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Protecting Your Wealth from Your Government

By Dr. Steve Sjuggerud
Thursday, April 15, 2010

At DailyWealth, our major focus is on helping you grow your wealth as quickly and safely as possible...
For ideas on how to protect your wealth once you have it, I don't know anyone better than asset-protection attorney Joel Nagel.
I've known Joel for a long time. He's one of the nicest guys in the business... and he's spent over a decade helping some of the world's richest people protect their wealth from disasters.
As I mentioned yesterday, we're in a crazy situation right now in America. Instead of making the future brighter for our children, the government is making things worse.
That's why my publisher, Stansberry Research, recently held a private conference call with Joel... and he shared some great ideas. Given the problems I've written about recently, I wanted to share some of them with you today...
Stansberry Research: Joel, could you give us an overview of what you recommend folks do to protect themselves from the things we see happening in the next few years... whether they have $5 million in the bank or $50,000?
Joel: It really does come down to the level of financial wherewithal a person has and what they're trying to protect. The strategies are very different for somebody who has, say, $50,000 that they want to protect as opposed to somebody who has millions of dollars.
We advise our clients to consider opening up a foreign bank account based outside the United States. This will give you the ability to open CDs in foreign currencies. It'll provide you with insurance should something happen to the dollar or the U.S. banking system. And as you mentioned, in the event of future currency controls, you'll already have a nest egg outside the United States from which to operate.
Secondly, along the same lines, foreign currencies – most of our clients look to have some portion of their net worth held outside the U.S. dollar. And again, you don't have to be a millionaire to hold an account with some Swiss francs, New Zealand dollars, Canadian dollars, Australian dollars...
There are plenty of currencies that aren't based on the huge debt model the U.S. dollar has taken on, and therefore aren't as susceptible to the kinds of crashes the U.S. dollar is going to face.
Stansberry Research: How about gold and other precious metals?
Joel: You don't have to be that wealthy to consider owning precious metals. We recommend clients hold at least 10% of their net worth in gold, silver, platinum, palladium. And the precious metals should be located outside the United States.
Along with metals, physical metals, you have metal certificates, often referred to as "foldable gold" that you can quickly and easily move from one location to another and redeem either for physical metal or for cash later.
Stansberry Research: How about another idea?
Joel: Foreign real estate rounds out the bottom category – again, having not only foreign real estate as an investment, but also as a physical safe haven where you can go not only for vacation, retirement, or any other reason that you wish to leave the United States.
Steve here again... Joel outlined several easy steps you can take to safeguard your wealth. It doesn't take millions in the bank to make it worthwhile. So even though you might not have considered these before, you ought to now.
Good investing,

Further Reading:

Last month, Tom gave us a few details from Joel on the steps you need to take to get that foreign bank account open. It's not as hard as you think. Get the full story here: The Easiest Way to Open a Foreign Bank Account.
If you're looking to move your gold abroad, don't miss another recent essay from Tom... "Two years ago," he writes, "I traveled from Las Vegas to Baltimore with five gold coins – worth $8,000 – in my pocket. I wanted to know if the gold coins would set off the airport security systems." Find out what he learned here: The Four Best Places to Keep Your Gold.

Market Notes


With the stock market up five out of the last five days and wonderful earnings reports flooding the headlines, it's easy to call the market overbought and place bets against the crowd.
The potential pitfall with betting against an overbought market, however, is that overbought markets can stay overbought for a long time. For proof, we present the past year's trading in the benchmark S&P 500.
You'll notice an extra window below today's chart. This window displays an indicator called "RSI." RSI is an "overbought/oversold" gauge. You can think of it like a rubber band. When the RSI rubber band stretches above 70, an asset is overbought and likely to take a breather to the downside. When the RSI rubber band stretches below 30, the asset is oversold and likely to rebound. We used this idea to identify a terrific gold stock trade a few months ago.
For the past year, an overbought reading of 70 was a great indicator the stock market was due for a correction. These readings, and the corrections that followed, are marked with red arrows. Now have a look at the current overbought nature of the market. Last month, the market entered an overbought condition... and has climbed higher and higher to remain in that condition. It's an amazing flight into stocks.

In The Daily Crux

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