If a local in Greece left or put their euros in the bank and the banking system goes under they lose their life savings. Those with pm will not be complety wiped out. The smart thing to do in their situation knowing the outcome is inevitable is to stock food, water, euros and pm for wealth preservation.
Just registered...hi all! I understand that when the money dries up in Greece they will not be able to sell silver in Greece, however, jump over the border and sell it in another country for cash. Of course there is a strong likelihood that if the shit hits the fan in Greece and they are booted out the Eurozone, currency will be pretty much useless in Greece for a while. Despite what happens in Greece your silver still has massive value on the world market, value that allows you to leave Greece and support yourself in another country. If you only hold Euros in Greece and the banks shutdown taking your money with them, you have nothing! Of course precious metals will still have value.
If the same thing happened here I would most likely lose the investment properties and the banks would come after the rest of my visible assets, bank accounts, car, home etc. They would not be coming after my silver because no one knows about it. Fast forward a few years when it has all settled down and I can sell my silver, I am not starting at the bottom of the ladder again. I also have food and cash set aside to cover the cost of any day-to-day requirements.
Please NOBODY read this the wrong way. I am a stacker and i love my coins to pieces. I just take very serious issue with those people ( and they are many) that believe in times of financial turmoil PM's will be their saving grace. My "challenge" i guess is to see how those that have stacked and living in Greece can make these metals workfor/save them. I personally do not think they will save anyone in Greece . just my views and i truly appreciate everyone taking the time to make all these replies. Thanks team
Last time there were concerns about the euro tanking or the banks keeping the deposits in Cyprus there was apparently an increase of people buying gold sovereigns. They weren't interested in using them to barter or buy food. They were protecting their wealth, the Euro could have collapsed and their bank accounts could have been pilfered for 10% but they would still have had some savings. If Greece went back to the Drachma, for whatever reason and however unlikely, it is unlikely they would let everyone draw out their savings in Euros. More likely they would freeze the bank accounts, give everyone a credit in the new currency, and use the Euros as backing for the new currency. Then devalue the currency. Better to have precious metals.
Well I understand that you don't believe this but why do you take "very serious issue" with those that do ?
Would've thought any Greek SHTF preppers are having the last laugh now. Wonder what their equivalent of tinned baked beans and spam are.
If you have 100,000 in the bank you can get 60 out a day. I'm quite sure that plenty of metals merchants are happy to give you cash for your metal, even if they can't access cash from the bank I'm sure they are selling enough to make it work. Even if they aren't and you have 50oz in gold then you can put it in a carry on and take a 50 flight to any major city in Europe and come home with cash, or open up an account and deposit in that city with a bank that's working You could just as easily drive over the border unless you live somewhere on the distant islands. There are also plenty of services that allow you to post in your metal. I saw a piece on CNBC about a high end pawn shop in Greece and they were well stocked and placed to service their clients still, a lot of them were pawning or selling jewelry and bullion to make moves while other people panicked (buying art and other property at a discount). Anyhow, PMs aren't for the first couple days of a crisis. Ask someone in Argentina or post war anywhere how metals stood up. If the Greeks have a new drachma and all the money in people's banks is automatically exchanged at whatever rate they initially set then you can bet there will be happy stackers. For the moment euros are going to be more helpful, but it's hard to get them in Greece at the moment. If they leave the union then they will be harder again to get. Honestly though, if things carried on this way for much longer I wouldn't be surprised if you saw bartering for metals and other things start to happen, if only to avoid tax and other oversight. I can't see that happening so much in Britain or Germany or here, but in Greece I could imagine it.
Because the false sense of security it gives them endangers their families. They can only have come to these conclusion by listening to the pumper shills. For there is no reasonable grounds to base it on in modern history. I don't like the thought of these false hopes they have been sold by pumpers risking lives.
get out of town with the little cash, + big stacks go to where there is peace and food and warm....consider it an escape. 20 odd ounces of gold is not that heavy.
Have you considered that these people may have come to such conclusions based on their own logical thought processes and not because of listening to pumper shills ? Have you actually considered they might actually be right ? How far back does your idea of "modern history" go ? What about Cyprus just a few years ago. Iceland ? Those that relied on cash in the bank lost everything. How would you suggest people protect themselves so they don't have a false sense of security ?
No, that's not what I said. If you have 10,000 in the bank then your euros have devalued and you can get at it 60 euros a day. If you had 10,000 in gold then your denominated value went up and you can cash out as much or as little as you want. Your also protected against a potential automatic conversion of your savings to drachma, FX risks like euro parity, or a tax on all money in accounts (ala cypress proposal). Nobody I know suggests holding 100% PMs, but if I was a Greek stacker with 20% PMs, 20% cash and 60% bank savings then I'd be wishing I had swapped those positions a week or two ago. It's not a cure for everything but it's a lot better than most options and this crisis isn't even a crisis yet. However, the one major effect of the current situation, bank closures and ATM restrictions, are avoided by PM.
I can't speak for anyone else other than myself, but if the extent of your preparations for economic collapse start and stop with the purchase and holding of precious metals, then one simply hasn't done their homework IMO. The point of precious metals is to bring value forward from present time to post economic collapse times, not to trade during the collapse for daily necessities that any person preparing for economic collapse should have already sitting on the shelf inside their home waiting to be used. I feel this is actually a common misconception amongst those who are dubious on the issue of stacking precious metals in preparation for economic collapse... there seems to be an undercurrent of thought that suggests the reason for doing this is in order to trade for bread, milk, eggs and so on at the time the collapse is happening. I personally agree, this would represent some poor planning on the part of anyone who felt inclined to prepare for such an event.
