Buying gold online protects you against Identity Theft?
That may seem like a stretch, but stick with me here for a minute because I’m going to show you how identity thieves are at least partially to blame for the global economic crisis, and how buying gold can help you hedge your bets against this crime. Also, identity thieves in chat forums online are talking A LOT right now about how they are using stolen money, YOUR money, to buy gold through various gold sellers online. Buying gold (and silver) gives them the best methods for preserving their plunder and converting it into something tangible that will hold it’s value. Even criminals think buying gold (online or wherever they can get their hands on gold) is a good idea right now.
- Leverage your money by putting it into gold and silver.
- Buy Gold Bullion.
- Gold at all-time high, and buying online makes it easy!
So seems to be a common theme in advertising over the past few months as the price of gold has reached for the stars.
And anyone who thinks that identity theft and the financial meltdown are separate from one another clearly hasn’t taken the brief moment it takes to connect the dots.
So let me help connect the dots between identity theft, financial meltdown, and how buying gold is still a good idea and an excellent way to protect at least some of your assets (and yourself) against identity theft.
Buying gold is a good idea, should you become a victim of Identity Theft now or in the future.
Buying gold online is a good idea, when done the right way, and a BAD idea, when done the wrong way.
But I’m getting ahead of myself.
First, let’s go back to 2007.
One of the major banks in the US told IdentityTheftSecrets in January of 2007 that they were spending 100 million dollars a MONTH dealing with online fraud, as well as real-world and online Identity Theft.
(This same bank was among the banks that collapsed in 2008, and was hacked online by what most people think was an attack from the Chinese government in January 2009.)
This bank considered online fraud at $100M/month a “cost of doing business”.
People throw out a lot of numbers these days, and as a society, we have lost our perspective on what numbers actually mean.
So, in case you didn’t catch that, let me restate it.
This one bank alone was spending 100 MILLION DOLLARS, EVERY MONTH, just in fraudulent charges and fake online transactions, as well as real-world fake buying. (Identity thieves buying pretending to be someone else.)
That means that in just one year, this one bank was spending more on fake buying done by crooks and identity thieves than the GDP (PRODUCTION) of the entire countries of
- And at least 4 other countries
This bank was (for the most part) taking care of accounts and refunding customers whose cards were fraudulently used.
But what about those people who had fraud on their accounts when the bank collapsed?
- Did the government absorb their debt through quantitative easing?
- Did the bank cover any losses caused by the fraud on their accounts?
- Was the bank even able to pay someone to take their phone call and help with their concerns?
We don’t know.
Information about the current state of banks (both online and off) is less readily available than it was a few years ago.
We do know that lots of people have been left in a bad place, while dealing with mortgage issues and refinances.
We’ve also heard plenty of stories over the years from people who have contacted IdentityTheftSecrets online.
These people tell their stories of how difficult it is to prove that you’re not you.
Of course you are YOU, but you’re not – the you – that’s represented in some bank or mortgage company’s records.
So it stands to reason that with the financial meltdown, some people have been having significant difficulties trying to prove that their accounts were used fraudulently. (If you’re one of those people and you come across this article, please take a moment to contact us. We’d like to interview you and help others through your experience.)
So, here’s a scenario based on many, many, many real-world examples:
Your bank account is hacked, or a bunch of small charges are run up on your card.
Those purchases are not yours.
But your bank refuses to refund them back to you, pending further investigation.
The mess would eventually get sorted out (hopefully).
And ultimately you would likely get your money back.
But what if your account was locked down while the bank tried to unravel what was going on?
What if the money was tied up for some time (Let’s say 3-6 months).
What would that mean for your life?
Thinking about this scenario, the logical thing to say is “Well, I won’t have all my money in my bank account.”
Having bank accounts at multiple banks is probably a smart way to keep yourself secure in times of difficulty.
And in times of difficulty, it would also be good to have some backup cash on hand.
So you could go to your bank today, withdraw some cash, and hide it under the mattress.
The problem with the backup cash (in dollars) is that it’s worth significantly less than what it was worth five years ago.
What does that mean?
It means that the same dollar today buys less than it did 5 years ago.
On average, gas is becoming more expensive each year.
The same holds true for food and energy costs.
This is not because the costs of these things have actually gone up (if at all).
It is because the value of the dollar, and the global paper currency supply in general, is losing value.
