http://www.shtfplan.com/headline-ne...an-immediate-magnitude-10-earthquake_10032011 We're no longer in the realm of economic conspiracy theory and non-mainstream alternative news, as the head of one of the world's largest financial institutions, with over 10,000 branches in 22 countries, joins other well known financial figures with dire warnings of what's coming next: If someone knows the truth, it is the guy at the top of UniCredit [Szalay-Berzeviczy], which we expect to promptly trade limit down once we hit print. Among the stunning allegations (stunning in that an actual banker dares to tell the truth) are the following: "The euro is "practically dead" and Europe faces a financial earthquake from a Greek default" "The euro is beyond rescue" "The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece's spirits."."A Greek default will trigger an immediate "magnitude 10" earthquake across Europe.""Holders of Greek government bonds will have to write off their entire investment, the southern European nation will stop paying salaries and pensions and automated teller machines in the country will empty "within minutes." In other words: welcome to the Apocalypse Source: Zero Hedge via Steve Quayle Mr. Szalay-Berzeviczy is no arm-chair quarterback. He sits atop one of the biggest banks in the world and is the former head of the Hungarian stock exchange, and he's not beating around the bush. The Greeks will, without a doubt, default on their loans. In fact, this weekend we found out that they are incapable of meeting their deficit targets despite extreme austerity measures already taken. In the very near future, they will be incapable of making good on their payments, and once that happens, the seismic effects across the entire globe will be felt almost instantly. As was pointed out in the excellent investigative documentary Meltdown, we are economically, financially and politically intertwined, so don't underestimate the problems in Europe the coming defaults across the Atlantic will have significant impact on our domestic economy. Also of note is the fall-out that occurs when a country defaults on its sovereign debt a warning sign to all of those living in nations that are on the verge of collapse (including those of us here in the US). When a government defaults they will no longer be able to make payments to their employees and that includes former employees depending on pensions, and those dependent on government subsistence programs like social security and welfare. All of it will be wiped out. That is the reality of the situation, and not just in Greece. You can probably imagine the panic that ensues, including Great-Depression style runs on the banks and ATM machines being emptied. If this happens to a single country like Greece it is still manageable. But what about the whole of Eastern and Western Europe? Or the United States of America? We will see these events come to pass. It is unstoppable at this point.
The European finance ministers meeting couldn't come up with any workable solution how to put new lipstick on the PIIGS again.
Where i get lost in all this is what happens to the value of my gold and silver? What I have picked up from discussions is that the prices of PMs will fall and than grow momentum to reach a new high but how high and how long will it take? As a stacker I am seriously lost on how all these global financial problems and the manipulation of the pm prices are intertwined? I understand the fundamentals but also wondering why I'm stacking when it seems like the best time to buy is when the shtf.
I feel the same Dusty. Hopefully someone smarter than us will come in and explain what all this means for PMs.
^^ Well guys, we will all lose most of our wealth in the GFC.... but stackers will be better off than most. Those that stayed in cash/stocks/bonds etc. will lose everything. Stackers will lose almost everything. Our new masters, after the global financial meltdown, won't give us much for our PM's. That's about all we can hope for at this point.... And do not wait until SHTF to buy more physical...you will not be able to find a seller. Yes, you will lose a lot by stacking PM's, but you will lose everything if you stay in cash/invested in markets.... This seems to be reasonable advice....I'm sure he's much much smarter than I am... http://www.dnaindia.com/analysis/column_why-you-must-buy-gold-and-silver-in-turbulent-times_1594716
Ok next question. In 2008 I had sold my stocks before the market crash and held no PMs but had a job and was getting a healthy pay packet, now I never felt any problems and lost nothing. Now if I had turned all my assets at the time into PMs before things went bad wouldn't my (wealth being in PMs) got hit very hard? But because I held fiat I didn't see or feel any effects. I'm not trying to argue a point here I am just trying to get a handle on the situation as I now hold a substantial amount of silver and gold and am looking to go further in. Thanks for your replys.
Seems to me you'd be way ahead if you bought PM's in 2008. Of course, that depends on how well your other investments did.... Look at the charts...not sure how you would have lost with PM's...
