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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Wednesday, November 12, 2003 - Vol. 5 No. 134
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In This Issue:
* COMMENT: Silver Lining.
* OFFSHORE: Panama vs. Miami. No Tycoon Bail. UK Tax Hounds. Leftist Levin Again. Isle of Man to Impose Tax. Swiss Banks Sparred. RSA Amnesty. Nigerian Billions. Harris on Trial. Brazil Corruption.
* WEALTH: Europe Growth Stifled. EU Hits US. Accounting Questioned. Credit Records Go Offshore. Flat Tax Comeback. Irish Tax Break.
* PRIVACY & RIGHTS: Canadian Prints. CIA Frames Own Agent. Spying.
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Our Guest Commentator is from Michael Checkan, President of Asset Strategies International, Inc. and a member of The Sovereign Society's Council of Experts.
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COMMENT: A Silver Lining.
Dear A-Letter Reader:
Several months ago, in The Sovereign Society's members only publication, The Sovereign Individual, I asked the question, "What do Warren Buffet and George Soros know that we do not?" Why were these financial gurus buying silver?
I went on to make a case for silver. One quarter later, how are we doing?
Well! Since June, silver has gained 8-10% in value, depending on when you entered the market. Granted, prices have been higher than they are currently, near US$5.00/oz. In the past quarter, we have seen silver test the US$5.30 level a couple of times, and it appears we may be gathering strength for yet another attempt higher.
Those of you that were able to act on the recommendations to secure your piece of a silver lining have benefited nicely to date. Those of you who could not act for whatever reason should not despair. In my opinion, we have only seen the "Baby Bull" market in silver. The "Major Bull" market should not be very far behind. More on that a bit later.
Let's first take a refresher course in how to participate in silver. There are a number of ways to own silver directly, or to benefit from an increase in the price of silver.
Buy physical silver bars and coins and take physical possession. Buy futures or options contracts in silver. Buy certificates in physical silver. Own shares of silver mining companies.
Each one of these methods of participating in the silver market carries its own list of positives and negatives. Consult a financial advisor or precious metals specialist to determine which form of silver participation is right for you.
I would suggest that you have that conversation soon, before the Major Bull market in silver begins. Recently, in an interview for Equities magazine, Sir John Templeton stated that the US economy was in trouble and the US stock market was broken. He anticipates a 40% drop in the value of the US dollar and a precipitous fall in real estate valuations.
Investors are beginning to seek alternatives to U.S. dollar denominated investments, and have already accepted gold as an option. As more and more of the pundits advocate hard assets, I anticipate that silver will benefit from the spill over from gold. Since silver is a smaller market, the influx of capital should be disproportionately beneficial.
That's the way it looks to me.
Michael Checkan
Rockville, Maryland, USA.
E-mail: rcheckan@assetstrategies.com
Web site: LINK: http://www.assetstrategies.com
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Comment LINKS:
* Gold/silver ratio strategy & the case for silver.
LINK: http://www.gold-eagle.com/editorials_03/sanders030703.html
* How to buy silver (and gold) coins or bars.
LINK: http://www.gold-eagle.com/editorials_03/laborde052703.html
* How to trade silver futures and options.
LINK: http://www.infinitytrading.com/silver_futures_options.html
* How to purchase certificates in physical silver. LINK:
http://www.assetstrategies.com/pages/services/certprograms.html
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* OFFSHORE *
PANAMA CHALLENGES MIAMI FOR LATIN TRADE CENTER
Panama appears ahead of Miami for LFTA headquarters. LINK:
http://www.nytimes.com/2003/11/11/international/americas/11PANA.html
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RUSSIAN COURT REFUSES BAIL FOR RUSSIAN OIL TYCOON
MOSCOW: Khodorkovsky denied reease from jail ahead of trial. LINK:
http://www.nytimes.com/2003/11/11/international/europe/11CND-RUSS.html
* Trial likely for Khodorkovsky analysts say. LINK:
http://www.forbes.com/home_europe/newswire/2003/11/11/rtr1143259.html
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UNITED KINGDOM IMITATES U.S IRS
Inland Revenue cracking down on tax shelters, offshore investments.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=14012
http://www.tax-news.com/asp/story/story.asp?storyname=14017
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U.S. SENATE REPUBLICANS GIVE DEMOCRAT FREE REIGN
Leftist Sen. Levin (D-Mich) sets new anti-offshore hearings.
