u b l l s h e d 8 y C W e a l L h L L d w w w . C W e a l L h 8 e p o r L .

c o m
2 nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA


1ab|e of Contents
Why Shou|d I Invest In Go|d? ............................................................................................................................... 3
Shou|d I Invest |n Go|d Now? ............................................................................................................................... 4
1he k|ght Way 1o 8uy, Cwn, and Invest In Go|d................................................................................................... S
hyslcal Cold or ulglLal Cold? ....................................................................................................................................................... 3
WhaL AbouL 1he Zk8 Cold L1l? .................................................................................................................................................... 8
1lme 1o Co hyslcally AllocaLed.................................................................................................................................................... 9
8est Way 1o 8uy hys|ca| Go|d- G|oba| Go|d...................................................................................................... 10
8uy and Store Go|d Cffshore Cr At nome? ........................................................................................................ 11
8eneflLs and urawbacks Lo 8uylng Cold AL Pome" ................................................................................................................... 11
Why 8uy Cold Cffshore?............................................................................................................................................................. 12





2011 C WealLh LlmlLed, orL vlla, vanuaLu - All rlghLs reserved


1hls gulde conLalns confldenLlal proprleLary lnformaLlon and ls noL deslgned for Lhe general publlc. lL ls produced excluslvely for members
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lnvesLors. uslng or dlssemlnaLlng Lhls lnformaLlon for any oLher purpose oLher Lhan for whaL lL ls lnLended ls a breach of copyrlghL whlch
may be sub[ecL Lo crlmlnal and clvll penalLles, lncludlng lmprlsonmenL. ulsclosure: Lhe auLhors own gold. loLs of lL!




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nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA 3

Why Shou|d I Invest In Go|d?

lor cenLurles, gold has aLLracLed lnvesLors seeklng
Lo proLecL Lhelr wealLh and provlde a safe haven
ln Lroubled or uncerLaln Llmes. 1hls remalns a
reallLy for modern lnvesLors Loo, alLhough Lhere
are also a number of oLher reasons LhaL underpln
Lhe wldespread renewal of lnvesLor lnLeresL ln
gold. Cold can add an elemenL of poLenLlally
outstand|ng cap|ta| ga|ns Lo your safeLy-orlenLed
porLfollo. And, lf sLrucLured adequaLely, gold wlll
enLall a m|n|ma| downs|de r|sk.
We aL C WealLh 8eporL conslder buylng gold Lhe
rlghL way" Lo be a PC1 Loplc. Pere's why:
- D|vers|f|cat|on: Cold allows you Lo dlverslfy ouL
of conLlnuously devalulng flaL (paper) currencles,
Lhereby proLecLlng your asseLs agalnsL loss of
purchaslng power Anu, aL Lhe same Llme, seLLlng lL
up for caplLal galns.
- keta|n|ng ||qu|d|ty and purchas|ng power: Cold
wlll always reLaln lLs value. ?our purchaslng power
wlll noL be dlmlnlshed for Lhe nexL upLurn ln
buslness cycles (whlch ln our vlew has nC1 arrlved
yeL and wlll noL arrlve for qulLe some Llme),
Lhereby securlng Lhe opporLunlLy of Laklng parL and
beneflLlng from lL. lL ls lmporLanL LhaL Lhe gold
formaL one chooses ls supporLed by a llquld
markeL, l.e. you wanL Lo be able Lo buy and sell
rapldly lf need be. More on how Lo achleve Lhls
laLer ln Lhls reporL.
- Safe haven: ln volaLlle and uncerLaln Llmes,
expecL a fllghL Lo quallLy" as lnvesLors seek Lo
proLecL Lhelr caplLal by movlng lL lnLo hard money.
Cold ls among a handful of flnanclal asseLs LhaL do
noL rely on an lssuers promlse Lo pay, offerlng
refuge from defaulL rlsk. lL provldes lnsurance
agalnsL exLreme movemenLs LhaL ofLen occur ln Lhe
value of LradlLlonal asseL classes ln unseLLled Llmes.
- aper currency hedge: Cold ls ofLen used as an
effecLlve hedge agalnsL flucLuaLlons ln flaL
currencles. ln parLlcular, a close relaLlonshlp Lends
Lo exlsL wlLh Lhe u.S. dollar. When Lhe greenback
appreclaLes, Lhe dollar gold prlce falls. whlle a fall
ln Lhe dollar relaLlve Lo Lhe oLher maln currencles
produces a rlse ln Lhe gold prlce. Whlle Lhls may
also be Lrue of oLher asseLs, gold has conslsLenLly
proved among Lhe mosL effecLlve ln proLecLlng
agalnsL dollar weakness.
lt ls oot vlew tbot tbe Jollot wlll cootlooe to weokeo
ovet tbe foteseeoble fotote. 1be lotetootloool
ceottol bookets wlll tty to see to lt tbot tbe Jollot,
tbe eoto ooJ tbe yeo Jevoloe ot mocb tbe some
tote, so excbooqe totes stoy coostoot ooJ most
people wlll oevet ootlce tbe Jevolootloo. we coll
tbls !"#$%&#' )$*%&+%#,-./0
- Added asset protect|on and pr|vacy: SLrucLurlng
your sLraLegy approprlaLely can provlde a
conslderable level of prlvacy. uependlng on Lhe
formaL gold ls boughL ln, Lhere are conslderable
prlvacy and safeLy relaLed dlfferences. More
speclflcally, buylng gold Lhe rlghL way" can mean
legally bypasslng reporLlng requlremenLs, as well as
mlnlmlzlng rlsks of conflscaLlon by Lhe governmenL.
lt ls well koowo tbot oftet tbe lost mojot floooclol
ctlsls, lo tbe 19J0s, tbe u5 qovetomeot cooflscoteJ
oll ptlvotely belJ qolJ lo tbe u5A. ltlvote bollloo
owoetsblp wos oot petmltteJ oqolo ootll tbe 1970s.
1be some tbloq coolJ boppeo oqolo.
- ortfo||o d|vers|f|cat|on: MosL lnvesLmenL
porLfollos are lnvesLed ln LradlLlonal flnanclal asseLs
such as sLocks and bonds. 1hls applles parLlcularly
Lo reLlremenL savlngs and penslon plans.
CovernmenLs are Lrylng Lo persuade people LhaL
governmenL bonds are 'safe' asseLs, when ln facL
governmenLs around Lhe world are effecLlvely
bankrupL. It |s on|y a matter of how |ong
governments can keep up th|s charade. 1he
reason for holdlng dlverse lnvesLmenLs ls Lo proLecL
Lhe porLfollo agalnsL flucLuaLlons ln Lhe value of
any slngle asseL or group of asseLs LhaL reacL ln a
common fashlon. orLfollos conLalnlng gold are
generally more robusL and secure.
- hys|ca| or v|rtua| ownersh|p: ?ou can buy gold
ln lLs physlcal form and sLore Lhe colns, gold bars or
[ewelry LhaL you have acqulred. Cr you can hold
gold Lhrough 'vlrLual' means lncludlng L1ls, dlglLal
gold, and servlces such as ColdMoney and
8ulllonvaulL.
4 nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA

Shou|d I Invest |n Go|d Now?

Cold, durlng Lhe pasL few years, has been one of
Lhe besL lnvesLmenLs ouL Lhere when measured ln
flaL currency Lerms. uurlng 2010, desplLe weakness
ln general commodlLles markeLs, gold kepL movlng
up. 1hls ls because gold ls noL really a commodlLy,
buL a long Lerm 'safe haven' sLore of value.
WhaLever scenarlo we move lnLo, be lL deflaLlonary
or lnflaLlonary, we belleve Lhls Lrend wlll conLlnue.

Cold has been recognlzed by a growlng number of
lnvesLors. More and more peop|e are catch|ng on
to the fact that the recovery story |s not for rea|
after a||. LconomlsLs who pro[ecLed Lhe u.S.
recovery would galn speed ln Lhe second half of
lasL year are now scallng back Lhose forecasLs one
by one. More and more people are concerned over
growlng flscal and moneLary lmbalances,
parLlcularly ln wesLern economles. More and more
lnvesLors, Lherefore, are looklng for safeLy ln hard
asseLs. Cold ls Lhe obvlous cholce.

When comparlng sLock markeL performances wlLh
LhaL of gold, lL ls easlly vlslble LhaL sLock markeLs
have formed a preLLy solld downward Lrend, whlle
gold has conflrmed lLs Lrend on Lhe upslde.
lnvesLors are accumulaLlng enough bulllon Lo flll all
SwlLzerlands vaulLs Lwlce over. Some of Lhe mosL
respecLed gold analysLs agree LhaL Lhe longesL gold
rally ln aL leasL nlne decades has a loL furLher Lo go
no maLLer whaL Lhe economy holds. Accordlng Lo
an arLlcle from 8loomberg, analysLs ralsed Lhelr
2011 forecasLs more Lhan for any oLher preclous
meLal Lhe pasL Lwo monLhs, predlcLlng a 10Lh
annual advance. A wldely held opLlon on gold
fuLures Lraded ln new ?ork ls for $2,000 an ounce
by uecember 2011.
When Cold hlL $700 an ounce some people asked
us, Shouldn'L l walL for a pullback ln Lhe gold prlce
before buylng?" 1hey are sLlll asklng.
nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA S


1he k|ght Way 1o 8uy, Cwn, and
Invest In Go|d

"An a|most hyster|ca| antagon|sm toward the go|d
standard |s one |ssue wh|ch un|tes stat|sts of a||
persuas|ons. 1hey seem to sense... that go|d and
econom|c freedom are |nseparab|e."

~ Alan Creenspan

lor Lhose of you who are concerned abouL Lhe
healLh of our worlds flnanclal sysLem, l sLrongly
urge you Lo read Lhls reporL Lhoroughly. l belleve
LhaL we have reached a crossroads. lor manlfold
reasons, flnanclal markeLs ahead promlse Lo be
slugglsh and bumpy aL besL, caLasLrophlc aL worsL.

?ou need Lo prepare for LhaL. 1oday, more Lhan
ever, gold -- and, Lo a lesser degree, sllver --
ownershlp needs Lo be parL of your wealLh
preservaLlon plan. lf you already own preclous
meLals, LhaL ls good. Powever, Lhe message l wanL
Lo drlve home ln Lhls chapLer and Lhls reporL, ls
LhaL you musL own lL 1nL kIGn1 WA.

l regularly Lalk wlLh lnvesLors who say LhaL Lhey
own physlcal gold and sllver. My flrsL quesLlon Lo
LhaL sLaLemenL ls: "Are you sure?"
lf your answer ls 'no, please read on. lf your
answer ls 'yes, l wlll ask you agaln: "Are you
sure???"

hys|ca| Go|d or D|g|ta| Go|d?

Pow you buy gold or sllver depends very much on
your bellef sysLem and your ob[ecLlves. lf you are
noL concerned aL all abouL Lhe currenL economlc
cllmaLe and Lhe sLaLe of Lhe lnLernaLlonal flnanclal
sysLem, Lhen you may be much less plcky abouL
PCW you buy your gold.

under such clrcumsLances, you mlghL, for example,
be perfecLly comforLable wlLh one of Lhe varlous
meta|s accounts or cert|f|cates offered by banks.
?ou are Lhen, of course, vesLlng your LrusL ln a
flnanclal lnsLlLuLlon and lLs capaclLy Lo sell and/or
dellver Lhe meLals LhaL you have a clalm Lo
whenever you say Lhe word. And, under normal
markeL condlLlons, your assumpLlons may generally
be flne. 8uL you musL reallze LhaL you Joot teolly
owo tbe metols lo tbese sceootlos. ?ou [usL own a
c|a|m aga|nst the |ssuer (bank) for a cerLaln
amounL of gold. lf Lhe lssuer cannoL pay for any
reason, your clalm ls worLhless.
1o us, Lhls klnd of defeaLs Lhe whole polnL of
havlng a 'safe haven' and avoldlng exposure Lo Lhe
global flnanclal sysLem.

Slmllarly, lf you are lnLeresLed ln a hlgh-Lurnover,
ln-and-ouL meLals Lradlng sLraLegy, you may
be besL off uslng L1Is (Lxchange 1raded Iunds), or
posslbly one of Lhe oLher "dlglLal", lnLerneL-based
preclous meLals programs avallable Loday.
?ou are, ln such programs, aL besL lnvesLlng ln
fracLlons of bulllon bars, generally Lhe 12.3
kllogram formaL (ColdMoney or 8ulllonvaulL, for
example) - or more ofLen ln unallocaLed ownershlp
or clalms LhaL are noL enLlrely backed by preclous
meLals aL all (CLu, Lhe world's largesL gold fund, ls
Lhe mosL promlnenL example).
1he advanLage of such sLrucLures ls LhaL
LransacLlons wlll obvlously be qulcker - under
normal clrcumsLances. ?ou can buy and sell
cheaply wlLh Lhe cllck of your mouse - provlded
markeLs are funcLlonlng normally.
Of cootse, lf o cotosttopbe of ooy kloJ sttlkes,
motkets wlll be closeJ (os boppeoeJ lo tbe Joys
oftet 5eptembet 11
tb
, 2001) ooJ yoo woot be oble
to boy ot sell ooytbloq lo tbls moooet.

Powever, lf you are llke me and you wanL Lo make
sure of true, a||ocated, d|rect ownersh|p, lf you
wanL Lo proLecL yourself from a crlsls durlng whlch
gold and sllver prlces shooL up, when Lhe
avallablllLy of physlcal meLals wlll be llmlLed or
non-exlsLenL, or when Lhe flnanclal sysLem sLalls
6 nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA

and selllng preclous meLals Lhrough Lhe banklng
world slmply wonL work, Lhen CLu and Lhe llke wlll
noL do...noL even close.

10 keasons 1o Stay Away Irom D|g|ta| Go|d
||ke the GLD Lxchange 1raded Iund

1. Dependence on the New ork Stock Lxchange -
lor Lhose who acqulre preclous meLals as an
lnsurance agalnsL a crlsls slLuaLlon and as a hedge
agalnsL flnanclal crlsls, access and fluld LransacLlon
capablllLy aL all Llmes ls crlLlcal. CLu does noL allow
for LhaL. lL ls Lraded excluslvely on Lhe n?SL. uurlng
perlods of flnanclal crlsls, Lhe n?SL sLops Lradlng,
and has even been known Lo unwlnd and reverse
LransacLlons. 1herefore, access and Lhe ablllLy Lo
buy and/or sell preclous meLals aL exacLly Lhe Llme
when lL ls mosL lmporLanL may well be resLrlcLed.

2. 1he fund does NC1 a||ow |n-k|nd redempt|ons
of |ts go|d bu|||on - CLus refusal Lo faclllLaLe an ln
klnd redempLlon -- ln oLher words, Lhe dellvery of
physlcal gold upon requesL of Lhe lnvesLor -- does
aL leasL ralse quesLlons.

Cf all Lhe preclous meLal L1ls ouL Lhere, we are
aware of only Lwo worldwlde LhaL ln facL allow for
physlcal dlsLrlbuLlon and whlch are almosL enLlrely
physlcally backed. 1hey are boLh Swlss. Cne of
Lhem ls Lhe Cold L1l lssued by Lhe Zurcher
kanLonalbank (Zk8), whlch we wlll dlscuss ln more
deLall laLer. 1hls L1l comes wlLh conslderable
llmlLaLlons Loo. Powever, lf you absoluLely wanL Lo
use an L1l, Lhls ls Lhe one we would recommend.

3. GLD does NC1 appear to have storage |ssues -
Cne of Lhe key challenges of a physlcally allocaLed
gold program ls Lo provlde for secure and cosL-
efflclenL sLorage. 1hls ls a problem LhaL was
encounLered lasL year by Zk8, for lnsLance. When
Lhelr Cold L1l reached around 70 Lons, Lhey had Lo
flnd more gold sLorage space. lL was all over Lhe
news. no such news ls Lo be found anywhere on
CLu. 1haL does ralse susplclons.

4. 1he GLD go|d ho|d|ngs are NC1 aud|ted - 1here
are no audlLs on CLu!?!? As reflecLed ln Lhe
excerpLs from Lhe funds 10-k form below, even
'monlLorlng ls llmlLed. ln facL, Lhe sub-cusLodlans
donL even have Lo provlde any documenLaLlon for
proof of Lhe exlsLence of Lhe underlylng gold. 1he
obvlous quesLlon Lhen becomes. how ls an
lnvesLor supposed Lo know Lhere ls acLually any
gold ln Lhe vaulLs aL all?
1be oblllty of tbe 1tostee to mooltot tbe
petfotmooce of tbe costoJloo moy be llmlteJ
becoose ooJet tbe costoJy Aqteemeots tbe 1tostee
moy ooly op to twlce o yeot vlslt tbe ptemlses of tbe
costoJloo fot tbe potpose of exomloloq tbe 1tosts
qolJ ooJ cettolo teloteJ tecotJs molotoloeJ by tbe
costoJloo.
lo oJJltloo, tbe 1tostee bos oo tlqbt to vlslt tbe
ptemlses of ooy sobcostoJloo fot tbe potposes of
exomloloq tbe 1tosts qolJ ot ooy tecotJs
molotoloeJ by tbe sobcostoJloo, ooJ oo
sobcostoJloo ls obllqoteJ to coopetote lo ooy
tevlew tbe 1tostee moy wlsb to cooJoct of tbe
focllltles, ptoceJotes, tecotJs ot cteJltwottbloess of
socb sobcostoJloo. - 5ootce. 5c lotm 10-k,
5eptembet J0tb 2009

3. 1he go|d ho|d|ngs of GLD (|f there were any?)
are NC1 |nsured - 1he "1rusLs gold may be sub[ecL
Lo loss, damage, LhefL or resLrlcLlon on access".
1hese are obvlously rlsk facLors LhaL any allocaLed
gold program wlll face. Solld gold programs deal
wlLh lL by lnsurlng Lhe value of Lhe gold ln sLorage.
ln Lhe case of CLu, all rlsk ls passed on Lo Lhe
lnvesLor.
1be 1tosts qolJ moy be sobject to loss, Jomoqe,
tbeft ot testtlctloo oo occess.
1bete ls o tlsk tbot some ot oll of tbe 1tosts qolJ
bots belJ by tbe costoJloo ot ooy sobcostoJloo oo
bebolf of tbe 1tost coolJ be lost, JomoqeJ ot
stoleo. Access to tbe 1tosts qolJ bots coolJ olso be
testtlcteJ by oototol eveots (socb os oo
eottbpooke) ot bomoo octloos (socb os o tettotlst
ottock). Aoy of tbese eveots moy oJvetsely offect
tbe opetotloos of tbe ttost ooJ, coosepoeotly, oo
lovestmeot lo tbe 5botes.
nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA 7

