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Home Again
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| Monday, April 24, 2006 - Vol. 8 No. 81 |
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In Today's Letter: Comment: Home Again
Offshore: EU Now Pro-Business?
Wealth: Precious Metals Suffer Worst Day in Months
Privacy & Rights: Lawmakers to Reduce ID Theft?
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Home Again
Dear A-Letter Reader:
This is being written high over the North Atlantic, heading for Florida. By the time you read this, I will have left behind the Irish mists and fog, the lush green fields and pastures edged with ancient stone walls surrounding Dromoland Castle on the West Coast of Ireland.
That's where I was for most of last week, at Sovereign Society’s very first Wealth Protection Summit limited to only about 30 of our members, plus a distinguished group of Sovereign Society Council of Experts members, professionals from all from across the world. We all talked estate planning and asset protection until Sunday, and I know from their comments that our participating Sovereign Society members came away with, not only a new appreciation for Irish history and hospitality, but also a renewed confidence in their own financial futures. Most importantly, these attendees are taking home the plans to make it happen.
Part of the enjoyment of these tranquil (but busy) days in the west of Ireland near the banks of the River Shannon and the craggy cliffs overlooking the wild north Atlantic Ocean, has been the beauty of the land -- and the people. Not many of us have ever stayed in an historic place before such as this Dromoland Castle. (Our executive director, Erika Nolan, claims she heard a sneeze come from the dark interior of one of two impressive suits of medieval armor that flank the concierge desk in the entrance lobby.)
Indeed, I have never seen so many ancestral oil portraits outside of a national museum. Granted, this was the ancestral seat of the Clan O'Brien, home of the direct descendants of Irish King Brian Boru (940-1014 AD). Yet it would seem that every one of his many descendants had their full length portraits painted. Here they all hang, gazing down upon we paying guests.
The limited number of Sovereign Society members here this week have been taking part in an unusual, intimate offshore wealth and asset protection "summit" with private one-on-one meetings with Sovereign Society experts. Our experts included a distinguished group of Sovereign Society Council of Experts -- professionals from across the world -- Switzerland, Liechtenstein, Panama, the U.S., Canada, the Isle of Man, Jersey, Austria and Denmark. This is the first time we have conducted such a specialized program for a small, self-selected group. But, based on the unanimous reaction, we'll be doing this again soon.
With the United States and the world in the dire situation it is, a realistic assessment of each of our personal financial situations is most definitely in order. For the nearly nine years of our existence The Sovereign Society has specialized in providing fully legal offshore estate planning and asset protection solutions. We pledge to keep on doing just that.
I'm told "Erin go bragh" means "Ireland forever." So may it be for your own financial security.
That's the way that it looks from here,
BOB BAUMAN, Editor
PS: We may hold future asset protection "summits" such as this. If you’re interested, e-mail us at conference@sov-soc.com and we'll send you information as soon as it becomes available.
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EU Now Pro-Business?
The European Union claims it’s going to reduce the burden of business red tape laws by 25%, according to the Financial Times. By cutting out some laws the EU says it will be lifting the burden off entrepreneurs. The EU enterprise commissioner announced this after telling the EU to drop its goal of imposing one set of regulations on all EU countries. Instead, the EU claims it will start deregulating as soon as possible. All this is coming from a transnational political group that has tied up Europe in a host of unneeded rules and still wants to impose a common high tax on all corporations. We’ll believe it when we see it happen. LINK: Please click here for more information.
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Precious Metals Suffer the Worst Day in Months
Precious metals suffered their single worst-day drop in months on April 20th following some long overdue profit-taking. Silver, however, was the biggest loser, plunging over 13% to close at $12.52 an ounce – its worst daily performance in more than a decade. Considering that this rally – especially spearheaded by surging silver prices – has been a one-way street since February, the correction is not a surprise. In fact, secular bull markets are always accompanied by sharp declines on the way to new highs. In anticipation of the soon-to-be-listed iShares Silver ETF in the United States, hedge funds and commodity traders accumulated large long positions and liquidated their holdings on news that China is once again targeting another round of credit tightening following a torrid 10.3% first quarter GDP figure. China was simply an excuse for profit-taking; the market remains in acute shortage with global mining supply at historical lows.
This bout of short-term profit-taking is perfectly normal and has done absolutely nothing to dent this historical bull market for all precious metals this decade.
ERIC ROSEMAN, Investment Director
The Sovereign Society
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Lawmakers to Reduce ID Theft?
Your financial identity is precious and U.S. lawmakers at last say they’re taking steps to protect you against identity theft. Two U.S. House committees propose new bills that might help. Both are aimed at large data brokers like LexisNexis Group. HR 3997 will require data brokers to notify law enforcement agencies of any significant data security breach which could harm customers. It also makes data brokers inform customers by mail if a security breach could cause financial fraud. HR 4127 also tackles when companies should inform customers of an identity theft risk. Two more bills are also in the works to prevent ID theft and it looks possible new legislation actually might have some impact in the fight against identity theft. LINK: Please click here for more information.
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