The Gold stories are nothing new to members here...but the banner headline is "Banks forced to plan for a crisis". Australian Prudential Regulation Authority has pushed for the big 4 lenders to draw up plans setting out how they'd deal with another financial crisis. "Resolving the policy conundrum of the large banks being too big to fail", APRA summoned the big four to a meeting last week to discuss how they would sell off assests and shut down their business at pre-agreed contingency points to save their core business, namely taking deposits from Aust. households and businesses! Even worse there's an article on page 49 about "One of the biggest wealth fund managers (BT) calling on the Govt to remove Superannuation from Workplace awards". Things are getting tough!
warning on all deposits, I wouldnt have any more than 10% of my wealth in any bank accept safety deposit
Amazing headlines! That front page looks like a snapshot of the reports on a financial apocalypse. Time to change gear?
We have been trying to prepare for this since mid 2007 when we first became aware of the sub prime debacle cooking in the USA. Our call is that the second great depression is at the door. In the next three months our generation is going to reap the bitter harvest that the funny fiat money mob have sowed and the music we all danced to through too much debt. Our call is the ASX will fall below 2500 points by October 2011, Gold bullion will be $6000 an ounce by 2015 and silver $1600 an ounce. A hundred ounces of silver @ the current spot price of $39 per ounce for a total outlay of $3900 if your a betting man is not a bad punt. Of course the yield in fiat is meaningless. What your trying to do is simply folow Buffetts first and second rules of investing......preserve your original capital. kind regards nonrecourse
