Could there be a "Bank holiday" in September?

[Gettintoknowsomethin]

Could there be a "Bank holiday" in September?

Actually, before the end of September, there is a growing risk of a "bank holiday" similar to what was imposed by President Roosevelt in 1933. I cannot give a probability for this event, but it is not zero. Should there be a "bank holiday," account holders would not be able to access the funds in any of their accounts for an indefinite period. Even worse, there would be no access to safe deposit boxes. Any cash or precious metals stored in bank vaults would, therefore, also be out of reach for an indefinite period.On July 14, Greenlight Capital, the hedge fund that had been the largest shareholder in GLD (the largest gold exchange traded fund), revealed that it had disposed of its entire holding of 4.2 million shares of GLD (effectively about 420,000 ounces of gold worth almost $400 million) and replaced it all with physical gold.

This is an extraordinary move for any financial company. You can be sure that other hedge funds are studying this move to understand the profit motive behind such a strategy. They are probably poring over all the loopholes in the prospectuses of the various gold exchange traded funds looking for what they may have missed or not given serious consideration. If, and it is only if right now, any other hedge funds take a similar step, we could well see the floodgates open for the demand for physical gold.
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[Cappy Z.]

Re: Could there be a "Bank holiday" in September?

Please refrain from Fear Mongering. You are not a Harvard economist nor Nostradamus.

Cease and Desist.

 

[fistfulladirt]

Re: Could there be a "Bank holiday" in September?

That's why I don't keep large savings in the bank!

 

[jim4silver]

Re: Could there be a "Bank holiday" in September?

Please refrain from Fear Mongering. You are not a Harvard economist nor Nostradamus.

Cease and Desist.

Actually, the report of a possible bank holiday was reported by a couple of longtime newsletter writers. I am not saying I think such a thing will ever happen, but it is possible Gettingtoknowsomethin is doing us afavor by posting such a story and should not be chastised for it.

The writers are Harry Schultz and Bob Chapman. You can google their names and banking holiday to see what they said about this.


Jim

 

[Gettintoknowsomethin]

Re: Could there be a "Bank holiday" in September?

LOOK AT THIS! http://www.bestwaytoinvest.com/stories/did-ecb-save-comex-gold-default 17 CFR § 31.3 states, in pertinent part that:

"...it shall be unlawful for any person...directly or indirectly...(c) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person...in connection with (1) ...a transaction for the purchase, sale or delivery of silver bullion, gold bullion, bulk silver coins, bulk gold coins...pursuant to a standardized contract commonly known to the trade as a margin account, margin contract, leverage account, or leverage contract /this is the government's rule but I say - (ALLWAYS TAKE PHISICAL DELEVERY OF GOLD AND SILVER NO PAPER) The extra cost of doing so is worth it and you will sleep better at night (I do) Friends, while the summer doldrums are here you'd better stock up on silver and gold. Fall will be neither gentle nor kind. Gird up your loins and get your house in order. If you aren’t already invested in gold and silver, and trade in those paper promises for something of real tangible value that cannot be printed out of thin air. When the dollar collapse begins, I expect the drop to be fast and furious. Savvy investors will want to be positioned well before the bottom falls out paper promises for something of real tangible value that cannot be printed out of thin air. When the dollar collapse begins, I expect the drop to be fast and furious.

If you aren’t already invested in gold and silver, this is likely your last chance to buy gold for under $1,000 and trade in those paper promises for something of real tangible value that cannot be printed out of thin air.

 

[Bean]

Re: Could there be a "Bank holiday" in September?

It could happen ( A lot of things happened over a course of one year I thought I would never see) but,
I dont think it will any time soon. Having said that, I try not to keep all my money at a bank and try to "convert" dollars
to silver when ever I can. Also try to pay off as much debt as you can which is a good position to be in no matter which
way the economy goes.
Silvermarketnewsonline.com has alot of good insight on not just pm's but the economy in general also. Good articles
by Butler, Chapman, Hommel, and Sanders.


Argentum et aurum comparenda.


Bean

 

[Gettintoknowsomethin]

Re: Could there be a "Bank holiday" in September?

"No state shall...make anything but gold and silver coin a tender in payment of debt."
-Article I, Section 10 U.S. Constitution

 

[snake35]

Re: Could there be a "Bank holiday" in September?

