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THE WAR ON WEALTH (what every gold holder should read)

BUYING GOLD/SILVER, GOLD & SILVER, GOLD AND MONEY, GOLD/SILVER CONFISCATION   No comments yet

With tax day rapidly approaching I thought it wise to see if blame the wealthy has kicked in yet. Not to my surprise one of the largest California papers stayed true to my blame prediction.  If you own or soon will own silver or gold please pay close attention to today’s post. We are about to enter an age of blame that will with all certainty include folks just like you. Your plan for 2012 must include precautionary wealth.


The Sacramento Bee is the proud originator of this article. I want to hit the high points before adding our two cents.

If California taxpayers paid up, state’s deficit would disappear. THE SACRAMENTO BEE

As Californians put the finishing touches on their income tax returns, tax collectors say the state’s $9.2 billion deficit would drop to zero if all taxpayers submitted what they owe.

That means every resident claiming the market value of tattered jackets donated to charity. Every business reporting every dollar of income they receive even when paid in cash. Every service worker reporting every tip. And every resident paying use tax on Internet purchases.

But full compliance does not occur.

In a new estimate, the Franchise Tax Board says that $10 billion in state income taxes go unpaid each year, often when workers receive payments under the table, businesses skirt reporting requirements or people take deductions for which they do not qualify. The state Board of Equalization says an additional $2.3 billion in sales and use taxes go unpaid.

“It’s our way of investing in society for the various benefits we receive,” said Jerome Horton, who helps oversee the state’s two major tax agencies as chairman of the Board of Equalization and board member at the Franchise Tax Board.

Horton is pushing Senate Bill 1185 with Sen. Curren Price, D-Los Angeles, to create a “Centralized Intelligence Partnership” that would coordinate data across state agencies to flag tax evaders and people selling illegal goods and services. It would incorporate data from agencies ranging from the DMV to the Department of Consumer Affairs. READ MORE HERE.

PROSPECTOR: I want to make full disclosure from the start. I’ve owned multiple businesses in California and very familiar with the state’s monetary miscues. I read this article two times just to make sure I didn’t miss anything, I did not. But what the article should have said I’m saying right here.

Articles like the one above must serve as a giant red flag to PM (precious metal) owners.

We mustn’t view this as an alarmist but realist. The article screams “look out” loudly and all with wealth must understand what is not written into the article. It is quick to continuously point out the need for all to pay fair share echoing the same tune from DC. Personally, it only validates my savings in silver and gold.

There is no mention of massive regulation and the multiple layers of bureaucracy necessary to administer business busting policy. No mention of millions illegally manipulating a welfare system, health care system, and multiple other programs too. Nothing mentioned of swollen entitlements imploding from an unsustainable system regardless of tax revenue.

So what is the truth?

The truth is some taxable revenue always falls through the cracks. Not everyone completely stops at a four way. Not everyone drives the speed limit, not everyone pays taxes on 100% of their taxable income, sorry. The truth is most business owners (independent employees) are simply trying to survive.

But this is a prime example how bigger government or states like California don’t get it. To focus on the 10% unpaid and not on real issues is ridiculous. Why? Because to squeeze hard enough to juice the remaining 10% requires driving out thousands of compliant taxpayers and businesses. This is exactly why I’m not writing this from California.

But this goes beyond what most see as apparent!

This is about taking sides. This is about us against them. This is about if only the ones not paying fair share paid more. This diverts attention away from state level monetary miscues and puts the blame on the tax payers. Who needs to shrink government if we can milk a few more billion from captive Californians?

This is where we must tie today’s post into silver and gold.

We are now entering an era where all wealth targeted. Do you actually think the big squeeze stops with the guy mowing lawns for cash? Look around to prove my point. How much wealth do you store in indefensible assets? Your home targeted by property taxation, all your vehicles too. Your savings fall victim to inflation. Washington now has big plans for private retirements. The list of defensible assets is short.

