Wonder how this will affect CRHing?

[jim4silver]

Article below says the FDIC fund is NEGATIVE $8 Billion+ right now. Apparently they have some type of access to an additional $500 billion from the Treasury if they need it.

Also says 552 "problem" banks remain. That seems like a lot to me, considering 124 banks failed nationwide so far this year. I wonder if all this will affect CRHing?

In my opinion, 2010 is going to have more banks collapsing, especially when the commercial real estate defaults start heating up like the home mortgage defaults have already been doing since 2008.

Jim

http://rawstory.com/2009/11/fdic-insurance-fund-closes-quarter-82-billion-debt/

 

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[golden silver]

It could be both. Chances are silver and gold value will stay on the steady rise but that also means way more people searching for the goods. Me personally Jim I am saving for the rainy day that seems to be marchin ever closer. I am thinking of opening an account in Spain when I am over there in December. If the dollar fails It may be worth it to have em in Euros. Of course I am a novice in this area and would like to hear your thoughts. Good luck and God bless.

Golden Silver

 

[jim4silver]

It could be both. Chances are silver and gold value will stay on the steady rise but that also means way more people searching for the goods. Me personally Jim I am saving for the rainy day that seems to be marchin ever closer. I am thinking of opening an account in Spain when I am over there in December. If the dollar fails It may be worth it to have em in Euros. Of course I am a novice in this area and would like to hear your thoughts. Good luck and God bless.

Golden Silver

I don't know much about overseas investing/banking. I read many of the articles on silver/gold websites and it seems a lot of the pundits recommend having some assets in a foreign country/currency in case the dollar collapses. Some say foreign currencies and some say having gold bullion stored overseas.

One concern for me is that I wonder how other fiat currencies would hold up if the dollar goes belly up?
The others might do the same thing over time if the dollar were to go. Are there any currencies backed by gold/silver? I think some might have a small percentage of backing, but I don't remember what they are.

Right now for me I think holding gold/silver physical is the best form of insurance.

Jim

 

[silvereagle78]

I don't know much about overseas investing/banking. I read many of the articles on silver/gold websites and it seems a lot of the pundits recommend having some assets in a foreign country/currency in case the dollar collapses. Some say foreign currencies and some say having gold bullion stored overseas.

Right now for me I think holding gold/silver physical is the best form of insurance.

Jim

Not to sound like an idiot, but why store gold bullion overseas?

 

[Cherryman68]

Insurence to protect it from being taken from you by government

 

[jim4silver]

I don't know much about overseas investing/banking. I read many of the articles on silver/gold websites and it seems a lot of the pundits recommend having some assets in a foreign country/currency in case the dollar collapses. Some say foreign currencies and some say having gold bullion stored overseas.

Right now for me I think holding gold/silver physical is the best form of insurance.

Jim

Not to sound like an idiot, but why store gold bullion overseas?

Like Cherryman said, to protect against confiscation.

But I personally don't think I would trust one government any more than another. If there ever was a confiscation here, other countries holding your gold could turn your name and gold over to our gov, just like what is going on with an overseas bank now with the alleged tax evaders names and accounts being turned over. If gold were illegal to own here they could say you are a now a criminal and the overseas institutions might decide to comply with our gov like they do now if they show tax evasion, etc.

I would hope to sell my gold/silver before any confiscation (not that I believe it will happen anytime soon or at all). If it got to the point of confiscation gold would probably be worth alot in dollars and I would get out and put the funds into land and other tangible goods that were legal to own.

Some people state that they have a hard time selling locally now while gold/silver is legal to own, imagine what it would be like to try and sell if it were illegal.

Jim

 

[supn9]

It could be both. Chances are silver and gold value will stay on the steady rise but that also means way more people searching for the goods. Me personally Jim I am saving for the rainy day that seems to be marchin ever closer. I am thinking of opening an account in Spain when I am over there in December. If the dollar fails It may be worth it to have em in Euros. Of course I am a novice in this area and would like to hear your thoughts. Good luck and God bless.

Golden Silver

Golden, you might need residence in Spain to do that. You might need to get those currencies locally?

 

[Rich Hartford]

The EU was going to be the recipiant of the global carbon tax money. Now that the global warming scheme has been uncovered that plan has gone down the toilet, as will the Euro which is fiat.
Swiss Francs are still partially(20%) backed by gold.
GS when you go to Spain you could open a Swiss account there I suppose.

Rich

 

[supn9]

Good tip on the Swiss Francs Rich. Thanks.

 

[golden silver]

Supn, I have got that area covered as my wife is a Spanish National I would open it in her name. Her family also has accounts that in an emergency I could transfer money to. Jim, Isn't China or India buying up tons of gold to back up their currencies now? I am not sure either.

This is an interesting topic as always but I like how we are now broadening the scale of thoughts and Ideas to overseas currencies and what not. I love the idea of buying land but who is to say they could not confiscate that as well.