1be 1tost moy oot bove oJepoote sootces of
tecovety lf lts qolJ ls lost, JomoqeJ, stoleo ot
JesttoyeJ ooJ tecovety moy be llmlteJ, eveo lo tbe
eveot of ftooJ, to tbe motket voloe of tbe qolJ ot
tbe tlme tbe ftooJ ls JlscoveteJ - 5ootce.
ltospectos 5luk ColJ 1tost

6. 1he qua||ty of the go|d |s NC1 conf|rmed -
"nelLher Lhe 1rusLee nor Lhe CusLodlan conflrms
Lhe flneness of Lhe gold..." Cur concluslon Lo Lhls
sLaLemenL? ?ou are noL only unsure of any gold
belng Lhere aL all, buL now you are noL sure of lLs
purlLy. lf Lhere were An?1PlnC physlcal held ln
sLorage, you sLlll wouldnL know wheLher lL ls
lnvesLmenL grade gold or [usL a heap of LungsLen !
ColJ bots ollocoteJ to tbe 1tost lo coooectloo wltb
tbe cteotloo of o 8osket moy oot meet tbe looJoo
CooJ uellvety 5tooJotJs ooJ, lf o 8osket ls oseJ
oqolost socb qolJ, tbe 1tost moy soffet o loss.
Neltbet tbe 1tostee oot tbe costoJloo
loJepeoJeotly coofltms tbe floeoess of tbe qolJ
bots ollocoteJ to tbe ttost lo coooectloo wltb tbe
cteotloo of o 8osket. - 5ootce. ltospectos 5luk
ColJ 1tost

7. 1he |ssuers are NC1 |nterested |n protect|ng the
strength and va|ue of GLD - MosL gold and sllver
L1ls are creaLed by such flnanclal glanLs as !
Morgan, PS8C or 8arclays 8ank LhaL also serve as
cusLodlans and sub-cusLodlans. 1hey have huge
confllcLs of lnLeresL.

1hese are Lhe very flrms LhaL have been lnvolved ln
Lhe process of shorL selllng gold and sllver ln huge
quanLlLles. 1haL Lhey would be lnvolved ln creaLlng
L1ls LhaL are physlcally backed by 8LAL preclous
meLals has Lo be consldered as mosL unllkely unless
Lhey had a hldden agenda and hlghly quesLlonable
purposes.

8. 1he go|d |s NC1 protected from the custod|ans
|nso|vency - ln Lhe case of Lhe cusLodlans
lnsolvency, your lnvesLmenL ls noL proLecLed or
lnsured ln any way. ?ou bear Lhe rlsk enLlrely. lL ls
noL segregaLed from Lhe cusLodlans balance sheeL
and Lhus ls exposed Lo Lhe banks credlLor
obllgaLlons.

1hls needs Lo be LranslaLed: lf Lhere were any gold
ln sLorage (whlch aL Lhls polnL, you wlll reallze ls
quesLlonable), ?Cu donL really own lL. ConLrary Lo
lnvesLlng ln a sLock, for lnsLance, where you own
an acLual share of a company, wlLh CLu you own
noLhlng more Lhan a clalm Lo gold -- a promlse --
whlch compleLely and enLlrely hlnges on Lhe
flnanclal healLh of Lhe cusLodlan or sub-cusLodlan,
Lhlrd and fourLh parLles over whlch Lhe
admlnlsLraLors of CLu have no conLrol.

lf you wanL Lo lnvesL ln gold ln order Lo proLecL
yourself from a flnanclal crlsls, Lhe Lhlng you wanL
leasL ls Lo depend on Lhe promlse of a bank and
survlval of Lhe llkes of ! Morgan.
ColJ belJ lo tbe 1tosts ooollocoteJ qolJ occooot
ooJ ooy AotbotlzeJ lottlclpoots ooollocoteJ qolJ
occooot wlll oot be seqteqoteJ ftom tbe
costoJloos ossets. lf tbe costoJloo becomes
losolveot, lts ossets moy oot be oJepoote to sotlsfy
o clolm by tbe 1tost ot ooy AotbotlzeJ lottlclpoot.
lo oJJltloo, lo tbe eveot of tbe costoJloos
losolveocy, tbete moy be o Jeloy ooJ costs locotteJ
lo lJeotlfyloq tbe qolJ bots belJ lo tbe 1tosts
ollocoteJ qolJ occooot. - 5ootce. ltospectos
5luk ColJ 1tost

9. GLD does NC1 exc|ude the poss|b|||ty of |eas|ng,
short se|||ng or p|edg|ng the go|d that |t
(supposed|y) has |n storage - lurLhermore, Lhe
LrusLs sLorage ls locaLed ln London, where mosL of
Lhe worlds gold leaslng occurs. lf Lhe lssuers of
CLu had wanLed Lo lnsplre any confldence ln lLs
gold holdlngs, Lhey cerLalnly chose Lhe wrong
locaLlon. London has a hlsLorlc role as Lhe markeL
of cholce for cenLral banks efforLs Lo suppress gold
prlces. 1he facL LhaL much of Lhe worlds gold
leaslng occurs ln London only adds Lo Lhe
uncerLalnLy.

10. GLD |s NC1 protected from the wh|ms of US
government - As menLloned above, CLu ls a Wall
SLreeL producL, whlch LranslaLes lnLo hlgh exposure
Lo WashlngLon. 1he lnsLlLuLlons on Wall SLreeL are
backed by governmenL. rograms run by them
prov|de for 2LkC protect|on from conf|scat|on,
taxat|on, or regu|atory shenan|gans.
8 nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA


ln summary, CLu's own prospecLus makes very
clear LhaL you are noL proLecLed from anyLhlng.
?Cu bear all Lhe rlsks:

- Lhe lack of adequaLe sources of recovery
- Lhe fallure Lo meeL Lhe London Cood uellvery
SLandards
- Lhe fallure of sub-cusLodlans Lo exerclse due care
ln Lhelr safekeeplng
- Lhe rlsks of leaslng ouL gold, whlch ls allowed ln
Lhe prospecLus
- Lhe lnsolvency of Lhe CusLodlan
- eLc. eLc. eLc.

