It’s my opinion that while your money may be earning a bit of income via your local bank interest rate, you would probably be better off buying precious metals if you are going to prison. An investment of any size before you go to prison might be worthwhile, especially if its gold, and here’s why…
If you are going to prison, chuck your currency and buy gold and silver
So, you are going to prison or jail and you may have a few months or even a few years “on vacation”, it might pay off when you come home to have your investment rise considerably faster than what your bank may be offering. If you recall what I wrote in my book (How To Survive in Prison or Jail) about your assets (intangible and otherwise) prior to going to prison you will probably be better off when you land in the world.
Going to Prison for a few years may make you money?
Have a look at gold prices from only a year ago, roughly $1400 USD per ounce. Now look at the price of gold from two years ago… approximately $1100 per ounce. Now then, look at the price of gold today (12/6/2011) at COMEX close: $1727.90 per ounce. Amazing increase and silver is doing somewhat the same dance.
Gold price chart provided by GoldPrice.org
Seeing these numbers now boggles the mind. The “what if” scenario starts creeping into my thoughts. When I opted to bet my fortune, albeit small, on an interest bearing savings account I could have very easily purchased gold and had my parents hold it for me. Then again this was a few years back and gold prices weren’t exactly screaming at anyone to take notice. Well they are now. After reading Grant Halls new book on Banking Privately, one might consider that since the US dollar is dipping (nicely put) precious metal prices are on the rise.
As I was being paroled and I met and counseled briefly with a convicted low-level drug dealer who was in-processing and I joked with him about all the cash drug dealers make and his answer was astonishing, even back then. He claimed not to buy cars and houses, he rented those – this guy had purchased gold, diamonds and of course jewelry and placed it in a bank vault. Amazing foresight from a guy who knew when he was caught he wouldn’t see a city street for at least 7 years.
Take a look around you. Do you notice all the places springing up who will buy “unwanted” gold or even broken gold jewelry? Hundreds of storefronts and hundreds more websites are springing up all over. This should be the first clue something is happening in the market.
If you are going to prison or jail for a little while, certainly get the help you need while on the inside. But make doubly sure you have a cushion for when you get out – and precious metals may be the answer. You not only have to survive your prison time, you have to plan for it.
Disclaimer here: We are not financial advisors nor do we know of any loophole, strategy or other means to forecast the rising cost of precious metals. This dear friend, is our opinion. We suggest you seek a true professional financial analyst to help you wade through the muck of it all.
That is actually a good idea. So many people invest their money into stocks and bonds when companies can fail or something in the company can happen which would cause the stocks to sink on the market. Gold on the other hand will always rise and if you are in jail or prison for a while then the money to be made can be quite a lot when you get out. It would be like winning the lottery I believe.
If you are open to having a guest prison blog poster please reply and let me know. I will provide you with unique content for your blog, thanks.
how much gold should a person buy? my brother is headed to prison and he read your book about selling off items that will be technologically extinct when he gets out in 5 years so he will have quite a bit of money to invest.
I would suggest buying only what you and your brother are comfortable in buying. Please consult with a financial planner to help with this issue.
Fantastic idea!. I have been in the gold buying market for a little over 5 years and I can tell you that the price just keeps going up. I wish I had bought even more when I first started. But, it does make sense to buy a precious commodity if you are going to be away in prison – good call! But where do you store it?
if you are going to prison or jail and will be in for a while this is good idea! I hope I never need it though lol
with gold rates going up I think this is really a wise investment. but what happens if it starts to crash? how does an inmate sell their gold if they are locked up?
Interesting article on gold buying for people going to prison. Is there another post that explains banking privately like you mentioned? You also mentioned that your wrote about this very thing in your book, how do I get a copy of How To Survive in Prison?
Hi GTP – there is a page I set up to take you to the download location for the book on how to bank privately – simply click the link in your response. As for the book on How to Survive in Prison this is also a simple download.
I am wondering what will happen if gold levels out while you are in prison? Might as well have put money in a bank rather than buy precious metals.
nifty idea. but what happens if your bank account is seized or the bank closes down? How do you get your safe deposit box contents returned. With so many banks going under these past couple of years I dont see how anything is safe. Even with the bigger banks being taken over.
You are right about the possibility of a bank going under. Your deposit would be FDIC insured and you would get it back following a claim up to $100,000.00-I believe that is the new limit, but don’t quote me on it, and call them to make sure.
Many are confused on banking privacy. They use other people to hold their accounts-a bad idea in my experienced opinion. Others use “banking passports” an even worse idea. These are fake passports sometimes sold to attempt to fool bankers and open an account in a fake name.
None of this is necessary. In fact, you want a tie to your name, but having it on the account title privacy invasive. Instead, use an entity. Use pseudo banking operations-check cashing stores to open the account and hold the account in a bank sponsored account. This provides the best banking privacy and their are several options. The best in the Ultimate banking secrecy account: https://www.jailguide.com/myprivacy.php
All of this takes extra time, effort, money, and is worth it.
Grant Hall
I too would like a copy of both books on prison safety and privacy for free. How do you get them?