Tag Archives: Luke Chua

Wrap-Up of BullionStar’s visit to FreedomFest 2016 in Las Vegas

Saturday July 16 wrapped up BullionStar's attendance at its first FreedomFest conference and convention in Las Vegas, Nevada. During the event from Wednesday July 13 through to the Saturday afternoon, the BullionStar team interacted with a wide-range of interesting event attendees, discussing topics ranging from the role of precious metals in investors portfolios, to the safety and security of having offshore storage of investment gold and silver at BullionStar's vault facility in Singapore.

Prospective US customers were interested in the fact that there are no sales or other taxes on bullion in Singapore, no reporting requirements on bullion, and that Singapore is a safe and stable political jurisdiction which upholds property ownership rights and where the Singaporean government actively supports the gold sector. On the topic of specific vaulting infrastructure, potential customers learned that BullionStar's "My Vault" facility provides secure, insured, allocated and segregated bullion storage with 24/7 on-line access to your holdings, using multiple levels of auditing, and that you can hold both bullion and cash on your BullionStar account, thereby using your BullionStar account as a real alternative to a bank account in Singapore.

BullionStar Grand Prize Draw - Silver Bars

Throughout the 3 day convention, attendees could enter a draw at the BullionStar stand for a chance to win one of three substantial silver bar prizes. Additionally, everyone who entered the draw received a free 1/10 troy oz silver coin of .999 purity produced by Golden State Mint, a coin with a design based on the Walking Liberty silver half-dollar historically issued by the US Mint.

The prize draw for the BullionStar silver bars took place on Saturday afternoon as the conference was wrapping up. First prize in the competition was a BullionStar 1 kg silver bar worth nearly US $800. BullionStar silver bars are 99.99% pure silver bars with a high-lustre finish produced by German refinery Heraeus on behalf of BullionStar. Second price was a 10 troy oz Heraeus minted silver bar, produced by Heraeus at its refinery in Hanau, Germany, while third prize was a 5 troy oz Heraeus minted silver bar.

Luke Chua, BullionStar COO and Torgny Persson, BullionStar CEO sum up their impressions of FreedomFest 2016

One of the major themes resonating at this year's FreedomFest event appeared to be that the founding principles of the US such as property ownership rights, personal liberty, and freedom of speech are being eroded, and that the government is encroaching on personal privacy. These themes were also picked up by Rand Paul's keynote speech noted in a previous BullionStar dispatch. A common talking point for people who came to the BullionStar stand during FreedomFest was the worldwide banking reporting obligations imposed on banks by the US Foreign Account Tax Compliance Act (FATCA) rules and regulations.

Beyond the Frozen Monopoly - Third Party Candidates

Given the current media focus on Republican and Democratic candidates in the upcoming 2016 US presidential election, US and international media often forget that there are other parties’ candidate nominees running in the US presidential race such as Gary Johnson of the Libertarian Party and Jill Stein of the Green Party. And so FreedomFest was eye-opening in that it was a reminder that other political parties do exist in the US apart from these two powerful incumbent parties, and that there is plenty of political thinking in the US outside the mainstream media's narrowly defined consensus.

In a Reason.TV interview conducted at FreedomFest with Johnson, former governor of New Mexico, and his running mate for vice-president, William Weld, former Governor of Massachusetts, Weld opened the interview with the interesting perspective that there is a “frozen monopoly of the two parties that has frozen a lot of people's thinking in place,… And they think, 'I have to be a right-winger,' or, 'I have to be a left-winger.' They're not thinking, 'What do I think?”

Steve Forbes - Gold Keeps its Intrinsic Value

During another interview at the convention, Steve Forbes, editor-in-chief of Forbes Magazine, posed a very timely and interesting question, asking not which way the Fed will move on interest rates but “Why is the Federal Reserve manipulating interest rates in the first place?”. Forbes highlighted that interest rates are the cost of borrowing money and rewarding lenders, and that “by manipulating interest rates, the Fed has deformed credit markets”.

On the subject of gold, Forbes said that “gold is an insurance policy against turmoil and against government’s mis-behaviour towards the currency” and he underscored that it was important to remember that "gold keeps its intrinsic value", and that the price changes in gold are just people’s changing perceptions of the value of currencies. No doubt most BullionStar readers would tend to agree with these sentiments.

That wraps up our coverage of the FreedomFest 2016 event. We hope that these insights have been helpful, and we look forward to providing readers with updates at future events around the world that BullionStar may attend.

Rand Paul’s keynote at FreedomFest 2016, and BullionStar’s interactive game

BullionStar continues its coverage of the FreedomFest conference in Las Vegas which it is attending and exhibiting at. For previous coverage see "BullionStar exhibiting at FreedomFest in Las Vegas" and "How Safe is your Gold?” – BullionStar CEO’s speech at FreedomFest".

Rand Paul's Speech

U.S. Senator Rand Paul, a Republican representative of Kentucky in the Senate, was a keynote speaker at the second full day of the FreedomFest conference on Friday afternoon. Paul who was himself a GOP presidential candidate this year, is the son of well-known Ron Paul, former Republican congressman for Texas. Rand Paul, like his father, advocates libertarian policies such as limited government, personal liberty, and free market capitalism.