In the short term PM owners got slaughtered in 2008 - $21 to $9 anyone? Seeing a pattern though with bad economic news - USD jumps, gold/silver falls, then PMs recover higher.
As GP said PMs got slaughtered if I owned them, great if I bought than but not if I owned them. That's my point this time around?????
I am not sure where the real concern is Dusty. Regardless of what 'spot' price does in and around fiat, you need to sit back, look at the stack and concern yourself with the ounces on the table. If you study history (even recent) the event of a currency collapse either through hyperinflation, default or whatever (the fundamental is the same - a total loss in faith of the currency in question) you see the same principles apply. People will simply flock to another currency or to commodities to retain the value of their wealth. This is what happened in Zimbabwe after their currency collapsed : [youtube]http://www.youtube.com/watch?v=7ubJp6rmUYM[/youtube] But that was a hyper inflation event, not a debt crisis event. Nor am I stating that this is what's going to happen in the Euro zone either. But it does illustrate what can and does happen when currencies die and no immediate alternative is apparent. People instinctively go back to the only real money that humans have used over and over again - gold. What's more likely to happen in the Euro zone is decentralisation again, with each country going back to their own currency and/or a move back to USD in the interem for trade. It won't be until the USD finally crashes that we'll really see the fit hit the shan, but I don't expect it for a while yet. I fully expect the market manipulators to hammer the crap out of Gold and Silver to discourage the masses flocking to it (as we did post 2008), followed by a strong ramp up of investor interest to push the price back up. It took a fair while post 2008 for metals to recover. I think a lot more people are 'aware' of the scam now and a knock down (like we've seen in Silver the past few weeks) will be short lived. As long as your metal holdings are not tied to debt and/or you're not reliant on short term capital gains on your investment, then you're fine to sit back and watch the manipulators hammer the price down and simply create another buying opportunity. ie Now is not the time to panic and sell, although many loose hands will fold in the event of a solid drop (as we've seen over the past few weeks). The long physical stackers simply giggle with delight at another buy opportunity. You just need to ask yourself which camp you are in. If you're not comfortable riding out these rough movements, then perhaps consider going purely to gold or getting out of PMs altogether. If you ask what I am doing, I'm sitting damn tight, picking up what I can afford and shaking my head in amusement at the mad rush for the exit. Each time the mad bastards smash down the paper spot price I hear a cash register cha ching for physical stackers.
Actually the best would be if you owned some and then bought more as it got slaughtered. The problem with gambling on a dip like 2008 is ... what if it doesn't happen? What if silver rockets past 50? You'd be left way out of position with no Silver. This is why dry powder is always good, and dollar cost average your core long term stack.
I think its going to create a big rally in the USD if Europe goes down the toilet and the FED is looking for any excuse for QE3, silver will get hammered in a deflationary environment, not too sure about gold because more and more people are seeing it as money instead of a commodity but it will probably go down although not as much as silver, the Aussie dollar will get hammered especially now China has run out of steam so that will offset some of the drops. The US wont be too far behind Europe is my guess and once the US bond bubble explodes then where will people turn? Silver and gold and they will try their hardest to inflate away their debts and in that environment gold and silver will soar Banks clearly dont want people owning gold so obviously its a good idea to have some and if it does play a role in the new monetary system after the collapse then silver will also play some sort of role. I wouldnt be going all in for silver though, have a balance and cash on hand for any good buying opportunities. Im sitting at around 15% silver, 25% gold and 60% cash after the settlement on my house I have a bad feeling that ultimately the elite will get their way because they designed the current debt situation and im not sure exactly how their looking to gain from it, if its iether a single digital currency or another big push towards world government etc
I've been watching this Euro zone mess with a close eye. I have 8,000 euro in an italian bank account (am planning for a short holiday next year and I would use that money for the holiday then close the account). Now i am worried that there may be a bank collapse before i can get to it, Very appreciative of any suggestions please ?
You should buy in small steady batches if you are only after metals position or building inheritance. If you are trying to get ahead by punting, then you really need to know top and bottom of the market, which is really hard to predict. In both scenario, securing a good income is very important, without income no stack.
See if they have an internet banking option that you can set up over the phone then transfer your funds to wherever you want
