You might recall that right before the financial collapse of 2008, it suddenly became very difficult for investors to withdraw their money from mainstream Wall Street investments, and we soon learned why. Those mainstream investments were nothing more than Ponzi schemes, and the money simply wasn’t there to withdraw. Now all of a sudden we have growing evidence that IRA custodians are throwing up roadblock after roadblock to keep people like you from moving your retirement money. As a result, the enormous $5 trillion retirement account market is starting to feel a lot like another Wall Street/federal government scam-collaboration more and more by the day. The question you need to ask yourself right now is, who do you want controlling your retirement savings – you or a self-serving banker? Because it’s becoming clearer and clearer by the day, the IRA and 401K house of cards is about to collapse.
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Sudden Strange Behavior
The actions of bankers and custodians over the last few months has raised major concerns regarding the safety of your IRA and 401K. Serious worries range from the government micromanaging your retirement accounts to questions of whether the entire system is even solvent. Many experts warn of an imminent plan for the federal government to confiscate tax-deferred retirement accounts. More importantly, a number of events we’ve witnessed first-hand raise major concerns about whether banks will allow you to access your own wealth inside your retirement accounts!
First, you need to understand capital controls and the way banks and custodians limit your access to traditional paper-based IRAs and 401Ks. Limiting the amount of money you can transfer out of the country is a capital control. Limiting the amount of cash you can withdraw from your accounts is a capital control. And what’s more, we’ve witnessed an alarming shift in the willingness of banks and custodians to allow you to access your own retirement funds, an egregious example of capital control that no one saw coming!
To give you an idea of how serious a situation this is, we have been rolling over IRAs for clients into self-directed physical Gold IRAs for many years, and never have we seen the kind of resistance from financial companies to release funds like we are witnessing right now. Traditional IRA custodians now refuse to accept forms that they have accepted without issue for years. They delay for weeks, then claim not to move money with forms any longer, then demand to speak personally with their clients, and then refuse to return client phone calls. They demand complicated forms and kick them back because of minor errors. They take 5-7 business days to review forms and another 10 business days to move funds provided the forms are perfect. If the form has an issue, they don’t alert the client; they just toss the whole request and force you to start over when you call to check the status!
Not surprisingly, the typical time-frame to fund new self-directed IRAs has doubled or even tripled. And in some cases, financial institutions have refused to let go of their client’s money altogether. And all of this is happening at a time when most people have been lulled to sleep by a rising stock market and phony economic data.
Why the Sudden Change?
Look, people like you have been rolling IRA funds out of conventional investments (stocks, CDs, annuities, etc.) and into self-directed physical gold-backed IRAs for decades. This trend increased dramatically after 2008 once the nation wised up to the insolvency of traditional paper-based investments. And opening a Gold IRA is typically a very simple process. An account is set up, you fill out a “transfer request” form, the current custodian sends your funds to the new self-directed IRA, the funds are used to buy real physical gold (or silver), and it’s all a tax-free lateral move. Simple. And while the process is still simple from the standpoint of setting up your Gold IRA, clients are hitting roadblock after roadblock trying to access their own money. It seems through a series of recent moves that the bank holding companies are playing a game of trying to control capital. And the million-dollar question is, why?
When you consider the Fed’s balance sheet is fast approaching over $4.5 trillion, the US Treasury’s debt load is $16.5 trillion dollars and rising, and the so called “recovery” is being led by banks whose only means of survival has been through waterfalls of zero-interest printed monopoly money, you start to realize that the entire global financial system is skating on some very thin ice. Considering the system’s fragility and lack of fundamentals, and the fact that banks are now tightening capital controls of retirement accounts, the time is NOW for you to get some of your money outside the system and into a self-directed Gold IRA.
The Fed and the powers-that-be will not stop spending beyond their means and will not stop printing and debasing currency to do it. And the too-big-to-fail and too-big-to-jail banks will not stop their criminal behavior. The road left to kick the can down is getting shorter by the day, and the folks leading the charge will kick it until they can’t. What happens then is going to be ugly, so it’s always been a good idea to have a risk-off asset that lives outside the system when the system implodes. And that’s gold. You can buy some insurance now while it’s relatively cheap or you can take your chances living in a house of cards. It’s your choice.