1""+2,.3 4-+ %5$ ,.#$5$"#$) ,. #5+$ 3-&)
-6.$5"',7 %.) "-&,) 75$"$5*%#,-. -8 6$%&#'9 :;<
%.) 2-"# -#'$5 =>?" %5$ @A> 6'%# 4-+ .$$)/ CLu
ls lssued by Lhe lnsLlLuLlons LhaL gave us subprlme
CuCs, aucLlon raLe, and oLher supposedly safe
securlLles. 8emember AAA securlLles LhaL are "as
good as cash..."? WhaL are Lhe chances of CLu
Lurnlng ouL Lo be as "safe" as Lhelr AAA-raLed Loxlc
wasLe?

What About 1he 2k8 Go|d L1I?

As menLloned above, lf you prefer an exchange
Lradable producL, for whaLever reasons you mlghL
have, Lhen aL leasL lnvesL ln an L1l LhaL ls ln facL
(largely) backed by gold. ln LhaL respecL, and
desplLe Lhe drawbacks LhaL we wlll commenL on
below, Lhe L1l lssued by Lhe CanLonal 8ank of
Zurlch (Zk8) can be consldered as generally solld.

1he Zk8 Cold L1l ls backed by physlcal meLals, or
'good dellvery bars as deflned by Lhe L8MA
(London 8ulllon MarkeL AssoclaLlon). lL offers all
four preclous meLals - gold, sllver, plaLlnum,
palladlum. SLorage ls regularly audlLed and Lhe gold
ls fully lnsured.

Powever, as wlLh any oLher L1l, you don'L really
CWn Lhe physlcal preclous meLals ln sLorage. ?ou
only have a CLAlM Lo Lhe meLals held ln sLorage.
1herefore, your lnvesLmenL depends on Lhe
flnanclal healLh of Lhe flnanclal sysLem.

lurLhermore, you donL have a dlsLlncLly allocaLed
producL, you donL have a clalm Lo speclflc pleces, a
1kg gold bar or 1ozL krugerrand coln, for example.
?ou own unlLs/fracLlons of bulllon bars. ln Lhe case
of Lhe Zk8 Cold L1l, lLs 12.3 kllo gold bars.
hyslcal dellvery ls only posslble ln Lhls formaL of
12.3 kllo bars (currenLly worLh approx. uSu
300,000).

And, llke all L1ls, Lhe Zk8 L1l ls sub[ecL Lo
conslderable lack of Lransparency when lL comes Lo
prlclng and Lhe percenLage of acLual holdlng of Lhe
underlylng meLals per unlL of Lhe fund.
Whlle L1ls llke Lo brag abouL Lhelr Lransparencles,
we lnvlLe you Lo conLacL Lhe lssuers and ask for
deLalls on Lhe acLual spreads, producL cosLs or
welghL of preclous meLals of your LransacLlon. ?ou
wlll run lnLo a hosL of quesLlon marks, [usL as we
dld.

llnally, [usL llke all Lhe resL, Lhls L1l has cash
seLLlemenL clauses Loo. ln Lhe case of a crlsls or
"lrregular markeLs", lL ls aL Lhe funds dlscreLlon Lo
pay you ln cash lnsLead of physlcal meLals. 1he Zk8
prospecLus makes very clear LhaL lL ls noL geared Lo
lnvesLors lnLeresLed ln solld, crlsls-proof proLecLlon.

WhaL happens, for example, lf a loL of lnvesLors
wanL Lo sell and / or dellver aL once? [LhaLs Lhe
preclse scenarlo one would expecL ln a flnanclal
melLdown, for lnsLance...]

Peres an excerpL from Lhe rospecLus, whlch we
unforLunaLely only found ln Cerman:

"ule looJsleltooq kooo lm lotetesse Jet Cesomtbelt Jet Aoleqet Jle
kockzoblooq Jet Aotelle votobetqebeoJ ooJ oosoobmswelse oofscblebeo,
weoo.

(o) "uet ColJbooJel lo New otk, welcbet CtooJloqe fot Jle 8ewettooq Jes
looJsvetmoqeos bllJet, qescblosseo lst oJet weoo Jet ColJbooJel lo New
otk bescbtookt oJet oosqesetzt lst,

(b) "lo polltlscbet, wlttscboftllcbet, mllltotlscbet, mooetotet oJet ooJetet
Notfoll votlleqt,

(c) "weqeo 8escbtookooqeo Jes uevlseokotses oJet 8escbtookooqeo Jet
0betttoqooq oJet vetoossetbotkelt voo ColJ oJet flosslqeo Mlttelo
Cescbofte fot Jeo AoloqefooJs ooJotcbfobtbot wetJeo,

(J) "2obltelcbe Aotelle qekooJlqt wetJeo ooJ JoJotcb Jle lotetesseo Jet
obtlqeo Aoleqet weseotllcb beelottocbtlqt wetJeo koooeo."

nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA 9

lor Lhose of us who donL speak Cerman, leL me
summarlze whaL Lhls Lells us:

1he fund may be suspended temporar||y at the
d|scret|on of the funds managers lf gold Lradlng ln
new ?ork ls lnLerrupLed for some reason, lf a
pollLlcal, economlc, mlllLary, moneLary or oLher
emergency (Lhls preLLy much covers lL all) occurs, lf
a loL of redempLlons are placed, whlch mlghL ln
Lurn harm Lhe lnLeresLs of Lhe oLher lnvesLors ln
Lhe fund.

Cbvlously, alLhough a more solld L1l soluLlon, Lhe
Zk8 L1l Loo ls only anoLher bank soluLlon LhaL wlll
absoluLely noL meeL Lhe needs of prudenL lnvesLors
looklng Lo proLecL Lhemselves from a severe crlsls
slLuaLlon.

