Many believe they have found the philosopher’s stone in their current storage location for gold and silver. But is this really the case? Should you keep everything at home or in a safe deposit box? In which country? Germany, Liechtenstein, Switzerland, or further afield in Canada, perhaps even Singapore? In this article, we reveal what few people know.
Your own home for gold and silver?
Keeping everything at home for fear of bank holidays and the resulting inaccessibility of safe deposit boxes is extremely dangerous. The former President of Elementum International AG, the late Prof. Dr. Hans Bocker, recommended in his always well-attended lectures that people avoid banks and choose their own homes instead.
His wife took this advice to heart and became the victim of a burglary. The thieves took all her gold and silver. Today, she asks me to share this as a warning to as many people as possible.
Everyone should bear in mind that during economic crises and crises of confidence, crime rises sharply. Especially in times when we rely on gold and silver as lifeboats, the risk of becoming a victim of robbery increases.
But are bank safe deposit boxes any better?
Bank safe deposit boxes in Germany are certainly more secure, but even they do not offer 100% security in the event of a major systemic banking crisis or political crisis combined with civil war and internal unrest.
Above all, precious metals, whether at home or in a bank safe deposit box within the European Union, are vulnerable to seizure, i.e., confiscation by politicians.
If the EU asset register is introduced, complete transparency vis-à-vis the tax authorities, combined with easy access in the event of politically motivated expropriation, poses a real threat to every EU precious metal owner.
The state’s appetite for expropriation?
History provides plenty of examples of capital controls and expropriation. Even in the US, Executive Order 61021 of April 5, 1933, prohibited the possession of gold coins, gold bars, and gold certificates worth more than $100, which at the time allowed for the possession of only 5 ounces of gold at market value.
The decree based on the Emergency Act (Measures Against Currency Speculation) of May 8, 1923, allowed the Reichsbank to proclaim precious metals (gold, silver, platinum, platinum metals) and foreign currencies from private ownership for the German Reich.
When crises arise, the following always applies: Those who are late will be punished by life.
There are no limits to the creativity of those who lead countries. Donald Trump knows that the US net investment position, which is the balance of US assets abroad minus liabilities to other countries, stood at minus $23,603 billion on September 30, 2024. This makes the US the world’s largest foreign debtor.
He is also aware of the gigantic US national debt of $36,219 billion at the end of 2024. Trump wouldn’t be Trump if he didn’t have a solution that no one else has. In September 2024, he said at an event for crypto enthusiasts:
“Maybe we’ll pay off the $35 trillion in cryptocurrencies. How do you like that? I’ll write it down on a little piece of paper: ‘$35 trillion in cryptocurrencies’ – we have no debt. Right? I like that.”
In fact, Trump made the same suggestion in an interview with Fox News a month earlier, saying that a ”little crypto check“ could ”wipe out” the $35 trillion.3
No one should get the idea of hoarding their assets, especially precious metals, in the US – and consider it safe. Countries with current account deficits, which measure the flow of goods and services between countries, and with high foreign debts should clearly be avoided when choosing the right location for a duty-free warehouse for gold and silver.
Canada, the Channel Islands, Singapore as locations for duty-free warehouses?
The author of this article was a speaker at the Precious Metals Expo in Munich from 2008 to 2019 and had dinner with the operators of duty-free warehouses in Singapore. We discussed the choice of the best location and began with a negative selection.
Canada, which has long been under the US NORAD defense system, did not seem a wise choice to us. NORAD is the central command center for air defense and early warning for the American and Canadian air forces on the North American continent.
At the time, the statements made by the re-elected US President Trump about Canada did not play a role in our considerations. Trump is flexing his muscles toward his neighbor, even though, according to his national security adviser, there are no plans for an invasion and none have been ordered.
Can we be reassured by the statement he made to NBC in February 2025? Mike Waltz said: “I don’t believe there are plans to invade Canada, if that’s what you’re talking about.”4
At that time, we also briefly discussed the United Kingdom. Even then, it seemed dangerous to us as a location for our gold and silver reserves due to its high national debt, high current account deficits, and poor foreign asset position.