The freedom to own silver and gold provides an opportunity to practice precautionary wealth.

Let me explain. Silver and gold provide hidden savings and wealth, few assets can say this. Here is a list explaining the benefits of hidden wealth (precautionary wealth)

  1. Precious metals still offer unrecorded ownership.
  2. Precious metals are a worldwide universal currency.
  3. Precious metals can be stored outside of country of citizenship.
  4. Precious metals ignored as a store of wealth.

Not a day passes without someone mentioning silver or gold confiscation. To me, this is less likely compared to confiscating more traditional assets via inflation and government overreach.  Articles like today must serve as a sign of what’s to come.  “Yes” it’s time to turn up the savings in silver and gold.

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THE DAY I LEFT IT ALL BEHIND

GOLD & SILVER, SOCIAL UNREST   1 comment

July 15, 2009 was a very hard day for me.  This was the day my family said goodbye to friends we didn’t want to, pulled out of our recently sold driveway, and headed into a life unknown.  Many of our readers, maybe you, are facing the same uneasiness I felt several years ago.  If you are contemplating a big move like mine I will keep you in my prayers asking for strength, wisdom, and guidance.  You will need all three trust me.  Today we look at leaving it all behind.


Trading a home less than a block from the beach is not an easy sale for a guy.  Trading blowing sand for blowing snow is certainly not the move of choice so some may be asking why do it?  Don’t get me wrong relocating to a flyover state has many privileges especially for a guy who loves cutthroat trout and trophy elk.  But the fact is most American comfort states come with a hefty price and to be honest the price is no longer worth it. My move was not from distress but more about independence.  Your motivation may be different.  It was the best move, literally, I ever made and here is why.

Comfort states like California are in strangle from safety nets and regulations. It is almost comical to watch city and state officials argue curtain colors when the entire house is on fire.  Sure most talk about job creation or business friendly environments but actions speak the loudest.  It is becoming obvious the working man will pay his share plus some as comfort states milk every cent from those unwilling to relocate.  Property tax revenue is (was) in such decline rumors of major academic and athletic cutbacks swirled the halls of nearly every public school.  I questioned how long it could be before once safe streets fell victim to social unrest of all kinds.

My little city by the beach answered economic decline by regulating the fishing industry into near extinction and then packed on additional room tax for the few motels willing to stick it out. Once million dollar assets, beach houses looked more like liabilities with each property tax payment due.  Overcrowded classes, crime, gangs, prisoner releases, all equaled a state no longer home.  The sad fact is fly over states practicing fiscal sanity are holding up better than ones described.  All states will feel the pain but some states feel it more.

SO WHAT ABOUT YOU?

My story is history so what about you? Are you one of the masses talking about something different but unwilling to take the next step?  Where will you go, what will you do?  I’ve heard many say they would like to do what I did but most mention family as the reason to stay.  It is a big decision and I won’t pretend to say where the best place for you is.  What I will say, for what it’s worth, flyover states are finding less regulation,  less entitlement, and less government equals more employment, stronger economy, and better schools.  This same type of independence and freedom is what attracts us to gold and silver.

Thanks for reading The Prospector Site.

NEWS WORTHY:

“Issue No. 2 is the continued anxiety in the United States that the recovery continues to stall and that we will not be getting growth as strong as we would need in terms of corporate profits,” said Mr. Ballew.

“If you are in the market right now, you’ve got uncertainty on top of uncertainty on top of uncertainty,” Mr. Ballew said. “You have got a pretty toxic mix.”  NEW YORK TIMES.  Read it here.

PROSPECTOR:  More concern grows by the day as governments around the world attempt to solve debt derived problems by spending more borrowed money.  Anxiety, as mentioned in the above article, is the new norm and this creates a breeding ground for gold demand.  Make no mistake gold and silver will continue to find well deserved notoriety as the only safe currency worldwide.  Please take a look at gold and silver soon.