In his speech, Senator Paul highlighted the continual encroachment of government regulations on personal liberty, regulations which are mostly imposed by unelected bureaucrats, the EU being a case in point. Paul referenced the Brexit vote as an example of the growing concern among populations of such bureaucratic unaccountability.

Turning to the US, the senator highlighted the often arduous process of getting bills through the Senate and said that over-regulation and the erosion of checks and balances between Executive and the Judiciary has created a stifling environment of control. This he said, was analogous to invisible barbed wire around the people, but that it is government, and not the people, that should be the ones ring-fenced by this invisible barbed wire.

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US Senator Rand Paul speaking at FreedomFest 2016, Las Vegas

On economic issues, Paul said he was concerned that it is becoming increasingly hard for ordinary American people to attain the American dream of pursuing free enterprise to achieve wealth creation and success, but that it was vital for reform and political action to ensure that this remained possible for the current and future generations of US citizens.

Fielding questions from the floor, the senator, said that he was in favor of an independent structure to allow the growth of a viable third political party in the US, and that he was still pursuing the audit the Federal Reserve bill through the Senate.

Earlier that afternoon, libertarian presidential candidate Gary Johnson, a former governor of New Mexico, also spoke at the same forum in FreedomFest.

BullionStar's interactive game - End the Fed

BullionStar's philosophical view is that gold is money part excellence and that the current monetary system is one in which a fraudulent fractional reserve banking system sits center stage. This monetary system is now experiencing round after round of quantitative easing and intervention by central banks, while simultaneously  inflating the global money supply. These developments primarily benefits central banks, governments and the large commercial banks at the expense of everyone else.

As a light-hearted way of illustrating this important message, BullionStar has created an interactive video game which captures this central bank - commercial bank symbiosis, featuring a number of well-known central banker characters such as Mario Draghi and Ben Bernanke. A video show-casing this game has now uploaded to BullionStar's YouTube channel - see above.

How Safe is your Gold?” – BullionStar CEO’s speech at FreedomFest

The first full day of the FreedomFest conference took place 14 July in Las Vegas, USA, an event at which BullionStar is attending and exhibiting. Conference proceedings took the form of general speaker and panel sessions in a large auditorium in the morning, and multiple breakout sessions of speakers and panel discussions in the afternoon. Morning events included the well-attended "The Big Bull vs Bear Debate", a panel session of well-known investment commentators such as Alexander Green and Peter Schiff. Lunchtime speeches included a keynote speech by former supreme court judge and constitutional expert Andrew Napolitano who discussed the topic 'Do We still have a Constitution?".

How Safe is Your Gold?

In an afternoon speakers session, BullionStar CEO Torgny Persson presented on and discussed the topic 'How Safe is Your Gold?".

Defend your bullion from confiscation risks

In his presentation, the BullionStar CEO gave the audience an insightful introduction into how the current global monetary system is based on the fraudulent concept of central banks monetizing debt and debasing currencies, and how commercial banks dilute money supply even more than central banks by creating money out of thin air via their lending practices. Mr Persson highlighted how a fully gold backed US Dollar would require a gold price multiple times higher than the current trading price, and the exorbitant privilege that the US Dollar, for now, retains as global reserve currency. He then illustrated and discussed the purposes and characteristics of money, and the degree to which fiat paper currency and gold fulfill these characteristics.

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BullionStar CEO Torgny Persson speaking on the topic "How Safe is Your Gold?"

The discussion then focused on how Singapore is the world's safest place in which to store bullion, due to a number of factors such as the Singaporean government's support for the bullion industry,  the economic and political stability of the city-state, and the near zero crime rate. Further advantages of storing precious metals in Singapore include the lack of sales and other taxes, the fact that there are no reporting requirements to report bullion transactions or holdings to any authorities either in Singapore or worldwide.

The discussion wrapped up with a Q & A from the audience covering topics such as how to transfer in existing bullion holdings from the US to Singapore, generational wealth transfers of bullion holdings, how Singapore would fare off if the US Dollar collapsed, and storage costs of gold and silver using BullionStar's vault storage services.

Exhibition Stand

BullionStar's stand in the exhibition area of FreedomFest near the entrance to the conference auditoriums proved popular with attendees throughout the day, especially in the breaks between speaker and panel debate sessions. BullionStar staff manned the booth, fielding questions on a wide spectrum of bullion and bullion storage related topics from a diverse selection of attendees. BullionStar's decision that all staff members would wear tailored gold suits (see below) proved a popular talking point among attendees. During some downtime we got to chat with fellow exhibitors and media exhibitors in the hall such as Kitco's Daniela Cambone and GoldMoney's Josh Crumb.

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Luke Chua, BullionStar COO and Torgny Persson, BullionStar CEO prepare for interview camera

The FreedomFest conference continues on 15 July with its 2nd full day or speakers and presentations. Check back at the Inside BullionStar blog for further updates.