World's Biggest Gold Storage Company Dumps US citizens
Kloten, 17 February 2013
Discontinuation of storage services for private clients with US tax liability
As you are aware VI MAT INTERNATIONAL has been orividing a service to institutions and private customers for the storage of bullion items at its vaults for a number of years. We would like to thank you for the confidence and trust you have placed in this service.
We are currently experiencing rapid and substantial changes in the general regulations within this business. These changes mainly relate to the tax structures and taxation systems of various countries.
As a consequence of these changes VIA MAT INTERNATIONAL has taken the decision to stop offering this service at its vault outside of the US to private customers with potential US tax-liability. This will come into effect by mid 2013. This decision has no impact whatsoever on any other services offered by VIA MAT INTERNATIONAL.
Please provide us with written instructions by 30th April 2013 where you would like your physical bullion holding to be dispatched to. We would like to thank you for your understanding.
This is huge.
I can't possibly overstate the potential ramifications.
For one, the big gold depositories like Gold Money and Bullion Vault ALL use ViaMat as a primary secure storage provider.
So it's only a matter of time before ViaMat's decision cascades across these other firms.
I have written extensively about this to subscribers of our premium service, Sovereign Man: Confidential; most gold storage firms are all essentially different varieties of the exact same product.
They are retail marketing channels that ultimately use ViaMat to store their gold bars. If ViaMat has US exposure, THEY have US exposure. It's the same risk.
Now, if you're in the United States in particular, one of the most important (and cost effective) steps you can take in international diversification is to store precious metals overseas.
Gold remains the most effective 'anti-currency' out there, a bet against a corrupt financial system and debt-laden sovereign governments.
But remember-- governments have an unblemished track record of plundering their citizens' wealth.
So if you store your gold in the US, you might as well ask Barack Obama to keep it under his mattress....'