1|me 1o Go hys|ca||y A||ocated

8aslcally, lL ls a good Lhlng for lnvesLors wlLh gold
when rlslng demand pushes Lhe prlce up. Powever,
lL ls also a slgnal LhaL we may be enLerlng Lhe nexL
phase ln Lhe gold bull markeL, and lL should alerL
you Lo Lhe growlng prospecLs of an lmpendlng
crlsls. :-&) '%" .-# ",27&4 5,"$. %&-.3",)$ "#-BC"
%.) -#'$5 ,.*$"#2$.#"/ D# '%" 5,"$. EA@>F1FG #-
#'$,5 6$%C.$""9 %.) H=E1IJ= -8 #'$ 35-6,.3
B-.B$5." -*$5 % 3&-K%& $B-.-2,B B5,","/

We have recommended holdlng gold and sllver
slnce C WealLh was founded back ln 1996. lrom
Lhe very beglnnlng, llke-mlnded porLfollo managers
have lnvesLed conslderable parLs of Lhelr cllenLs'
asseLs ln physlcal, allocaLed preclous meLals.
unLll recenLly, Lhey also held parL of Lhelr
lnvesLmenLs ln a mlx of unallocaLed programs such
as Lhe erth M|nt Cert|f|cate rogram (MC).
Many of our members have been and sLlll are
lnvesLed ln LhaL program.

1he erLh MlnL also offers an allocaLed program,
whlch we conslder beLLer Lhan oLhers. Powever,
sLlll, ln LhaL program you are vesLlng your LrusL and
wealLh ln Lhe WesLern AusLrallan governmenL. We
are not sure you shou|d trust your fortune to any
government at th|s stage. lurLhermore, Lhe fees of
erLh's allocaLed servlce are preLLy hlgh. Cold ls
sLored aL 1.3 per annum, sllver aL 2.3 per
annum. 1hose cosLs can add up over Lhe years of a
buy-and-hold sLraLegy.
lL ls for Lhese reasons LhaL we are advlslng cllenLs
wlLh erLh MlnL CerLlflcaLes Lo swlLch Lo Lhe Clobal
Cold rogram. We are of Lhe oplnlon LhaL nelLher
an unallocaLed nor a governmenL-sponsored
program offers Lhe safeLy feaLures needed. As Lhe
momenLum ln gold and sllver markeLs plck up and
Lhe economlc condlLlons demand acLlon, you want
a non-bank, non-government, 100 a||ocated
program.

We belleve sLrongly LhaL lL ls Llme Lo swlLch Lo a
SAlL, ALLCCA1Lu program. ?ou wanL Lo be cerLaln
now LhaL you own physlcally allocaLed preclous
meLals. 1hls means LhaL you wanL Lo be sure LhaL lf
you boughL 100 krugerrand 1 ozL gold colns LhaL
Lhose 100 colns are sLored somewhere safely,
owned by you, and can be 8CM1L? dellvered Lo
you anywhere ln Lhe world, or sold by / for you
whenever you deslre.

Cbvlously, lf you are lnLeresLed ln lnvesLlng ln
preclous meLals for a shorL perlod, posslbly ln a day
Lrade mode, ln-and-ouL, concerned mosLly abouL
maklng a shorL-Lerm proflL, Lhen LhaL ls a dlfferenL
maLLer. ?ou would be besL Lo use a number of Lhe
beLLer L1ls or clalm accounLs. 8uL lf you are
looklng for proLecLlon, for a safe nesL-egg ln your
porLfollo, lL ls Llme Lo secure your physlcal gold
poslLlon now.
When golng Lhe offshore rouLe, beware of
sLraLegles LhaL sound Loo slmple. 1hlnk Lhe process
Lhrough. And conslder Lhe hefLy fees and Laxes
(vA1) you wlll pay ln some Luropean counLrles.
1he back yard" soluLlon ls more convenlenL and
efflclenL (more lnformaLlon on Lhls soluLlon can be
found on page 10 of Lhls reporL). 1he key rlsk, ln
case of a severe crlsls, ls governmenL conflscaLlon.
lL appears, however, LhaL lf approached cleverly,
Lhese rlsks can be mlnlmlzed.
10 nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA


8est Way 1o 8uy hys|ca| Go|d-
G|oba| Go|d

1here ls one program LhaL meeLs all our sLandards.
lL ls called 'Clobal Cold' and ls a Swlss preclous
meLals program avallable Lo all lnvesLors from
around Lhe world. lL holds whaL oLher programs
promlse. WlLh Clobal Cold you are lnvesLed 'Lhe
rlghL way:

1. our meta|s are stored safe|y and fu||y |nsured -
Clobal Cold sLores lLs meLals ln secure, non-bank
vaulLs ln SwlLzerland, lnsured for Lhe full value, Lhe
vaulLs are ln Lhe Lax-free zone Lo avold all vA1
cosLs. And, Lhey are used also by oLher large
flnanclal lnsLlLuLlons and Swlss banks.

2. 1he meta|s acqu|red by you are fu||y and safe|y
a||ocated - aL Clobal Cold, Lhey are sLored ln-klnd
ln hlgh securlLy vaulLs. 1hey are noL leased, pledged
or oLherwlse flddled wlLh.

3. 1he vau|ts and |nventor|es are regu|ar|y aud|ted
by th|rd |ndependent part|es - Lhe Clobal Cold
vaulLs are regularly lnspecLed by Lhe Swlss cusLoms
deparLmenL, and Lhey are audlLed annually by one
of Lhe 8lg lour accounLlng flrms.

4. ou own a spec|f|c amount of a spec|f|c format -
wlLh Lhe Clobal Cold program, you own a speclflc
number of colns or bars, noL [usL fracLlons or dlglLal
unlLs deflned ln some prospecLus, buL noL Langlbly
exlsLenL. ?ou own 1ozL krugerands, Maple Leafs,
Amerlcan Lagles, 8rlLannlas or hllharmonlcs. ?ou
own bars of speclflc welghLs.
1bls ls pottlcolotly lmpottoot fot tox ooJ teqolototy
teosoos. lot exomple, we ooJetstooJ tbot u5 lkAs
moy ooly bolJ u5 bollloo colos. lo tbot cose yoo
woolJ cboose Ametlcoo oqles. uk clleots sboolJ
cboose 8tltooolos, os oollke otbet qolJ bollloo, uk
colos ote oot sobject to copltol Colos 1ox.