While the US, as already mentioned, has a negative foreign asset position of $23,603 billion, little Great Britain had a deficit of $1,122 billion on September 30, 2024.
We also talked about the British Channel Islands, which are under the British Crown. The island of Jersey is very popular.
Here are just two important points:
- “Under pressure from the EU, Jersey has established so-called ‘economic substance requirements’ since January 2019, i.e. requirements for contributing to the economic well-being of the island. These meet the EU’s demand to comply with the established code of conduct for the prevention of tax fraud in order not to harm the overall financial well-being of the European Union.”5
- “One reason why Jersey is not a typical tax haven is its strict adherence to international standards. The island cooperates closely with the EU, the United Kingdom, and other countries to ensure tax transparency.”
We talked about a British duty-free warehouse provider, which I ruled out because there was no annual audit of the precious metal holdings in the duty-free warehouse. A limitless WORRY-FREE PACKAGE looks different.
Then we turned our attention to Singapore. Even back then, in 2010, someone told me: “In Singapore, all it takes is for a US aircraft carrier from the 7th Fleet to sail in and a phone call from the US Treasury Secretary to resolve everything in the US’ favor in the event of a major crisis.”
We also discussed the long-term danger of a military conflict between China and the US. Singapore is 3,741 kilometers away from China.
Switzerland: A safe haven in the past and present
Germans who had a Swiss bank account before the end of the war in 1945 had a head start in post-war Germany.
For them, HOUR ZERO did not start at ZERO!
Under pressure from the Allies, German assets in Swiss banks were initially frozen in the spring of 1945. However, from 1952 onwards, they could be returned anonymously to the Federal Republic of Germany under the protection of banking secrecy after deduction of a withholding tax.
Many people in the European Union are currently rightly concerned about the introduction of an EU asset register, which could be a precursor to state expropriation. Gold and silver are particularly at risk here.
Let us mention at this point that Switzerland is not even a member of the European Economic Area, whereas Liechtenstein is, which is why I did not choose this location for my precious metals in the duty-free warehouse.
In 1992, the Swiss population also voted against joining the European Economic Area, which is practically a precursor to membership of the European Union.
Shortly before Christmas 2024, a new framework agreement with the EU was negotiated by the Swiss Federal Council with the EU Commission, which is said to comprise over 1,400 pages. It is important to note that the Swiss electorate has the final say here. Fearing a NO vote, the negotiations were tough.
There is a great deal of mistrust toward the EU among the Swiss population. Swiss broadcaster SWR published interesting survey results in 2022:
“In the 1990s, more than half of 18- to 34-year-olds still saw Switzerland’s future in the EU. 59.2% wanted to join, while 31.8% rejected the idea. Since then, however, enthusiasm for the EU has declined dramatically among this age group. In 2019, just 6.5% of young adults wanted to join the EU, while 77.9% were in favor of going it alone. Today, 18- to 34-year-olds are the most EU-skeptical age group.“9
As we all know, the future belongs to the young, so this development is reassuring. Switzerland offers security from the EU, especially with its young Swiss citizens!
The EU’s citizens will certainly find Switzerland’s approach to introducing a transparency register for companies, designed to disclose the exact ownership structures to the state, enlightening. The European Union has required the disclosure of the owners of companies such as public limited companies and limited liability companies since June 23, 2011.
The NZZ wrote in 2023: “According to the government’s wishes, Switzerland should proceed with caution. Access to the register will only be granted to the competent authorities – primarily the public prosecutor’s offices – and financial intermediaries subject to the due diligence requirements of the Money Laundering Act. Unlike land registers, for example, the register will not be accessible to the public.”
At the end of May 2024, the Federal Council then submitted “the message on the further development of the fight against money laundering to Parliament” regarding the transparency register.
A few points on the content: “The information stored in the transparency register should be made available in particular to law enforcement authorities, tax authorities, and financial market supervisors. Access to the register is strictly regulated and is only granted if there is a legitimate interest in fulfilling legal tasks. … With the submission of the draft law to the Federal Assembly, the new provisions are scheduled to come into force in 2026 at the earliest.”11
Switzerland’s anticipatory obedience looks very different! The opposite is the case.
