Our resident precious metals guru, SWP General Manager Mark Yaxley, answers the question “What should I look for when considering storing precious metals offshore?” When it comes to storing precious metals offshore, there are two main areas that investors need to consider. Number one, is the jurisdiction where the metals should be stored and secondly, is identifying the best secure storage facility within that jurisdiction.
“How do I get it there?” is a question I’m often asked by clients who wish to move their gold or silver from their homes into a foreign country. Usually, their intention is to move it to an offshore depository for long-term storage. Surprisingly, it’s much easier and far less risky than most people think, if done correctly. Hundreds of shipments containing relatively high values of gold and silver are shipped around the world, every day. Here’s how it works.
Prudent investors have held precious metals in their portfolios for thousands of years. Since 1998, when precious metals first qualified to be held in IRAs, that trend has continued for the same reason - because precious metals are still the only form of money that is not simultaneously someone else’s liability.
“Can I carry my gold and silver across the border?” is a question I’m often asked by clients who are either planning to buy metals in a foreign country to bring home with them, or planning to hand-carry metals to an offshore location for long-term storage.