Always love reading Egon's articles, as they usually have an interesting lede to the story and lately include terrific illustrations, many with historical significance. This article is no exception!
Reaching into history offers such an abundance of individual stories.
I've read the details of debit, hyperinflation, and the great coming of The Sovereign Debt Crisis for many, many years.
And yet these individual stories that you share really personalizes the importance of storing your wealth. Nay young Brutus, preserving your wealth!
Looking forward to your view on storing in Dubai, and also whether you think the same of the safety of storing in Abu Dhabi. Also, though no one has a crystal ball, do you anticipate risks in the Cayman Islands, since they are a BOT and could be subject to whatever the UK gov't does to survive, including requisition of gold within the realm. Asking for a friend, of course.
For years now, I do read Von Greyerz's articles and I am always impressed by the link between where we've been and what had happened afterwards. Actions, reactions and consequences. Seeing the way and walking the way, require inner strength that is rarely found in today's world.
I am grateful to Egon for speaking out laud what intelligent people do fear is knocking on the door.
In 2008, gold got chopped in half because in a panic, investors sell everything, not just what they want. Ed Dowd says theres a very good chance we'll have a sharp crash and then cash flood and inflation takes off again. Any expert have an opinion on this?
Interesting. You need to be rich to have enough gold to place it with Mr. Von Greyerz.
99% of your readers are NOT as wealthy as your well-heeled clients, and can't get their millions in gold into Swiss vaults, or anywhere out of the USA. NIcaragua maybe?.
I read these articles and think to myself that there is a person who has looked into my soul and seen my darkest fears. There are many levels of buy in for those who subscribe to the notions being put forward here now if you think that these things are not going to happen then you are in denial. The reality is that those who have money and power are not going to be on the losing side of this transition. The only thing that is really in question is how fast this is going to happen. What comes to mind is the old saying about going bankrupt slowly at first then all of the sudden. If you do not take action every day to prepare for what is coming then you will only have yourself to blame. The only excuse you have for not taking action is if you are already in a situation where you have nothing to lose. For me I do not keep more than 6 weeks of cash. If I could access my 401k I would have already purchased gold or silver to store in a vault. Do not keep valuables in your home.
I am not sure the government will confiscate privately held precious metals held in a safety deposit box especially if they do not know about it. Not that I would put it against them to try but given the desperation that I feel is coming I would not feel safe keeping that much on hand in my home especially with the value of the dollar falling as fast as it is. But each person needs to do what they think is right for their own situation. As for not being able to buy a house, I would agree it is getting harder and harder to get ahead in this era. I would say it is better to buy raw land if you can in an area that would allow you to build your own home at some point in the future even if you need to live in a camper to allow you to save more (stack more gold/silver) the dollar in my opinion is not going to recover and people need to hold real hard assets to be able to benefit from the reset. Preparing for the reset will allow people to survive the transition and if a person does not do all they can they will regret it. Nothing a person can buy as a comfort good / luxury will feel worth it when the reset comes. I just looked it up. In a bank bail in they do not touch safety deposit boxes.
Whether or not the fine print says they can take the contents of the box, FDR closed the banks in 1933 and no one could access what was in the boxes anyway. This is why the received wisdom is to hold PMs outside the banking system. A common canard among the YouTubers and commentariat class is to hold pre-1933 gold. This is absurd. The rules in 1933 were, as always, written for the benefit of whoever wrote the rules. They exempted collectibles and items that they would already have, and required surrender of Everyman's gold to the government in exchange for paper currency which the government then devalued shortly thereafter. Hold it yourself if you can. Consider vaulting in "safe" jurisdictions. I look forward to Mr. VG's advice on why Dubai is unsuitable. In case he reads this, I would also be curious to know whether the same applies to Abu Dhabi. And bonus points for his view on the Cayman Islands, since it is a BOT and could find itself subject to requisitions by the UK gov't.
Apologies -- didn't finish the point on pre-1933 gold. The US gov't will confiscate whatever it damn well pleases. Covid underscored that when a health agency issued edicts with nationwide effect about rent and mortgage moratorium, a previously unheard of expansion of power by the federal gov't. Whatever reasons FDR exempted special gold pieces in 1933 will have ZERO relevance in today's world. If the people at the top table are holding Shanghai Gold Exchange Good Delivery bars measured in kg, then that is what will be exempted and the rest of us can put it in our pipe and smoke it.
Any possessions you store in a banks safety deposit box is technically theirs. Sorry to say. You'll need to read the fine print. They can, and if necessary, will retain your assets.
Seems to me in reading the fine print that they can only seize the contents if I do not pay the rental fees or by court order. Since there is not a record of what is in it I still feel safer using the safety deposit box than keeping it in my house or buried in the back yard. But thanks
I've got one word for you. "Bail-ins". Wait, that's two? In the event of bank bail-ins, I believe that the contents of the safety box is possession of the banks.
I do not think that is how they work. For money on deposit yes for safety deposit boxes I do not think it is the same. Like for instance suppose you had your grandfathers gold filled teeth in the box or your kids bronzed baby shoes it is not really the same but hell I could be wrong. I suspect prior to it getting to the point of a bail in gold will be over $10,000 and silver over $150 so I will probably have moved it by then.
Yeah, imagine what the reset means. You either take one of their deadly shots or you don't eat. With the food poisoned the way it is, either way it's going to be ashes to ashes with these greedy, sick family foundations that control the world's central banks. Here, have a token, serf.
I feel you. Smart people question everything and do what they can to secure what they need to survive. Stay safe, secure resources to ensure your survival, build communities of like minded people. It is all we can do. Wishing you and yours peace and security.
Always love reading Egon's articles, as they usually have an interesting lede to the story and lately include terrific illustrations, many with historical significance. This article is no exception!
Reaching into history offers such an abundance of individual stories.
I've read the details of debit, hyperinflation, and the great coming of The Sovereign Debt Crisis for many, many years.
And yet these individual stories that you share really personalizes the importance of storing your wealth. Nay young Brutus, preserving your wealth!
Live in a hut because if you don;t have a house, gold is only a store of wealth but can't be used due to government controls
Gold and silver being bartered in Latin America ATM. I was offered some interesting things for some silver I have but going to hang on to it.
That Chinese grocery store would accept silver at $1 a gram for any purchases I made if I wanted to use it.
Gold is now $100 a gram. That would fill my refrigerator.
Special K cereal grains are being sold on the street.
Please lend me gold bonds 8023994050
Danke
Looking forward to your view on storing in Dubai, and also whether you think the same of the safety of storing in Abu Dhabi. Also, though no one has a crystal ball, do you anticipate risks in the Cayman Islands, since they are a BOT and could be subject to whatever the UK gov't does to survive, including requisition of gold within the realm. Asking for a friend, of course.
For years now, I do read Von Greyerz's articles and I am always impressed by the link between where we've been and what had happened afterwards. Actions, reactions and consequences. Seeing the way and walking the way, require inner strength that is rarely found in today's world.
I am grateful to Egon for speaking out laud what intelligent people do fear is knocking on the door.
In 2008, gold got chopped in half because in a panic, investors sell everything, not just what they want. Ed Dowd says theres a very good chance we'll have a sharp crash and then cash flood and inflation takes off again. Any expert have an opinion on this?
Interesting. You need to be rich to have enough gold to place it with Mr. Von Greyerz.
99% of your readers are NOT as wealthy as your well-heeled clients, and can't get their millions in gold into Swiss vaults, or anywhere out of the USA. NIcaragua maybe?.
I read these articles and think to myself that there is a person who has looked into my soul and seen my darkest fears. There are many levels of buy in for those who subscribe to the notions being put forward here now if you think that these things are not going to happen then you are in denial. The reality is that those who have money and power are not going to be on the losing side of this transition. The only thing that is really in question is how fast this is going to happen. What comes to mind is the old saying about going bankrupt slowly at first then all of the sudden. If you do not take action every day to prepare for what is coming then you will only have yourself to blame. The only excuse you have for not taking action is if you are already in a situation where you have nothing to lose. For me I do not keep more than 6 weeks of cash. If I could access my 401k I would have already purchased gold or silver to store in a vault. Do not keep valuables in your home.
https://vongreyerz.substack.com/p/first-gradually-then-suddenly-the
any vault in the USA will be seized by TRump and his successors. To buy gold and not be able to even buy a house with it is a joke
I am not sure the government will confiscate privately held precious metals held in a safety deposit box especially if they do not know about it. Not that I would put it against them to try but given the desperation that I feel is coming I would not feel safe keeping that much on hand in my home especially with the value of the dollar falling as fast as it is. But each person needs to do what they think is right for their own situation. As for not being able to buy a house, I would agree it is getting harder and harder to get ahead in this era. I would say it is better to buy raw land if you can in an area that would allow you to build your own home at some point in the future even if you need to live in a camper to allow you to save more (stack more gold/silver) the dollar in my opinion is not going to recover and people need to hold real hard assets to be able to benefit from the reset. Preparing for the reset will allow people to survive the transition and if a person does not do all they can they will regret it. Nothing a person can buy as a comfort good / luxury will feel worth it when the reset comes. I just looked it up. In a bank bail in they do not touch safety deposit boxes.
Whether or not the fine print says they can take the contents of the box, FDR closed the banks in 1933 and no one could access what was in the boxes anyway. This is why the received wisdom is to hold PMs outside the banking system. A common canard among the YouTubers and commentariat class is to hold pre-1933 gold. This is absurd. The rules in 1933 were, as always, written for the benefit of whoever wrote the rules. They exempted collectibles and items that they would already have, and required surrender of Everyman's gold to the government in exchange for paper currency which the government then devalued shortly thereafter. Hold it yourself if you can. Consider vaulting in "safe" jurisdictions. I look forward to Mr. VG's advice on why Dubai is unsuitable. In case he reads this, I would also be curious to know whether the same applies to Abu Dhabi. And bonus points for his view on the Cayman Islands, since it is a BOT and could find itself subject to requisitions by the UK gov't.
Apologies -- didn't finish the point on pre-1933 gold. The US gov't will confiscate whatever it damn well pleases. Covid underscored that when a health agency issued edicts with nationwide effect about rent and mortgage moratorium, a previously unheard of expansion of power by the federal gov't. Whatever reasons FDR exempted special gold pieces in 1933 will have ZERO relevance in today's world. If the people at the top table are holding Shanghai Gold Exchange Good Delivery bars measured in kg, then that is what will be exempted and the rest of us can put it in our pipe and smoke it.
Any possessions you store in a banks safety deposit box is technically theirs. Sorry to say. You'll need to read the fine print. They can, and if necessary, will retain your assets.
Seems to me in reading the fine print that they can only seize the contents if I do not pay the rental fees or by court order. Since there is not a record of what is in it I still feel safer using the safety deposit box than keeping it in my house or buried in the back yard. But thanks
I've got one word for you. "Bail-ins". Wait, that's two? In the event of bank bail-ins, I believe that the contents of the safety box is possession of the banks.
I just looked it up. That only applies to assets on the banks balance sheet and that does not include safety deposit boxes.
I do not think that is how they work. For money on deposit yes for safety deposit boxes I do not think it is the same. Like for instance suppose you had your grandfathers gold filled teeth in the box or your kids bronzed baby shoes it is not really the same but hell I could be wrong. I suspect prior to it getting to the point of a bail in gold will be over $10,000 and silver over $150 so I will probably have moved it by then.
Yeah, imagine what the reset means. You either take one of their deadly shots or you don't eat. With the food poisoned the way it is, either way it's going to be ashes to ashes with these greedy, sick family foundations that control the world's central banks. Here, have a token, serf.
I feel you. Smart people question everything and do what they can to secure what they need to survive. Stay safe, secure resources to ensure your survival, build communities of like minded people. It is all we can do. Wishing you and yours peace and security.