jim4silver
Silver Member
- Apr 15, 2008
- 3,662
- 495
While we often talk about PM confiscation as a possibility when PM prices are on the rise, it is not really talked about much as prices decline or go sideways as they have over the past year and a half. Here is a new one though I never really thought about: how about a gov actually talking a percentage of your bank deposits to help bail out said country /gov? Well, this did happen just the other day in Cyprus, and right now they are experiencing a "banking holiday". As usual, such a big story is not really reported in the MSM if at all. But this incident is huge in my opinion, and shows just how easy it is for a gov to take what it wants/needs at anytime.
I believe such events will happen more frequently as time goes on. Whether it is pensions, IRAs, 401Ks etc. What does shock me is that they went straight for the bank accounts and unlike what is often talked about as the "gold confiscation" or possibly forcing retirement funds to go into bonds, those bank account holders in Cyprus had their money taken and will supposedly get stock shares of the bank in which their money is sitting equal to the value of what was taken from their account. The article doesn't say what said stock will be worth in the future, but I doubt in the end it will be a good deal for the account holders.
This type of event galvanizes my belief that some day those holding PMs will come out very well and the holders of paper will not. It may take longer for this to happen, but it will happen nonetheless. I wonder if it is merely a coincidence that PMs are being pushed down as these world events take place, in some type of effort to make the sheeple not want to hold PMs and instead put their money into a vehicle more easily taken in times of need? I mean, who wants to hold PMs when you can have paper assets that are on the rise and will keep rising like stocks and will never fall (just like in 2000, think tech bubble days).
I say again, if PMs get pushed down like I believe they will over the next few weeks/months, it will be the best and last opportunity to enter the PM market for most regular folks; a chance to buy reasonably cheap insurance for their paper assets before things get really ugly.
All just my opinion.
ekathimerini.com | Shock in Cyprus as bailout brings bank account haircut [update]
Jim
I believe such events will happen more frequently as time goes on. Whether it is pensions, IRAs, 401Ks etc. What does shock me is that they went straight for the bank accounts and unlike what is often talked about as the "gold confiscation" or possibly forcing retirement funds to go into bonds, those bank account holders in Cyprus had their money taken and will supposedly get stock shares of the bank in which their money is sitting equal to the value of what was taken from their account. The article doesn't say what said stock will be worth in the future, but I doubt in the end it will be a good deal for the account holders.
This type of event galvanizes my belief that some day those holding PMs will come out very well and the holders of paper will not. It may take longer for this to happen, but it will happen nonetheless. I wonder if it is merely a coincidence that PMs are being pushed down as these world events take place, in some type of effort to make the sheeple not want to hold PMs and instead put their money into a vehicle more easily taken in times of need? I mean, who wants to hold PMs when you can have paper assets that are on the rise and will keep rising like stocks and will never fall (just like in 2000, think tech bubble days).
I say again, if PMs get pushed down like I believe they will over the next few weeks/months, it will be the best and last opportunity to enter the PM market for most regular folks; a chance to buy reasonably cheap insurance for their paper assets before things get really ugly.
All just my opinion.
ekathimerini.com | Shock in Cyprus as bailout brings bank account haircut [update]
Jim
Last edited:
