Admittedly, Las Vegas is not my favorite place in the world. There are many other cities where I’d rather spend my free time. But out of necessity, I do find myself there fairly regularly, and if nothing else, Sin City has provided me with two very valuable life lessons, which can be applied to either gambling or investing in precious metals.
Gold and silver are experiencing an impressive rally at the moment. The yellow metal is up 20% since January 1st and 29% year-over-year. Our favorite white metal has fared even better, producing returns of 25% since Jan.1 and 36.5% year-over-year. This is all good news for precious metal investors, who have been waiting a long time for this rally. But the big question for many still remains; will we see new record highs (in terms of US dollars) for gold and silver, surpassing the highs we experienced during the last financial crisis?
In this article, precious metals expert Mark Yaxley, General Manager for Strategic Wealth Preservation in the Cayman Islands, addresses a common question asked by investors who are thinking of buying precious metals; “Should I buy gold or silver? Which is better to own?”
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.