‘So when gold stumbles there are plenty of experts willing to put the boot in.’

They can’t be experts if they didn’t recommend Gold and Silver

Nice link: Dubai Mall is much more congenial than the old Gold Souk. I suspect it will be a little more expensive however.

That was a good summary of why most folks in the financial sector (and their pals who are talking heads in the TV “financial news” media) will always diss gold and silver.

The last thing these people want to see is a large segment of the investing public pulling their money out of stocks and bonds, and into gold and silver.

It is simply not in their best interests if the investing public to do that!

Every time gold goes up, the commentators cry ‘bubble’. Each time it goes down, they nod sagely that the inevitable crash is occurring. This has been going on for years.

It didn’t work that way with the tech-stock and the housing bubbles. The attitude then was “the price has gone up therefore it will go up further; let’s get on board before it’s too late”. The talk at dinner parties was “I bought for x and now it’s worth y, isn’t it amazing”.

I wonder when attitudes will change. Perhaps they already have on the streets of the UAE:
http://www.thenational.ae/business/markets/jewellers-struggle-as-gold-bar-sales-surge

It’s great to read an article like this with your professional authority behind it, Ed. I wonder on what other website would we find the wisdom to challenge aggressively the financial advice profession? Actually, I think there is one other and that is GoldMoney.com

I think it’s perfectly possible for a profession to get into a delusional system.

The generals in the First World War believed that the only way to attack and defeat the enemy was to send as many men over the top and across no man’s land armed with little more than a rifle. Then, in the last year of the war, it was accepted that you get across inside a metal container and fire something more than a rifle at closer range whilst not killing your soldiers as if they didn’t matter.

There’s another example of a professional delusional system and that is in the medical profession where, in the UK, the professors stated for years that ADHD did not exist, even though it was the best researched childhood disorder in terms of diagnosis and treatment. Even now, the delusional system still persists in regard to recognising ADHD and treating it in adults, even though the National Institute for Clinical Excellence in Britain has basically told adult psychiatrists to get off their butts, get real and get up to date.

I think that there is a professional delusional system within investment management with its own language and concepts, so that if you start talking about bullion and not shares, PE ratios, bonds and yields, you have stepped outside the social grouping in which these investors live and move and have their wretched being.

Instead of the conversation being what is best for investors and living within a different intellectual system, they stick to what they know and refuse to learn something new, ie bullion investing, to add to their professional skills. It’s like those adult psychiatrists who have got quite enough diagnoses to be going on with, and we are not going to ask what is best for our patients.

At least, the internet allows people like us to rail at these greedy and, as you say, incompetent-over-the-last-decade financial advisors. Hopefully, there will be people reading or talking to those who have read what we write here who will begin to prick the bubble of delusional thinking in the minds of ordinary investors.

For example, anyone wanting to put his or her pension into bullion can do this through a link up between Standard Life and GoldMoney, thus bypassing those deluded investment fund managers who are simultaneously fleecing their customers.

In the UK, you pay your regular pension premium to Standard Life who open an account for you, into which they put what they claim from the Inland Revenue for you. Standard Life then pass all the money as it comes in into an account with GoldMoney, which is in your name but which only has one exit for money coming from any sales of bullion you decide to make, and that is back to Standard Life.

However, whilst it is in GoldMoney you have access to it to decide whether to buy gold or silver and how much of each and whether you sell and when. In other words, you manage your own pension investment in gold and silver without any deluded advice from professional investment managers, who take what they can for the rotten advice they give you.

Ed: do you have a recommendation where to store your physical? Bank safety deposit box? Mike Maloney recommends a non-bank facility such as Brinks (don’t trust the banks!). There is one in Dubai (not Brinks) but it is way over near Sharjah.

I see from King World News that Gerald Celente is now 100% in gold. He obviously felt that 80% was an inadequate allocation!

@philcu, according to the DMCC website, Brinks operates the vault in JLT, see link below:
http://www.dmcc.ae/jltauthority/gold/dmcc-gold-vault/
http://www.brinksglobal.com/contact_us/middle_east.aspx
Ed probably has a better insight into the local storage facilities though.

@ philcu:

You definitely do not want to store your physical in a bank, especially a large bank. If there are “credit unions” in your country, then see if the credit union has safe deposit box facilities. I use safe deposit boxes at credit unions in the US. They are not subjected the same federal rules as banks, and they’re much safer.

Thanks guys for the info on safe deposit boxes. I notice that another convenient option in the US is to use safety deposit boxes in casinos.

Alas there are no casinos in the UAE. No credit unions also. Regarding the banks, there is a different dynamic than the US. There is less regulation, and shall we say “fewer prying eyes”. On the other hand, your assets are apt to be frozen in case of death or legal difficulty!

I store my gold and silver in the London specialized vaults owned and operated by VIA MAT International, which is one of the largest independent vaulting and secure transport companies in the world.

VIA MAT insures the vaults against risks such as theft, and their insurance premiums are exceptionally low because of the high security of their vaults and transport arrangements.

Couldn’t be easier when it’s all done for you at the click of a mouse button!

geez its so small….i vote for sheetrock mud n paint(hidden word map in code for relatives upon sudden death put it w/rest of very important papers?).

if its in a safety deposit box, have someone else a signer on the key(your mom, not your wife…n have her get it out BEFORE you die if u can)…the govmint feds have a keen interest in safe deposit boxes upon death…..tho those guys are usually too busy just dealing with what is hitting them in the face to go looking for stuff.