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FINDING YOUR POT OF GOLD

BUYING GOLD/SILVER, GOLD & REAL ESTATE, GOLD & SILVER, Uncategorized   No comments yet

Just over 150 years ago a small group of Northern California prospectors picked up their tools, cursed an unproductive river, and then headed north in search of  better gold.  What they also left behind, certainly not by choice, is one of the largest gold nuggets ever found weighing 100 ounces.  The lucky owner who recently found this nugget cashed in one of the largest hunks of gold with very little work on his part.  Your probably not going to be as lucky with gold or silver.  Today we look into finding your pot of gold.


Most of our readers, probably you too, are not wealthy enough to simply trade gobs of cash for gold/silver. Most of us scrape up a little cash then buy some precious metal.  Sell something for cash and then buy some more precious metal.  I understand how this works because this is exactly how I did it.  I can’t tell you the exact date but one day I realized my little stash was growing into a respectable size of precious metal.  This savings in real money motivated me in a new direction chasing my “want” list away and replacing it with “need” only.  Here is what I mean.

I found discipline in other aspects of my life as I saved hard to buy gold and silver. Suddenly a new truck or costly trips seemed less necessary.  I began to look at all things in gold cost not dollar cost realizing if I didn’t buy the new “want”, whatever the want was, I could take the same amount of money and buy more gold.  This created a twofold benefit for saving since my gold was going up at the same time.  I guess what I’m saying is that your pot of gold may end up being several cups full eventually adding up to a substantial amount of gold.  Each tiny cupful is a huge helping of freedom and independence that few others will ever realize.

This will sound strange to some but the price paid for silver or gold is tiny in the overall picture. If economic issues continue the direction headed you will find little reason to worry over what you paid for physical metal.  Let me take silver as an example.  Let’s say you had bought $5600 in silver (800 ounces) not long ago.  We recently posted how this same 800 ounces can now buy a newer home in Arizona that sold for nearly 200k not so long ago.  Our example, of your silver, shows how one asset kept its buying power as another asset lost it.  This cycle of assets is historical and the trend is heading toward more of the same with gold and silver on top.  Now, go out and find your pot of gold even if it’s one small cup at a time.  Thanks for reading The Prospector Site.

NEWS WORTHY:

BLOOMBERG:  U.S. Consumers Relying on Credit

“Consumers, particularly in the lower-income end, are being forced to use their credit cards for everyday spending like gas and food,” said Tavares, who’s based in Atlanta. “That’s because there’s been no other positive catalyst, like an increase in wages, to offset higher prices. It’s a cash-flow problem.”

The swings in purchases of fuel and food have been “dramatic,” Tavares said. The volume of gasoline purchases placed on credit cards jumped 39 percent last month from a year earlier, compared with a 21 percent increase in June 2010, he said. Food shopping increased 5 percent after falling 7 percent last year.  Read it here.

PROSPECTOR: This is very concerning but not unexpected.  As prices of everyday necessities increase so will the dependency on credit, government, and aid.  Excessive money printing always leads to inflation.

NEWS WORTHY:

COMMODITY ONLINE:  After silver, Copper is next in line to be gold

Another seemingly less sophisticated means of investing in copper but my no means less effective is to collect pre 1982 pennies. Many people may not be aware of this but pennies made prior to 1982 are made from pure copper whereas pennies made after 1982 are only coated in copper.

Another interesting thing to consider about copper is that it may play a significant role in future purchasing as the US dollar and other currencies continue to lose value. Many experts agree that fiat currencies (basically paper currencies) all lose value over time but a commodity such as a base metal or precious metal do not.  Read it here.

NEWS WORTHY:

CYPRUS MAIL:  Couple attempt to rebuild lives after coin theft

This, of course, is no consolation to the victims, Caroline and Barrie Carter, who lost their life savings and retirement fund – 200,000 euros worth of gold coins – when they went for a rare night out earlier this month.