3. ou can take phys|ca| de||very or se|| prompt|y
and conven|ent|y - because Lhe colns and bars are
Lhere, sLored physlcally, you can sell or dellver
Lhem prompLly and convenlenLly, no lfs, ands, or
'buLs, and no unexpecLed back-alley cash
seLLlemenL clauses. ?ou donL have Lo show up Lo
Lake dellvery or lnlLlaLe your LransacLlons. ?ou can
effecLuaLe all maLLers by fax, e-mall, leLLer, or
phone. ?ou are noL even dependenL on Lhe
lnLerneL. All tbls ls pottlcolotly ctltlcol lo o sevete
ctlsls sltootloo.

6. De||very |s made |n Sw|tzer|and or
|nternat|ona||y - Clobal Cold arranges dellverles
wlLhln SwlLzerland and lnLernaLlonally aL any Llme
on a cosL basls, wlLh a very reasonable
admlnlsLraLlve fee. 1ransporLs are fully lnsured and
conducLed wlLh leadlng lnLernaLlonal hlgh-securlLy
loglsLlcs flrms. ?ou mlghL noL be able Lo Lravel
when banks and sLock markeLs may noL allow for
Lradlng, eLc.

7. ou benef|t from fa|r and transparent pr|c|ng -
due Lo excellenL sourclng conLracLs wlLh a number
of mlnLs and wholesalers, Clobal Cold offers
excellenL producL prlces. Also, Lhe rogram uealers
are resLrlcLed ln Lhe LransacLlon commlsslons Lhey
are allowed Lo charge. 1he fees are dlsplayed
LransparenLly. ?ou know exacLly and dlsLlncLly whaL
Lhe producL prlce and brokerage fees are. Clobal
Cold also offers an lnsLlLuLlonal program Lo banks,
asseL managers, famlly offlces and Lhe llke. 1he facL
LhaL Swlss flnanclal lnsLlLuLlons buy from Clobal
Cold ls proof of Lhe companys compeLlLlve prlclng.

8. ou have conven|ent and prompt access to
w||||ng buyers - lL ls lmporLanL LhaL your ownershlp
ls seL up ln a way LhaL, when you wanL Lo sell, you
can do so qulckly and convenlenLly. Some cllenLs
perlodlcally ask, "why should l noL slmply bury my
meLals ln my back yard or keep lL ln a safe deposlL
box, posslbly even ln SwlLzerland?"

lrankly, l have sLrong reservaLlons abouL Lhe 'back-
yard sLraLegy, for many reasons. Powever, a safe
deposlL box may well be an opLlon. 1he drawback
Lo Lhe safe deposlL box ls LhaL you have Lo
personally plck up your meLals. And should you
wlsh Lo sell, you may noL have a buyer llned up. lL
may Lake valuable Llme, parLlcularly ln a fasL-
movlng markeL. lurLhermore, ln LlghL markeLs, as a
nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA 1
1
prlvaLe lnvesLor you wlll almosL cerLalnly sell your
meLals aL a prlce LhaL ls Loo low, whereas Clobal
Cold geLs lnsLlLuLlonal prlces. ?ou can Lap lnLo LhaL
beneflL as a Clobal Cold cllenL.

ln concluslon, Lhese are some of Lhe unlque
beneflLs of buylng Lhrough Clobal Cold. Cbvlously,
you also need Lo ensure Lhe quallLy of producL, you
musL have LrusLworLhy counLerparLy, eLc. Clobal
Cold offers Lhls Loo. 1haL should be Laken as glven
and ls ln facL Lhe case when deallng wlLh such
provlders as, for example, Zk8 (Zurlch CanLonal
8ank). >'$ B-27&$#$ 7%BC%3$ -8 K$.$8,#" &,"#$)
%K-*$9 -. #'$ -#'$5 '%.)9 ," L+,#$ +.,L+$/

A loL of lnvesLors are waLchlng and wonderlng
whlch dlrecLlon Lhe prlce of gold wlll Lake nexL. lL
can be very beneflclal Lo buy when demand ls
generally low and llquldlLy ls hlgh ln Lhe gold
markeL, parLlcularly when you are buylng gold
colns. 1he markeL prlclng of such colns can vary
subsLanLlally and spreads Lend Lo shooL up when
avallablllLy ls low. So, now ls a good Llme Lo ensure
your SAlL Anu CCnvLnlLn1 preclous meLals
ownershlp.
8uy and Store Go|d Cffshore Cr At
nome?

A key lssue LhaL sLlll needs Lo be addressed ls
wheLher an lnvesLor should buy gold offshore or
aL home". 1he answer wlll noL be Lhe same for
everyone.
uependlng on your speclflc ob[ecLlves and
slLuaLlon, you may be beLLer off keeplng your
asseLs ln your home counLry and sLorlng physlcal
gold ln your local banks deposlL box. ?ou mlghL,
however, be well advlsed Lo buy and sLore physlcal
gold offshore. Cr, maybe, you should conslder a
mlx of boLh.

8enef|ts and Drawbacks to 8uy|ng Go|d "At
nome"

