Close all bank accounts now?

Given the current events going on now in USA like the falling value of the dollar, and the news of banking institutes being in trouble,recession and everything else related should i take withdraw all my savings from the bank? I feel like something big and bad is just right around the corner and would hate to have all my money sitting in the bank and not be able to obtain it. do you think all this will blow over and get better or maybe worse? i hate to think a sitx happened tomorrow and people have thousands in banks and they close for unknown period of time will we be sealing our fate?

This is what you should have done one/two years ago. However, the smartest thing to do is withdrawing ASAP and buy precious metals, primarily gold and silver.

Thanks where do i buy gold at? i really have no idea

what about people with debts? will they get better as the value of their debts goes lower?

If you are really concerned about tomorrow, take half of your savings and put it into a foreign currency like the Euro. That way if the dollar declines and the Euro goes up you break even. If the Euro drops and the dollar rises you will break even. On the other hand to have some of your savings placed in Gold or Silver wouldn't be a bad idea either . I do not have a savings worth anything these days so my best bet is to put it into gardening and canning supplies, and just making sure I have plenty in stores. Oh and if you smoke grow your own tobacco like back in the olden days of America, *cough*.

reply to post by bamaoutlaw


Go on www.ebay.com and search for "God Bullion" . Try to buy from the certiffied sellers. At the moment it is not easy to buy as the seller "change their minds" as the price of gold is increasing.. however the fresh "buy now" items should work well

Originally posted by antar
If you are really concerned about tomorrow, take half of your savings and put it into a foreign currency like the Euro.

This turmoil will hit Europe as well. Fiat currencies are worthless in times of crisis. The Euro is so strong, not because it's such a powerful currency, but rather because the Dollar is so weak.

There is and always will be a demand for gold and silver. History has proven that gold and silver are the only commodities keeping their value. Euro and Dollar bills can be used to fuel the fire.



www.kitco.com
tulving.com...
www.bulliondirect.com...

Here you find some more:
www.knowgold.com...

reply to post by sty


I would advise NEVER to buy gold off of ebay!

You may find this article useful if you are thinking of investing in precious metals and not sure how to go about it.

Money Week

[edit on 19-3-2008 by fiftyfifty]

thanks i just looked at ebay and was scared to get ripped off, however i am not sure where to buy it local, or do i buy it online from a business?

never got gold before, but here in UK looks reliable .. hm.. let me read your link ..thanks

Won't taking your money out of the bank only hasten the overall decline?

If everyone goes to the banks and take out their deposits, then the banks have to recall the 6 times the amount of the deposits that they have loaned out.

Everyone looses their loans, their houses, their cars. No Banks, it all forcloses, right?

I doubt if you have any real savings, that they will allow you to take it all out at once anyway. "Sorry sir, I will need to clear this transaction with my manager, and he won't be in until tomorrow morning, can I give you 500 dollars now, and have you come in tomorrow.

Maybe I am wrong, but encouraging each other to withdraw your money is the same sort of speculating that got us here, except that in that case it was in regard to the up ward rise.

Maybe I am wrong,
DocMoreau

People panicking and drawing on the banks was part of the reason for the Great Depression. Keep your heads about you.

I suppose drawing out all of your savings is the same as panic buying bread at the supermarket... I was trying to turn this into a good analogy but failed miserably... something like you have loads of bread but it goes mouldy before you've eaten it all, then you go to buy more and theres none left cos everyone else has done the same... then the price goes through the roof... er i think that makes sense, waffles anyone?

dont get me wrong i am not encouraging anyone to draw out their money, i just dont want the bank to tell me like you said, sorry all you can have is 500 dollars today, what about the other 100k .. i am just looking for feed back on the decision to take my money while its available and convert it to metal, if its gonna be worthless i would hate to keep it sitting in my home collecting dust.

My personal opinion - the old system of fcational reserve banking is not sustainable and it would not work forver as it creates debts in order to run the economy. There is no real value to back the $ , outside the commitment of the borrower to pay back .Pay to who ? to the handfull of private share-holders of the FED .. who are they by the way ? how much can the population borrow? I guess the limit was exceded by now..

Just an immagination exercise : how do you see the financial system of an advanced allien race?

Right, you will end up with Moldy Bread!

Lets say you have your money in an FDIC insured bank account, and the dollar drops and drops and drops till it is nothing more. If your account defaults the FDIC should cover you in Ameros when they come on line. But if you are walking around with a wheel barrel full of cash, then thats all you have.

I would also not recommend buying Gold now. Its 'high' meaning that the speculators have been speculating. The person selling it to you bought low, and is profit taking.

And to those who recommend the Euro... bad idea... The Euro will drop like a lead weight if the Dollar collapses, what would back their economy without American's buying goods. Sure it is high now, swollen with Dollar Defectors. And yes the dollar looks bad, but worse when compared to the overvalued Euro.

The Swiss Franc would be a much better choice if you want to not get swept up in the markets. Its percentage as a reserve currency is small, yet fairly stable.

I am also not an economist, but just somewhat informed, so do whatever feels best for you. But pulling out now might seem like a good idea, but all you are doing is following the other sheep.

One innovative investment idea I heard recently was the purchasing of foreclosed homes, and then renting the property back to the family who would loose their residence. It is probably the most sound. It keeps the property in the hands of private citizens, and the family who would lose their home, can keep fighting instead of moving to a tent city...

Do what ever feels right.
DocMoreau

If you see a parabolic curve in any investment run like the wind.....

The best time to purchase commodities is at the beginning of a war, not the end!!

Whoever is telling you to buy-buy-buy when their price is RIDICULOUSLY high is obviously NOT QUALIFIED to tell you what you should be investing in.

Besides, with the coming US election the prices of commodities will plummet after it becomes clear that the war is over. Don't fall for the commodity hype.



[edit on 3/19/2008 by Choronzon]

Here is a few places to buy PM.
Bullion Direct

NWT

I would wait a bit before investing in PM. The prices are already dropping as we speak.








[edit on 19-3-2008 by Digital_Reality]

Originally posted by Sleuth
People panicking and drawing on the banks was part of the reason for the Great Depression. Keep your heads about you.

Well each and every person should decide for himself. I am not going to wait to see my money disappear into thin air. If you wish to do so for the greater cause, be my guest.

reply to post by DocMoreau


Agreed... The price of Gold has been rising steadily, accompanied by regular "spikes" in speculation.

The stock market crash in '29 ended up in a panic that compelled the masses to lose confidence in the banks. Their mass withdrawals may have pushed the country into depression faster.

I've read threads on ATS that imply the Fed was behind the Great Depression to a large degree, and can't help but wonder what the Fed is up to now in the guise of stabilization.

I would leave your money in the bank... It will be equally worthless regardless of what form your currency is. A depression here would certainly devalue many of the world's currencies.

Basically, we're all in the same sinking boat. Time to mentally and physically prepare for the lean times surely looming ahead.