It’s hard to say by just how much with all the “quantitative easing” going on, but some people think that about 50% of the dollar’s value is gone from just 5 years ago.
Having cash on hand is a good idea, but the same amount of cash today will buy you less than it would 5 years ago, and far less than it would 10 years ago.
In the same time period, if you had held that “cash under the mattress” in gold, you would have had a greater than 200% return on the value of your reserves.
So why wouldn’t you buy physical gold and hide it under the mattress?
Well, that might be a good idea too.
But think about a 1 ounce golden coin.
Now think about a stack of 1500 $1 bills.
The stack of 1500 bills is technically worth more, but which one is easier to carry?
And, just if you look at the stack, and look at the coin, think about which one you’d prefer to be able to touch.
This may sound froo-froo or “out there”, but our bodies do have a native intelligence about real value.
If you really think about it, the one that has more value (both in terms of being able to carry it and exchange it anywhere in the world), and the coin itself is the coin made out of gold.
And that coin of gold is also more attractive than cash to anyone who would break into your house and want to take physical possession of your gold from you.
So, this is where buying gold online comes in.
How it works is that you move money from your existing bank account into a holding account, which is established by the company you’ve bought gold from, and attached to your gold buying account.
You can access this holding account online as you would any online bank.
When you perceive that the timing is right for buying gold, you log in to your account, and move money from the holding account into buying physical gold.
The best companies for buying gold online then purchase PHYSICAL gold (a real actual asset backing the money you’ve given them), and put it in a vault, with your name on it.
Rather than taking physical possession of the gold, your gold is sitting in an insured, guarded vault.
The monthly storage fees for them holding and guarding your gold for you can be quite low, because (if they are reputable), they’re already established. They have other people who are buying gold through them as well, and your additional gold doesn’t need much additional storage space.
Here’s the beauty of this method as far as identity theft is concerned.
The only way that someone can really steal that gold from you, if you buy it through this online gold account method, would be to to hack into your account, add another account to your existing online gold account (which takes several levels of approval), and withdraw it from your gold account, into the holding account, and then into their (fraudulent) bank account.
Either that, or they would have to hack into your online gold account and pass all the security screening and process in order to take physical possession of your gold.
It’s quite complex for someone to steal the money that’s in your gold account.
Why would they do that, when they can just hack into an account valued in dollars or Yen or Euros or Pounds and spend that money right away?
And that’s what we’ve reported on here at IdentityTheftSecrets for years:
People who hack into accounts, steal your money, and use it for their benefit, and how you can protect yourself against them.
What we’re hearing now is that the identity thieves and their online forums are currently abuzz about the best ways to trade stolen dollars into gold.
They do this by:
- Using other people’s credit cards to buy goods
- Using “drop addresses” and college students to receive those goods
- Selling those goods on eBay through fake (but established) accounts
- Converting the cash from the sale, setting up gold accounts pretending to be other people, and buying gold online
There are many steps in place to thwart them from completing this process.
This is why the scammers, phishers, and identity thieves are sharing tips with each other about gold.
Their conversations are about how to get around these controls.
They are good at stealing money, but now even they seem to want to convert your hard earned cash into their buying of gold.
If the thieves think buying gold is a good idea (meaning that even the thieves who have the ability to steal millions aren’t confident in the money supply right now), all the much more so you might want to be thinking about buying gold online as well.
We are having a guest poster who will be sharing a lot more about gold, as well as buying gold online, in the coming weeks and months.
We’ll end this kind of long post for now, by saying that buying gold online makes good sense, and will for the near future.
Having a gold account in addition to your bank account is probably a good idea regardless, just as a backup/safe bet kind of thing.
One good and reputable company for buying gold online is listed below.
Come back to IdentityTheftSecrets soon as you’ll be very interested in our guest post articles about not only buying gold online, but how the currency supply has been unnecessarily driven up by identity thieves.
Please note, we are not financial advisors or attorneys. All decisions you make are yours and yours alone. We’re just stating what we see now, and what we see coming in the next couple of years. While we’ve done extensive research on both gold buying and identity theft, your investment and gold buying (or non-investment and/or non-gold buying) decisions are yours and yours alone. Having read this article does not constitute professional advice in any way. Buy whatever you think is best (gold, silver, copper, neodymium, europium, oil, stocks, etc. based on what you decide is right. Just our personal opinion is that buying gold online now (or at least getting your account set up so that you can buy gold online, is a very smart idea.)