JIM SINCLAIR EXIT ALL IRA ,401K’s NOW-’ALL THE CYBER ATTACKS SHOULD GIVE YOU A BIG CLUE-SQ!
Aug 23, 2013
STEVE, I SAW THIS ON THE JSMINESET SITE AND THIS LOOKS LIKE WHAT MIGHT BE A STANDARD TYPE OF REOCURRING QUESTION THAT YOU ARE FACED WITH FROM POTENTIAL CUSTOMERS FOR PRECIOUS METALS. PERHAPS YOU CAN INCORPORATE SOME OF JIM SINCLAIR’S RECOMMENDATION TO THIS PERSON WRITING IN TO ASK HIM WHAT TO DO, INTO YOUR Q & A SESSIONS WITH THOSE WHO CALL YOU. HOPE IT IS HELPFUL TO YOU , DARREL, AND TYLER. Hawk
Been following your website for about a year now at the recommendation of a friend, and appreciate the perspective it provides. I have a question with regard to how you would recommend a person like me position their 401k/IRA’s. I don’t trust the advice I’m given, frankly, from my Wells Fargo advisor.
Quick synopsis of me: Wichita, KS; 44 year old family man; $800-900K net worth; no debt of any kind; own some physical gold in my possession; good job (engineer), great wife, excellent kids, 1 cat I’d like to get rid of…
Of my net worth, probably ~$500-600K is in 401k/IRA’s/529 instruments. In my major 401k account (~$400K), I have put it all in money market options at this point in a holding pattern – no equity-based funds, no bond funds. I have also signed up for self-directed account so that I can have more flexibility going forward. So, in my position, what would you likely do? Utilize the self-direction to invest the money how? Or, would you go to the extreme of actually cashing those out and taking the tax & penalty hits?
Let me add the disclaimer that the direction I take is fully my responsibility – I realize you are not providing “professional advice” and I hold you free of any liability based on your points of view.
If you come to the central part of the country, I’d love to attend one of your meetings.
Thank you for your time,
Jim’s advice regarding retirement accounts is very clear, if you can exit such accounts you should do so now without delay. The penalties you pay now will be dwarfed by the losses you will suffer when retirement accounts are nationalised. The reason he is saying it should be done now is that at some point soon you may not have the option to exit. If you don’t exit then your hard earned retirement investments will be replaced by worthless sovereign paper. If you have retirement accounts that you cannot exit, then at the very least end any voluntary contributions.