Any one thought of where they would hide their money if it were to be confiscated? my first reaction is to burry it in a well hidden place. But then there are metal detectors and sniches that could give the spot away. Is there some sort of special waterproof box that could be used? Is there a magnet or something that could null out a metal detector. I am just thinking out loud. I may be jumping way off the deep end but when you have treasure the instinct is to protect it.

One last question...do any of you insure your silver and gold? Good idea Thanks for hearing my ramble

Golden Silver

 

[jim4silver]

This is an interesting topic as always but I like how we are now broadening the scale of thoughts and Ideas to overseas currencies and what not. I love the idea of buying land but who is to say they could not confiscate that as well.
Golden Silver

GS,

I guess my feeling is if it got to the point that the gov confiscated your gold and land, then what else would there be left to own?

Personally, I have to admit that I do not fear the gov as much as I would fear my fellow man if things really deteriorate. Think about all the people who don't have any self-sufficient means in a world where the dollar goes to zero and the gov stops giving all the hand-outs that many have become dependent on for years. I think if things got too bad you would see rioting and pillaging that would make the after effects of hurricane Katrina and the LA riots after the Rodney King verdict look like a Sunday afternoon in the park.

My personal opinion is that there will not be a gold confiscation again. I think the gov will keep inflating and inflating. Either the dollar will somehow eventually recover (someday maybe they stop inflating and increase interest rates) or they will come up with a new currency of some type. Not enough people own gold bullion for a confiscation to make any difference.

If they found a way to take early taxes on a 401K or IRA, I think that would be more likely, but I am not saying I think that will necessarily happen either. But think of all the value in those retirement plans just sitting there. Probably way much more value in those than all the gold bullion owned by citizens multiplied by 1000 I would guess.

Just my opinion.

Jim

 

[silvereagle78]

I personally don't think the government will confiscate gold again. A couple months ago there was an article about when, I think FDR, confiscated it for the first time. The govt made people have a govt agent go through your bank owned saftey deposit box while the owner was present and then the govt confiscated any gold within the box and paid a set rate for it. Anyway, lesson learned, don't use a bank saftey deposit box.

 

[Rich Hartford]

Confiscation of gold, land, pensions, etc.
The word"Confiscation"should be replaced by a simpler word "theft". It is something that criminals do.
Thieves can wear a suit and live in a mansion. They can be the dirtbag hanging on the corner in the hood. They can wear a uniform,or a hoody. Thieves can hold high positions in Government, or in the Mafia.
When a thief places his sticky fingers in your pocket to remove your wallet what are you going to do? Where does one draw the line?
There are roughly 300 million Americans. Lets say that 90% percent are honest. When that line is crossed how are the few going to rob the majority? This isn't socialist Europe,or communist China where everyone falls into line like good little lambs.
When that line is crossed,when the envelope is pushed too far, it would be safer to be on the side of the good guys.

Confiscation of gold ,land ,pensions, etc. Not going to happen.

 

[obediah]

I personally don't think the government will confiscate gold again. A couple months ago there was an article about when, I think FDR, confiscated it for the first time. The govt made people have a govt agent go through your bank owned saftey deposit box while the owner was present and then the govt confiscated any gold within the box and paid a set rate for it. Anyway, lesson learned, don't use a bank saftey deposit box.

Yeah and after they paid you "a set rate" for your Gold they forced you to give up they revalued the Gold (forget the %'age but it was big) %50 or half what they gave you.

 

[Siegfried Schlagrule]

they paid various amounts that eventually increased to $24 and change and revalued to a $35 peg from 1933 to 1974. siegfried schlagrule

 

[BurnedSpy]

Insurence to protect it from being taken from you by government

Why would it be taken? Sorry if this is a dumb question, but I hate the government enough already, and if they are doing this, now I can securely say we are communist, under a democratic cloak.

 

[quiksilver]

To start with why " would the goverment take our gold ? " because they can, just like they can take "your" property. Thinking they will or wont may be a little foolish. Know that they can and might is enough for me. Remember the slogan "dont put all your eggs in 1 basket" ?It could easily mean dont put all your gold in 1 place. Doing many to all methods of having gold is definitely the safest. And there are plenty -each with pros and cons .1 overlooked advantage of having some gold in a safety deposit box if u believe the govt may take it is that you may be listed as having gold and they may look until it is found. So let them have some and hope they move on if and when the time comes.

 

[BurnedSpy]

To start with why " would the goverment take our gold ? " because they can, just like they can take "your" property. Thinking they will or wont may be a little foolish. Know that they can and might is enough for me. Remember the slogan "dont put all your eggs in 1 basket" ?It could easily mean dont put all your gold in 1 place. Doing many to all methods of having gold is definitely the safest. And there are plenty -each with pros and cons .1 overlooked advantage of having some gold in a safety deposit box if u believe the govt may take it is that you may be listed as having gold and they may look until it is found. So let them have some and hope they move on if and when the time comes.

I'd never let the gov. have any of my gold. Aren't our taxes enough to feed there greedy hands?