The mint is selling gold coins for around a thousand dollars an ounce. The government is making a killing off of gold coins if they are using that $35 an ounce gold that they confiscated. I look for gold to get up to $1,500 to $2,000 in the next couple of years. When it does, I will sell.
Panama offers retirees many benefits but also has negatives like language, different culture and
customs and economic stability. I read where a bank there went bankrupt and depositors were not able to withdraw their money. Their economy has been hit hard by the recession also. Belize is a great place which is more expensive and is English speaking but does not have adequate medical facilities. Looks like I will wade it out in the USA.
Hi,
Is there a way you can send em an email. I have talked to many folks much wiser than I. Here is the problem. When Roosevelt confiscated the gold he made the public sell their gold for dollars. Once he got all the gold he then decreed that the gold he paid $20/oz is now worth $35/oz. In effect that devalued the dollar by 60%. I was holding a good number of gold coins and called the guy who sold them to me who has been in the business for over 30 years. I bought the coins from him 20 years ago. I bluntly said that I have coins so they would not be confiscated. He told me things have changed since he sold me the coins. The government has now decreed that to be considered a collectible a coin must be more than 50% higher than the gold content or it is considered bullion and subject to confiscation. That means that if you have a $20 goild piece your grandma gave you, when the get around to confiscating the gold you would have to sell it for worthless dollars. If you do not, you are breaking the law and if they catch you they will flat our confiscate the gold.
Second problem is this. If you try to take more than $10,000 out of the country you have to declare it. Particularly if you tried to take gold out, they would catch it and flat our confiscate it.
Third problem is that I know Brazil among other countries, when their currency was tanking, made it illegal to take money out of the country. You and I may want to leave but by then we may well not be able to take anything with us. Would not put anything past this current government when it comes to that sort of thing. Their current attitude is that it is not our money, it is their money and we are holding it temporarily until we die and then they will confiscate much of it.
Now I have taken several proactive steps, totally legal at this point, to hedge against this situation. If you want to email me please put CONSERVATIVE CAVE or something in capital letters as it will come through in my junk mail.
I joined the Sovereign Society (inexpensive) which I would recommend. I also signed up for their International Living magazine and they have an entire group that deals with folks like us trying to get out. Panama is OK for the moment, Costa Rica peaked a few years ago. I inquired about New Zealand and Australia as I have a niece practicing medicine in NZ. Too old, no matter how much money we bring with us, they do not want us on their health care system. My niece is performing surgery on folks who have now waited for two years, not so sure I want that system. I think that Panama might be one where we could get health care if we are willing to pay for it.
My guess is there will be a number of doctors who will leave and go somewhere nice and set up a nice private pay clinic that will offer darn good health care, and probably not too expensive because they will not have the lawyers to contend with like we have here. I just want to know where that place will be . My neighbor is a top surgeon and he is in the look and so I will know when that happens.
regards,
5412