Celente: If you have cash in the bank and think it's yours..

[Kris]

....Grow up.

https://www.youtube.com/watch?v=bv-TfBXEOAc

Celente comments on the Cyprus money theft and how past Goldman Sachs employees are now making monetary policy decisions...
____________________
NSR125RR - ZXR750H1 - ZX9R E1 - GSF600S - GSF600SK3 - VFR400-NC30 - SV1000N - ST1100-R - CBR900RR-R - GSF1200SK5 - GSF600SK1 - VFR1200FA - GSXR1000K2 - ZZR1400 D8F
www.prisonplanet.com

[andrew]

You see this?

Old but still good

https://www.youtube.com/watch?feature=player_embedded&v=IdMEM53SafI

I only saw this today.

[Joncrete Cungle]

Good old Max!

[Im-a-Ridah]

If you put money in a bank, then I suspect it counts as you lending them the money, and they pay you back the money and pay a pathetic rate of interest on it. The only exception I can see would be allocated gold stored at a bank, where the gold is owned by the customer, and merely stored at a bank for safe keeping.

[fatpies]

[Joncrete Cungle]

[andrew]

"A rescue programme agreed for Cyprus on Monday represents a new template for resolving euro zone banking problems and other countries may have to restructure their banking sectors, the head of the region's finance ministers said"

https://www.zerohedge.com/news/2013-03-25/word-out-place-sends-europe-tumbling

[fatpies]

Bump

https://www.bbc.co.uk/news/business-25861717

HSBC introduces restrictions on what you can take out.

I.e. its not your money it becomes property of the bank and you become an unsecured creditor the moment it is deposited.
____________________
"It's easy to attack and destroy an act of creation. It's a lot more difficult to perform one"

[N cee thirty]

Probably fedup of having lost money on some fraudsters cashing in, if you want security, you get hassle, if you don't ,easy pickings for someone else.
____________________
'00 Aprilia RS50 > '92 Honda CG > '99 Yamaha Fazer > '91 Yamaha RXS > '79 Suzuki X5 > 01' Honda Cg > 07' Honda Cg > 82' Kawasaki Z200 > suzuki gsxr 400 gk73a > honda vfr 400 NC30 Mod 2 Passed 09/06/2011

Jewlio Iglesias wrote: I actually did vote BNP once

[_Will_]

HSBC......fed up with fraudsters

Money laundering, lending to hezbollah, fraud, lending to drug cartels.

HSBC are a criminal organisation in themselves, they are insolvent and should have been shut down long ago.

Place your money in any bank though and you become a creditor, a leveraged creditor at that.
____________________
Past -Honda qr50 | 2004 Peugeot Tkr s 50| | 1996 Yamaha XJ600s Diversion|

[Derivative]

Mmm.

Right now from where I'm sitting, it really just looks like a matter of time. If I had significant wealth I'd be putting most of it into hard assets.

To me it seems a bit as if holding cash, shares, or any other similar 'based on the economy' investments is walking on thin ice.

Everything is great, the returns look good, you're doing well, until suddenly it could all turn to dust.

My left hand is telling me 'sod it, go for gold, silver, bitcoin, property, whatever you can hold without it being snatched away from you by decree'.

The right hand says 'what if you're wrong and the markets storm away?'

One risk vs another risk.

[Kickstart]

[Derivative]

Yes - gambling is exactly the word to describe it - but there are levels of risk involved. The only winning move is not to play. Sadly, that's not really an option.

Gold and shares are both volatile.

Arguably gold is more volatile than a basket of diversified shares.

But the physical asset cannot be removed from me except via force.

By contrast there are plenty of ways in which shares could be devalued, could be confiscated, could simply cease to be relevant. The same applies to most legal instruments.

My argument is essentially that the probability of wealth confiscation by indirect means (taxation, 'bail in', devaluation, economic distortion) is far higher than by direct force (threat of imprisonment, gunpoint raids).

An ounce of gold, even at £50 or £100 (inflation adjusted) is better than nothing at all.

I do think, by the way, that shares will outperform gold over a reasonable time scale. I'm not selling up and don't foresee doing so in the near future.

But I would not jump over a pit of sharks if the grass were greener. A backup plan is more sensible now than ever.

[Kickstart]

[Derivative]

Accidentally edited the above post rather than posting a reply, my mistake.

TL;DR version: In 2010 90% equities 10% hard assets might have looked like a good idea. Right now I'm thinking 50/50.

[Kickstart]

[Derivative]

Indeed.

The issue of security is pretty open ended, though. If I stashed 5 ounces under my mattress in an inner city flat and bragged to the heavens I wouldn't expect it to last long.

If I lived on a remote farm and kept hush hush then the situation would be rather different. I'm not talking here about a complete collapse of civilization, all bets would be off there.

Gold is just a tool for debate here - I'm sure you can think of similar assets if you wish. Works of art, classic cars, antiques, plenty more out there if you have the means. Such things will hold some value as long as civilization itself exists. The issue is moot for me as a peasant with a student loan hanging over his head anyway.

[Kickstart]

Hi

Problem with any high value asset is turning that value into something you can actually use without opening yourself up to a haircut.

All the best

Keith
____________________
Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[The Artist]

Time for plan

https://earn-bitcoins.com/images/bitcoin-logo-plain.png