Silver & Gold is about to Explode! Bank Holiday warnings…..
So I’m still trying to figure this stuff out ! I hear the rumors of a Bank Holiday , Dollar collapse etc. etc. What I’m trying to figure is how to protect what little cash reserves I have and not get stuck with worthless dollars ! I have bought some gold and silver , and have a few months supply of dollars at hand . My question is what would you do with the money you now have in a US Bank or Credit Union .We have about a years worth of funds in US dollars in our Bank and Credit Union . I am currently unemployed so we draw on it from time to time . Any idea guys and girls ? I have got to go get my dog from the vet , Hopefully you guys can solve this for me before i return Thanks,Harvey
No 1 pay off as many debts as possible.
No 2 Have two months suppy of food.
No 3 Do you own a gun?
No 4 You might consider paying bills a few months ahead.
No 5 Keep some cash, but try and convert the rest to other currencies or Gold.
No 6 grow your own garden.
All of these things are just ideas. So do what is best for you. I can only speak for myself. Good luck.
Thanks for the advice , any and all ideas are welcome . Lets #2 is covered, #3 & #5 as well. Not sure were to but a garden on my postage size lot. What other currencies are best and any one else undertake this action. Not sure how to start. Should I go to may local bank and say give me all my money in Australian dollars ? Now about #1 , why would I worry about paying off dept ? With being unemployed my train of thought has been to try to maintain capital . Maybe not the best approach ? lots to think about, I think right now I’ll get a glass of wine !
So, I did some more research on this today . I’m thinking the best way to protect my dollar is to open up a Mutual Fund like
The Merk Asian Currency Fund http://www.merkfund.com/fund/ . I just need to do a little more research to understand how quickly I can access the money when needed . Any thoughts ?
I’ve bought through my bank 5% of my cash in Yen and Yuan and another 5% in the Swiss Franc. I wouldn’t pay off debt, doesn’t make sense as debt in dollars will stay the same. Any HARD asset/commodity is worth investing. Buy more Silver than Gold at this time. It’s likely to increase in value more than Gold IMO. Putting dollars into a mutual fund even if it’s invested in foriegn exchanges, it’s still valued in dollars. Have enough cash on hand to pay what debts you have over a month period of time and make sure the cash is in bills no larger than $20 as change may be hard to come by. Invest a bit in change/coins/quarters/nickels. The metal value is more than the face value. Hope this helps.
LogansRun you make some good points . I have some cash on hand , been getting 50’s ,maybe need to get some smaller amounts though. I did some gold awhile ago , but have been buying only silver as of late. As to your point on the Mutual fund , even if it is valued in dollars my thought was if and when the dollar falls , my base value would be protected in a foreign currency (like if I used a currency fund and bought x amount of Yen ) . Is that not correct ? So the Yen , Yuan and Swiss Franc did you take deliver of them ? I see it a couple of ways . I need access to my money over time , but at the same time I want to protect it from what ever my be coming , so hold it in some from that well not lose too much value (if it increases all the better ) and keep it from Big Brother ! Thanks for your thoughts
Will the top U>S> banks be forced to cover large, short gold positions? Anyone a subscriber.
Harvey, as for the mutual fund "yes" if it’s invested in nothing but foriegn exchange/currency it will increase in value. The one aspect that I don’t like about mutual funds or any other investment engine of that type is that you have no control of the spreads at which they are being sold. Yes, you can indicate what price you want to buy and sell but it’s no guarantee that it will occur in that manner. I also don’t like giving my money to a fund in which they are making money by loaning it out to someone else at interest. But again, that’s my personal problem.haha
As for the foreign currency, "yes" I took posession. You can go online to your bank and buy the currency and pick it up at your local branch with no fee. If your bank can’t do it, BofA will on their website. http://www.bankofamerica.com/foreigncurrency/
Hope this helps.
Gold update: charts. Seasonal sweet spot.
In the first hour of Financial Sense’s newshour Steven Hochberg of Elliot Wave predicted that metals, oil and other commodities will continue to go up with the markets, but when the markets peak and head down, the rest will go down too, until the USD bottoms, then metals and commodities will take off. At least, I think that’s what he’s saying. Any thoughts?