They were proved terribly wrong on the evening of Friday, 10 June. The robbers struck at sometime between 9.15 and 9.45 pm. Michelle had just popped out to pick up a takeaway. It is likely the thieves had been watching the house to ensure no-one was at home.  Read it here.

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WHY DEBT WILL MAKE HOLDERS OF GOLD RICH (Part I)

GOLD & REAL ESTATE, GOLD & SILVER, GOLD AND MONEY   No comments yet

History will someday tell a story of the greatest unarmed robbery of all time.  This same story will also tell a tale of 2% that had the foresight to look down the doomed path making financial adjustments before it was too late.  Today we start a three-part series on why debt will make gold holders rich.  My personal goal is not so much about wealth as it is independence.  Freedom to make decisions not based on desperation by what is right.  If you are new to precious metal investing let me say congrats and thanks for taking the time to read The Prospector Site.


As I write, as you read, politicians are embattled to see what it will take to raise our countries debt ceiling. The compromise will include new taxes, more government, and new “investments” by all of us. Do you know why it is imperative to raise the debt ceiling?  In one sentence I will answer what politicians will take months to argue.  The debt ceiling must raise to pay on interest only with more borrowed money. If you think this is sustainable please don’t buy any gold or silver.  In fact, your time will be better spent by navigating away from this website.

The ill effects of this debt will make physical gold holders wealthy but for all the wrong reasons.  I have been candid saying my dream is for gold to settle around $500 per ounce since this would show fiscal sanity returned to this great country and our dollar is once again valuable.  This is not happening anytime soon.

As we watch real estate tumble, jobs vanish, and our middle class slip into poverty many ask what will it take to get back to normal? What if I said normal was as abnormal as a Hollywood movie set made of store front facades with nothing behind the illusion but angled 2×4′s used to hold up something unreal.  Your neighbor making $50k per year shouldn’t have had a $400k mortgage, two car payments, boat payment, and $10k in credit card debt.  Yep this was great for the economy because new things were built, banks made loans, and car production was cranking but as we look closer it was all a facade.  Your neighbor should have actually lived in a 1200 square foot home, drove a moderate car, and saved the trips to the lake for shoreline picnics.  I hope you are not the neighbor I’m speaking of.

I want to tie this into what is happening with government spending (debt).  Most folks don’t realize significance of debt ceilings, bailouts, etc but what is happening is this.  Our government is stepping in, spending, on things you no longer can afford to.  They have replaced your side of consumer spending attempting to prop up the economic facade mentioned above.  Does this sound healthy to you?

So many ask what precious metal to buy and when not realizing these two things have little to do with the power of ownership.  As long as the debt train is rolling the only thing important is to own physical gold and silver to prosper.  Of course some metal types will prosper more and we have been open about what they are.  The doors of debt are blowing open and one by one folks will realize this life was not real, not normal, and not healthy.  Part of this revival will include the newly educated clinging to real assets like gold and silver.  This panic induced demand will propel a limited supply of precious metal to a point unthinkable.  Is it time you considered owning real money?

NEWS WORTHY:

REAL CLEAR POLITICS:  Harry Reid Moves Forward With “Shared Sacrifice” Legislation

(b) Sense of the Senate – It is the sense of the Senate that any agreement to reduce the budget deficit should require that those earning $1,000,000 or more per year make a more meaningful contribution to the deficit reduction effort.  Watch it here.

NEWS WORTHY:

SURVIVE THE CRISIS:  Debt Addiction Depression Destruction

“Modern economies were created by the collusion of bankers and government. The banks are now collapsing and only the governments are left. It’s like watching a two legged man trying to stand on his one remaining leg. How long will he remain upright and in what direction will he fall?”  Read it here.

PROSPECTOR:  The above article originally ran in 2009 but is as relevant today as then.

NEWS WORTHY:

MARKET WATCH:  The next, worse financial crisis

Commentary: Ten reasons we are doomed to repeat 2008

The real economy remains in the tank. The second round of quantitative easing hasn’t done anything noticeable except lower the exchange rate. Unemployment is far, far higher than the official numbers will tell you (for example, even the Labor Department’s fine print admits that one middle-aged man in four lacks a full-time job — astonishing). Our current-account deficit is running at $120 billion a year (and hasn’t been in surplus since 1990). House prices are falling, not recovering. Real wages are stagnant. Yes, productivity is rising. But that, ironically, also helps keep down jobs.  Read it here.


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NOT ANOTHER CRISIS?

BUYING GOLD/SILVER, GOLD & SILVER, GOLD AND MONEY, GOLD/SILVER COINS   No comments yet

Let me see if I’m missing one or possibly two.  Housing crisis, credit crisis, currency crisis, debt crisis, deficit crisis, financial crisis, and finally the economic crisis.  It seems the 24 hour nonstop news has caught on to what captivates our attention and pushes our buttons.  Not to downplay severity of today’s, well, crisis but am I the only one feeling a little over loaded with old news presented as breaking news?

I’m going to say this in all honesty and I hope it isn’t misunderstood.  The word “crisis” doesn’t scare me.  Like many of you I didn’t need a news conference to tell me inflation is climbing or the housing bubble burst.  Gold and silver has indicated for years something is amiss with our dollars willing to show anyone willing to look and listen. Today we look at the danger of “crisis” overload and why gold, silver, and faith keep me from being overly concerned.


THE DANGER AS I SEE IT:

There is a grave danger of life in constant fear and this danger is often worse than the crisis.  The danger is compromise and throughout history societies have willed freedom and independence to power thirsty leaders.  The problem here is most leaders are motivated by a personal agenda willing to use the crisis of the month to grow government. History shows time and again big government does not create a healthy economy.  Below is a video dated February 10, 2009 proving my point much better than I can.

Yesterday Mr. Bernanke admitted the road to recovery has taken a detour and inflation is worse than expected.  This is bad news for folks who bought into the recovery of 2011 but old news for most gold and silver owners.  To be honest most of us, certainly I didn’t, had no idea how bad real estate or inflation could get but planning for the worst made sense.

YOU ARE THE ONE!!

For sometime The Prospector Site has championed the need of independence and how gold and silver plays an integral  part in this self-reliant plan.  A savings in real money gives me the peace of mind of knowing no matter how bad the crisis at least my financial future is as stable as possible.  If social services decline it has less direct effect.  If quantitative easing declines so what?  If silent bank runs hit my community, and I certainly hope they don’t, then I will feel bad but I won’t worry that my life savings is wiped out.  Precious metal is the insurance for whatever crisis strikes next, real or not.  Faith takes care of the rest.

Thanks for reading The Prospector Site and feel free to sign up for our weekly newsletter.

NEWS WORTHY:

PROVIDENCE: Greeks rush to buy gold coins, bracing for bank failure!

That’s right! The Financial Times reports that Greek citizens are withdrawing their paper money are buying tangible assets, among which gold coins topping their list of choices. The same Greek scenario can happen just as easily in the United States and every other economy exposed to a fiat currency risk.  Read it here.

NEWS WORTHY:

MONEY MORNING: What You Need to Know Before Buying Gold Coins

With gold having doubled in price over the last four years – not to mention a U.S. dollar that continues to weaken – it’s no surprise at all that the world coin markets are attracting buyers like moths to a flame. First timers often arrive and are confused by all that’s available – including rare and antique coins, and a numbing array of “collector” and “commemorative” coins.

But here’s a rule of thumb that will make things simple: If you’re an investor looking to bolster your portfolio with a modest helping of “hard assets,” there’s really only one category of gold coins to consider.

I’m talking about bullion-based gold coins.  Read it here.


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