LINKS: http://www.nytimes.com/2003/11/11/business/11shelter.html
http://www.forbes.com/markets/newswire/2003/11/10/rtr1142442.html
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ISLE OF MAN TO END STATUS AS TAX HAVEN
DOUGLAS: Bowing to London and EU pressures, a new withholding tax will be imposed on foreign investors who live in other EU nations. But no tax information exchange is said to be planned.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14016
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SWISS BANKS SPARED; ANTI-APARTHEID LAWSUIT TO DIE NEW YORK:
US judge set to reject anti-apartheid lawsuit. LINK:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=4425644
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SOUTH AFRICAN OFFSHORE AMNESTY EXTENSION
November deadline to confess may be moved to February. LINK:
http://www.busrep.co.za/index.php?fSectionId=561&fArticleId=281271
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BILLIONS IN NIGERIAN CASH IN OFFSHORE BANKS ABUJA:
Estimated $170 billion stashed abroad by Nigerians. LINK:
http://www.vanguardngr.com/articles/2002/national/nr411112003.html
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EX-OFFSHORE GURU MARC HARRIS GOES ON TRIAL
Trial begins for Panama-based financier in offshore tax schemes
LINK: http://www.bradenton.com/mld/bradenton/7229641.htm
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BRAZIL'S CORRUPTION EPIDEMIC
Millions in bribes of officials stashed in offshore banks. LINK:
http://www.infobrazil.com/Conteudo/Front_Page/Analysis/Conteudo.asp?ID_Noticias=832&ID_Area=2&ID_Grupo=8
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* WEALTH *
EUROPE'S ECONOMIC GROWTH STIFLED BY SOCIALISM
The European experiment was supposed to deliver prosperity. It hasn't.
http://www.businessweek.com/magazine/content/03_46/b3858014.htm
* The European Union strikes sack at the USA. LINK:
http://www.dw-world.de/english/0,3367,1431_A_1023610_1_A,00.html
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U.S. ACCOUNTING FIRMS FACE SCRUTINY
Corporate scandals tarnish Big Five, hurt credibility. LINK:
http://www.sunspot.net/news/bal-te.bz.auditors07nov07,0,3448153.story?coll=bal-home-headlines
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AMERICANS' CREDIT RECORDS SENT OFFSHORE
Credit agencies sending our personal files abroad. LINK:
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2003/11/07/MNG4Q2SEAM1.DTL
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FLAT TAX COMEBACK
It's gaining popularity worldwide. Why not in the US? LINK:
http://www.nationalreview.com/nrof_bartlett/bartlett200311100918.asp
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INVESTOR TAX BREAK IN IRISH CDs DUBLIN:
Already 1 billion euros worth sold in tax free CDs.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14015
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* PRIVACY & RIGHTS *
U.S. FINGERPRINTS CANADIANS
VANCOUVER: Want a visa to visit the US? Your prints, please. LINK:
http://www.canada.com/vancouver/vancouversun/story.asp?id=F8E387CD-784B-41CC-BEB3-64C79CCBC9BA
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CIA FRAMES ITS OWN AGENT
Judge throws out CIA false testimony, voids conviction.
LINK: http://www.canoe.ca/Columnists/margolis_nov9.html
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U.S. SPIES ON ANTI-WAR, PEACE GROUPS
Public safety justifies surveillance since 9/11, government claim. LINK:
http://www.sacbee.com/content/politics/story/7755585p-8694773c.html
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* THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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