backed IRA recommended? I don't have any idea of the risk of doing this option since someone else holds the IRA, or it may only exist via digital bits.
Also do you know if one does switch to Gold backed IRA, of the entire IRA has to be converted, or if only a portion can be switched?
Last question, do you have any knowledge or experience with Legacy Precious Metals. I seen the guy interview by some conservative blogger, and kind of got a sense of trust with him. Thanks
"Metals backed anything" is well beyond my risk assessment, in my opinion. "If you don't hold it, you don't own it" applies to many things, in addition to PMs. I've left my own IRA right where it is, but opted to cash out my 401k instead, because I can control my own destiny, as it were. Depending on the size of your IRA and how much physical metal you already control directly, maybe it would be worth looking into a metals backed IRA, for the purpose of diversifying and spreading your risk factor out. For me, it doesn't make sense, currently.
It very likely depends on the brokerage your IRA is currently with and the company you select to transfer it to. I didn't see this question in the legacy FAQ section, so it would be better directed at the company you intend on doing business with.
None, never heard of them. The places that advertise all of the "trusted" talking heads are the places I'm most wary of. Right Side Broadcasting Network advertises a place too for metals backed retirement accounts, so I'd look into them OR I'd look into the places the websites I listed above advertise. Most online bullion dealers have a relationship with converting retirement accounts. Whoever APMEX uses would also be top of the list, but I'm guessing their fee structure is much higher than most places (since their clients are very likely high rollers).
Really appreciate the thoughtful and well formatted reply.
I think I read somewhere that if one takes the route of taking deliver of PM, that we value of metal decrease quite a bit due to it losing its purity certification, or something like that. This may just be a ploy to keep people from holding pm.
I agree that unless you hold it, it's not really yours. It seems to me that holding many small value pieces, like a bunch of 1/10 oz pieces would be better than holding a few big pieces i.e 1 oz. from a barter standpoint. But in a certain situation, since one cannot eat pm, things like medicine, whiskey, bullets, fuel, would be better for barter.
Will land/property be a good investment? I think only if you can buy it outright. Anything where bank holds a mortgage, well the bank owns it, and can take it when one can no longer afford to pay mortgage because of money devaluation.
There are a few things I need to do to better secure my home, like put of fence along front. A fence would in my view would better mark a demarcation point for threat assessment than a simple property boundary, and it would slow someone down a bit. I'm thinking that if I have to liquid funds, this kind of thing would be a good way to spend it, rather than letting it site in bank (credit union).
Yes - ploy to keep you from owning anything "valuable". I've never heard that before about taking delivery, but I could see "them" saying that because taking your real money (PMs) out of their system devalues their business. PMs should always have a purity and weight marks, whether it's from an individual, private, or government mint. Some private mints come with assay cards to help verify authenticity or Sunshine Mint's "hologram" verification, or other security features built into the coin/round. Bottom line is that I wouldn't worry about "losing" anything for taking delivery of your assets.
Fully agree. The downside with purchasing smaller than 1oz with either silver or gold, is that your premium cost is much higher which means you pay more fiat to get 1oz equivalent of metal. But, I like to diversify with varying amounts of metal weights (.10, .25, .50, 1, 5, 10, 20, etc) for "barter". But Q told us, that while things will get bad....the world isn't going to go full Mad Max.
We should be prepped with all of the things you listed, but many forgo PMs, due to intense propaganda against PMs, and the dumb reasoning "you can't eat it". Nevermind the fact that we've used PMs all throughout history until 1964 when we took the last silver out of our coinage (and it was actually worth something).
Land will always be a good investment, simply because "they aren't making any more of it" - even if property taxes are just another form of government theft. Fiat is becoming worthless day by day, so you're better off either spending on necessities, buying land, prep gear, or PMs. Keep a few months expenses in cash/bank for emergencies, but get rid of the fiat. Sitting in a bank account is no bueno - not to mention the bank runs once the economy fully collapses Great Depression style.
Sounds like you're well on your way for being fully prepared for what's to come. I like the idea of a fence just to be more private, but your reasons are more practical.
One can stray across property line, but crossing a fence is an intentional act.
You ever see this interesting piece: The CW2 Cube -- Mapping The Meta-Terrain Of Civil War Two by Matt Bracken. Matt is ret. Navy Seal, and has studied civil wars around the planet so I think he has a good understanding of their realities.
And I must point out that it need not come to a full fledged civil war. If your, or my town, or city, or neighborhood explode into violence, for us the same immediate dangers would exist.
I live in a very conservative city, in a conservative state (where running over someone blocking the highway is legal), but as the cube points out, I must be mindful of what exist around me.