Since 2020, the EU has allowed anyone to access the transparency register. Before January 1, 2020, a member of the public had to prove a legitimate interest in order to access the register. Only a decision by the ECJ (European Court of Justice) on November 22, 2022, means that it is no longer possible for everyone to access the register. However, a request will be granted “if a legitimate interest in access by members of the public is demonstrated.”12
The world in Switzerland is completely different from that in the EU. The facts speak for themselves.
We should prick up our ears when Wirtschaftswoche claimed in July 2024 that there was no safe haven in Europe. It said, verbatim:
“Switzerland is also stepping up the fight against money laundering. In May, the Federal Council adopted the ”Message on Combating Money Laundering” and submitted it to parliament. It provides for a national transparency register for companies and other legal entities. This will enable the authorities to identify more quickly who is behind a legal structure. With the planned register, Switzerland is bowing to pressure from the EU. … It can be assumed that Switzerland would also support more far-reaching transparency requirements from the EU.“13
Of course, the business magazine in Germany does not want Germans to bring their money to Switzerland. Wirtschaftswoche does not substantiate its claim with any concrete sources, because this claim is at best clairvoyant and at worst deliberately false.
One question you should ask is: Why should Switzerland bow to the EU asset register when every EU tax evader has been safe for a long time and continues to be safe now?
Let’s quote from an article published in October 2024 on 20min.ch: “Onlyfans star Mady Gio has been reported to the authorities in Italy for evading 1.5 million Euro in taxes. The 29-year-old, whose real name is Madalina Ioana Filip, is not particularly concerned about this. “I live in Switzerland now,” she says.“9
And further: ”The 29-year-old benefits from a regulation that prevents the Italian tax authorities from pursuing her across the border.”14
Why don’t we read this or similar articles in Wirtschaftswoche? Why does a German business magazine claim that Switzerland is not safe either? You already know the answer!
It should be mentioned here that gold and silver do not yield any interest. Duty-free warehouses in Switzerland are not subject to the automatic exchange of information to which Switzerland has also committed itself.
Incidentally, Swiss banks only disclose account balances and gross capital gains to the German government once a year for German residents. No more. Check it out here.15
Duty-free warehouses in Switzerland do not currently provide the EU with any (!!!) information. EU authorities have no way of gaining access to Swiss duty-free warehouses. These warehouses store huge quantities of precious metals, as well as works of art, diamonds, etc.!
I had to smile when I read the following while writing this article: “Switzerland was named the smartest country in the world in a study, scoring 92.02 out of a possible 100 points. The ranking is based on data from renowned sources such as the Nobel Prize organization, the World Population Review, and the World Bank, as reported by Forbes.”16
Through referendums, the Swiss electorate can have a say, help shape policy, and participate in decision-making.
This opportunity for political participation promotes civic responsibility. In Germany, one sometimes gets the impression that people are deliberately being led into stupidity. The Swiss electorate can show the government the RED CARD if necessary. That is why I am far less concerned about the future of Switzerland than I am about that of my homeland.
I myself only write and say what I actually think and do myself.
I am impressed by the maxim of Alfred Herrhausen, the head of Deutsche Bank who was murdered on November 30, 1989: “We must say what we think. We must do what we say. We must then be what we do.”17
I conclude this article with proof that I am personally convinced of what I have stated here and have invested a six-figure sum in the duty-free vaulting facilities of Elementum International AG in central Switzerland. This is precisely because I am aware of the regular audits of gold and silver holdings by BDO AG, one of Switzerland’s leading auditing, trust, and consulting companies. In addition, as the longest-serving member of the board of directors at Elementum International AG, I am familiar with the security mechanisms and those involved. That is why I can sleep peacefully, which is, after all, what we all want!
Warm regards from central Switzerland, where I have been living gratefully and humbly since the end of 2022!
Sources
1 https://en.wikipedia.org/wiki/Executive_Order_6102
2 Österreichische Nationalbibliothek: https://alex.onb.ac.at/cgi-content/alex?apm=0&aid=dra&datum=19230004&zoom=2&seite=00000275&x=11&y=10
3 https://www.msnbc.com/the-reidout/reidout-blog/trump-cryptocurrency-pay-off-national-debt-rcna172692
5 https://www.auslandsunternehmen.com/firmengruendung-jersey-und-guernsey
11 https://www.grantthornton.ch/de/aktuelles/transparenzregister-entwicklungen-gwg/
How can you buy precious metals cheaply and store them safely?