Cbvlously, Lhls ls (a blL) more convenlenL, slmply
for Lhe facL LhaL you are noL deallng wlLh Llme and
language dlfferences. lurLhermore, you can have
Lhe gold dellvered Lo your home or dlrecLly Lo Lhe
local bank or sLorage faclllLy of your cholce wlLh
more dlrecL conLrol over your asseLs.
Powever, a key lssue arlses - and Lhls applles Lo
u.S. lnvesLors ln parLlcular - ln regards Lo Lhe rlsk
of governmenL conflscaLlon when buylng and
sLorlng gold aL home"!
now m|ght a go|d conf|scat|on be poss|b|e 70
years after the |ast one occurred? 1hls quesLlon ls
besL answered wlLh a serles of oLher quesLlons:
llrsLly, how wlll Lhe masslve u.S. federal debL
(nearly $6 Lrllllon and growlng) and Lhe ouLsLandlng
lnLernaLlonal dollar floaL (resulLlng from Lhe u.S.
Lrade and budgeL deflclLs) be reconclled?
CurrenLly, Lhe u.S. dollar (sLlll) en[oys a speclal
sLaLus around Lhe world as Lhe prlmary reserve
currency. 1hls sLaLus encourages cenLral banks and
lndlvldual lnvesLors around Lhe world Lo hold lL.
Leavlng Lhe varlous clrcumsLances and poLenLlal
scenarlos aslde, whaL would be Lhe ouLcome lf Lhe
sLllLs LhaL propped lL up were klcked ouL from
underneaLh Lhls bullL-ln dollar markeL?
M-6 2,3'# #'$ I/J/ 3-*$5.2$.# 5$%B# #- %.
$B-.-2,B $2$53$.B4 ,. 6',B' ,.),*,)+%&"9 K$"$#
K4 $,#'$5 % )$*%"#%#,.3 )-2$"#,B ,.8&%#,-. -5 %
)$8&%#,-.%54 .,3'#2%5$ N -5 K-#' N 6$5$ 8&$$,.3
#'$ K%.C" %.) $L+,#4 2%5C$#" 8-5 3-&) %" % 2$%."
-8 75$"$5*,.3 #'$,5 7$5"-.%& B%7,#%&O
PlsLorlcally, conflscaLlon has all Loo ofLen been Lhe
opLlon Laken by governmenLs beseL by an
economlc breakdown. !usL as gold ls Lhe asseL of
lasL resorL for Lhe lndlvldual porLfollo dolng servlce
ln Lhe mosL flnanclally LhreaLenlng Llmes, lL ls ofLen
Llmes Lhe asseL of lasL resorL for Lroubled
governmenLs as well. As recenLly as 1998, durlng
Lhe Aslan ConLaglon, boLh SouLh korea and
1halland lmplemenLed "vo|untary" go|d ca||-|ns.
1he LempLaLlon presenLed by lLs clLlzens gold
holdlngs was slmply Loo faclle Lo reslsL.
no maLLer how you look aL lL, lnvesLors musL
beware of governmenL conflscaLlon rlsks LhaL rlse
exponenLlally ln Llmes of a severe economlc crlsls
12 nCW 1C INVLS1 IN GCLD 1nL kIGn1 WA

(as seen under u.S. resldenL lranklln u. 8oosevelL
ln 1933).
Why 8uy Go|d Cffshore?

1he advanLages of buylng and sLorlng gold offshore
are prlmarlly relaLed Lo IINANCIAL kIVAC and
ASSL1 kC1LC1ICN. Powever, whaL ls requlred Lo
reap Lhese beneflLs ls a sLrucLure LhaL allows you Lo
re-allocaLe your preclous meLals rapldly and sLore
Lhem safely. ldeally, Lhls ls done ln an efflclenL and
low-cosL mode desplLe any geographlc dlsLance
lssues.
Some readers may prefer buylng and sLorlng
physlcal gold over a vlrLual" gold accounL or
cerLlflcaLe. 1hey percelve a hlgher degree of safeLy
ln Lhls sLraLegy because of Lhe facL LhaL Lhey are
allocaLed a speclflc and Langlble loL of gold.
Powever, sLorlng physlcal gold ls obvlously more
cosLly. And, lL ls generally less llquld Lhan lLs
vlrLual slsLers".
uesplLe poLenLlally hlgher holdlng fees and less
llquldlLy, ln Lodays envlronmenL, we u|t|mate|y
recommend ho|d|ng phys|ca||y a||ocated prec|ous
meta|s, preferab|y |n bu|||on co|n or bar format.

1hls reporL ls based on an arLlcle LhaL orlglnally appeared ln 1be O weoltb kepott, a prlvaLely-publlshed
quarLerly newsleLLer, founded ln 1996, coverlng flnanclal freedom, wealLh creaLlon and preservaLlon, and
personal prlvacy. Membershlp cosLs [usL $87 per year. Cn slgnlng up you wlll recelve lnsLanL access Lo Lhe
password-proLecLed Members' Area. As well as Lhe full archlve of 1he C WealLh 8eporL you wlll recelve access
Lo a number of downloadable WLAL1n LkCLUSIVL reporLs such as:
1he ract|ca| Cffshore 8ank|ng Gu|de 2011 K4 P$#$5 Q%B8%5&%.$ 1hls gulde explalns how Lo open a forelgn
bank accounLs dlrecLly and slmply, even from your own home. Lveryone needs Lo dlverslfy asseLs ouL of Lhelr
home counLry and currency. lL lncludes dlrecL conLacL lnfo of bankers as well as 40-plus pages of lmporLanL
do's and don'Ls for openlng offshore prlvaLe bank accounLs. lncludes Loplcs such as: do you need an
lnLermedlary? Should you use an offshore corporaLlon? SubsLanLlally revlsed and updaLed wlLh speclal noLes
for uS clLlzens (ln Lhe llghL of Lhe Pl8L AcL and lA1CA) and Luropean unlon clLlzens.
1rust|ng |n 1rusts K4 P$#$5 Q%B8%5&%.$ %.) R-'. 1&&B%5) 1he flrsL parL of Lhls reporL demysLlfles LrusLs ln plaln
Lngllsh and explalns why Lhey are a very flexlble asseL proLecLlon Lool. arL 2 focuses ln on new Zealand as a
surprlslng, low proflle and very aLLracLlve [urlsdlcLlon ln whlch Lo reglsLer a Lax-free offshore LrusL.
anama Ioundat|ons Demyst|f|ed K4 P$#$5 Q%B8%5&%.$ rlvaLe lnLeresL loundaLlons have been used for
wealLh and esLaLe plannlng by Luropean famllles for generaLlons. now, anama offers a legally ldenLlcal
producL for a fracLlon of Lhe prlce. Pow does a loundaLlon dlffer from a LrusL? WhaL Lrlcks do you need Lo
know Lo guaranLee 100 waLerLlghL prlvacy? 1hls reporL explalns.
lus many oLher lnsLanLly downloadable reporLs lncludlng:
Are ?ou ready for Lhe Comlng Cbama 8eLlremenL 1rap?
lnLerneL and uaLa SecurlLy LssenLlals
ulamonds Are an lnvesLor's 8esL lrlend. and more
1hls ls essenLlal, hard-Lo-flnd lnformaLlon for anyone wlLh a genulne concern for freedom, wealLh and prlvacy.
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