Buy ammo!!!!!!!!! Those with the weapons make the rules!

 

[jeff of pa]

Re: Could there be a "Bank holiday" in September?

seriously though.
they can't spring something like this on the people.
for more then a day, without advising everyone
in advance and printing
enough money to give everyone
as much as they want to withdraw
before.

Can you see lines at the bank
Withdrawing Everything & the banks
having enough to pay Everything ?

They don't do it,
People will be withdrawing from Cash registers
& OP's Wallets all over.

 

[Gettintoknowsomethin]

Re: Could there be a "Bank holiday" in September?

They NEVER give any kind of warning regarding a bank holiday they know if they did people would panic and make a run on their bank withdrawing all their money and all the banks would fail!. The only reason they would have a holiday would be if the FDIC went broke bailing out banks and ten it would only be temporary until the FED re financed the FDIC again.

 

[jim4silver]

Re: Could there be a "Bank holiday" in September?

I don't think there will be a bank holiday anytime soon, but Roosevelt declared one in 1933. So it has happened here before. I am not sure what would be the reason for one now.

Argentina has had them in the past as well. Also in Ecuador.

I am sure there have been others in other countries in the past but I don't really know for sure.

If it happened, things would have to be in such bad shape that the gov felt the need for it.

Jim

 

[jeff of pa]

Re: Could there be a "Bank holiday" in September?

I don't think there will be a bank holiday anytime soon, but Roosevelt declared one in 1933. So it has happened here before. I am not sure what would be the reason for one now.

Argentina has had them in the past as well. Also in Ecuador.

I am sure there have been others in other countries in the past but I don't really know for sure.

If it happened, things would have to be in such bad shape that the gov felt the need for it.

Jim

Things were Much different in 33
Not as Many people counted on banks.

and although I Don't know Exactly what a "bank holiday" is.

They didn't have credit cards, or ATM's back then.
People didn't count on their money as much as they do today
to pay bills ontime etc.

If All Money sources were Cut off Today.
with no sign of When you could Get it
& your Debtors said "Pay Me"
your Kids said "I'm Hungry" Etc.
Would You Not go into Psycho Mood ?

I guess I can say this since
he is Dead and I Don't Know or care
what side he was on politically, so it's not realy a
political Comment, but I Don't think
Roosevelt was a Very Good President,
To actually Do this in the first place
even back then.

 

[lastleg]

Re: Could there be a "Bank holiday" in September?

Roosevelt also asked/demanded that all Americans turn their gold
coins into the banking system in exchange for fiat currency.

 

[Gettintoknowsomethin]

Re: Could there be a "Bank holiday" in September?

Some expect the total number of banks to be closed at 500 in 2009 more in 2010 the worst is yet to come!

 

[oneeye]

Re: Could there be a "Bank holiday" in September?

Please refrain from Fear Mongering. You are not a Harvard economist nor Nostradamus.

Cease and Desist.

Yeah, like I would trust a "Harvard" economist. I suggest you check out the resumes of many of the financial "wizards" that got us in to this banking mess. The fact that the author is NOT a Harvard economist carries more weight with me.

I suggest you do a little research on topics before accusing someone of fear mongering.
Dan

 

[nyiangelo]

Re: Could there be a "Bank holiday" in September?

Please refrain from Fear Mongering. You are not a Harvard economist nor Nostradamus.

Cease and Desist.

Yeah, like I would trust a "Harvard" economist. I suggest you check out the resumes of many of the financial "wizards" that got us in to this banking mess. The fact that the author is NOT a Harvard economist carries more weight with me.

I suggest you do a little research on topics before accusing someone of fear mongering.
Dan

Just a little note. Have you heard of Harvards financial state right now? They literally might need a bailout.

 

[lastleg]

Re: Could there be a "Bank holiday" in September?

I can only hope that those 'high tone' professors get the reward
they deserve.

 

[Seamuss]

Re: Could there be a "Bank holiday" in September?

Please refrain from Fear Mongering. You are not a Harvard economist nor Nostradamus.

Cease and Desist.

Bank Holiday and Bailout are two different phrases for the same thing. There is absolutely no prediction or fear mongering going on here. It's all reality. The news has been saying this in big bold letters for weeks.

So be afraid, be very afraid.

 

[goldsworthy]

Re: Could there be a "Bank holiday" in September?

GOT GOLD?