Elementum Deutschland GmbH, based in Sindelfingen (Germany), specializes in trading physical precious metals. Customers who purchase precious metals from Elementum Deutschland (or one of the other national Elementum companies in five European countries) can store them in the renowned high-security vaulting facilities in the St. Gotthard Massif in Switzerland at Elementum International AG.
Of course, you also have the option of purchasing gold and silver directly and having it delivered to your desired address. However, storing silver in the so-called open duty-free warehouse (“offenes Zollfreilager”) at St. Gotthard offers decisive tax advantages:
- The 19% value added tax customary in Germany is completely waived on purchases and sales – a considerable price advantage that effectively secures you 19% more silver for your money.
- If you store your silver in this high-security vault, you can sell it back to Elementum Deutschland GmbH at any time – without any bureaucratic hassle and also without VAT, as the trade takes place within the duty-free warehouse. You will receive the funds via bank wire.
- VAT is only payable when you physically remove the stored silver – either by picking it up in person (after prior notification) or by having it shipped to your address.
More silver, more return
Thanks to duty-free storage, you receive 19% more physical silver when you buy. This additional amount also participates in the performance of the silver price if it rises – a leverage effect that significantly improves your return opportunities.
Secure your storage space now – free of charge and without obligation
Register now for a storage space in the St. Gotthard high-security vaulting facility and receive free access to:
- our General Terms and Conditions (GTC)
- current fee tables
- annual audit reports from the auditing company BDO AG
- transparent proof of use of funds
- family discount information
- the popular children’s program “Schatz4Kids” (“Treasure4Kids”)
- as well as numerous other documents and information on storage, purchase, and resale, as well as the ratio “switching” strategy.
Register now: https://silberbar.elementum.de/
Tip for discounted entry: Enter the promotional code “50” (“Aktionscode“) and the “Vermittler” number 1000166 when registering to receive a 50% discount on the storage space setup fee.
Important: Registration is non-binding and does not commit you to anything – but it is your first step towards an independent and crisis-proof precious metal investment.
Elementum is a second-generation, owner-managed family business. Trust, consistency, and long-term thinking are at the heart of our philosophy. The Board of Directors of Elementum International AG is composed of internationally renowned experts in the money and precious metals markets, including economists, analysts, university professors, and precious metals specialists. This in-depth expertise forms the backbone of our actions—for your security, your assets, and your future.
About the Author
Thorsten Schulte
Member of the Board of Directors of Elementum International AG
Thorsten Schulte, known as the “Silberjunge” (“Silver Boy”) is a German financial expert, author, and precious metals expert. He began his career in the banking sector, working for Deutsche Bank and DZ Bank, among others, before specializing in currency systems, government debt, and precious metal investments. As a critical observer of the financial markets, he warns of the dangers of the paper money system and advocates the protection of wealth through precious metals such as gold and silver. His books deal with geopolitical and economic issues. Schulte is an advocate of independent financial strategies and advises storing precious metals in secure locations outside the EU, particularly in Switzerland.
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Disclaimer: This article does not constitute a recommendation to buy or sell. Elementum International AG is a Swiss company that specializes exclusively in the storage of physical precious metals in a high-security vault facility located in the St. Gotthard mountain massif in Central Switzerland. The Board of Directors and Executive Management of Elementum International AG have been selected solely based on their professional expertise and long-standing experience in precious metals markets. As these individuals may also be professionally active outside their roles at Elementum International AG, the company has no influence over their external activities and respects their right to freedom of expression. Therefore, the views expressed by persons working with or for Elementum do not necessarily reflect the opinion of Elementum International AG. Investments in precious metals are subject to risks, including those specific to the structure of this market. Please read our full risk disclosures and consult a licensed financial advisor before making any investment decisions. Neither the author, Elementum International AG, nor Elementum Deutschland GmbH assume any liability for actions taken based on the information provided. Past performance is not indicative of future results.
