As the banks are only giving .1 percent interest and the fragile nature of the economy in general, I find it unreasonable to put money in a bank savings account as I don't trust the safety of the banks or credit unions right now.
I have about $20K in gold/silver bullion, but I'm looking for a place to store about $10K in cash.
Any ideas? Are CD's a good choice?
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A cookie jar should work.
A cookie jar should work.
Cash
Not a CD or other form of "liquid" investment. $100 bills type cash.
Just imagine a situation where 100 million other people are trying to liquidate their CDs and can't get through to their brokers; gubbermint steps in and halts withdrawals; lines form at banks with people trying to get cash. Is it worth taking that risk for a few .% points? Cash could easily become scarce and you will be prepared.
I know I know. The dollar is going to tank. "When" is the question, and it may be a ways off yet. Cash gives you the flexibility to re-allocate quickly, ahead of the panic. In the meantime, we may actually see the $ rise against other currencies near term, and a deflationary period is not yet out of the question, which will make cash king.
If it were me, I'd keep the metals and cash as is, then start a new nest egg for other investing (assuming you have a stash of basic supplies on hand).
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How are these appropriate
for short term / emergency cash? These are usually even less liquid than CDs.
Not to mention that someone investing defensively enough to be heavily in gold bullion is perhaps not likely to be a good fit for a financial instrument that is (a) tied to the stock market, and (b) implemented with derivatives, and (c) only as sound as the financial institution backing it.
To the OP: maybe this is good for you. I'm not a financial advisor. But be sure you understand what sort of investment this is AND read all of the prospectus and understand the risks.
I don't think it is tacky
I'll write you through the contact thingy here, thanks
2 Chron 7:13-14 if my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land.
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I would turn that $5,000 into
I would turn that $5,000 into silver and gold too and the other $5000 into food storage and ammo.If you need some cash you could always sell some silver or gold.If things get bad you will be able to get alot more money for your metals and you will only wish you bought more.If things get really bad you will be glad you don't have to pay high prices for food and you can live off your cheaply paid for supply.If things get absolutely horrifying you will need to defend all your stuff and will need the ammo to defend yourself and barter with.Cash will only lose value,even in a CD.CD interest rates are 1%-2% and Inflation rates currently are 8% so your cash would lose 6%-7% of its value every year.
Junk silver is good and easy
Junk silver is good and easy to redeem.
Selling small amounts of silver coins is anonymous.
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He already has silver. Where
He already has silver. Where to put cash is his question. Silver dimes do not qualify because they cost a LOT more than ten cents FRN.
go to the bank and
buy bricks of pennies, sort them and save the pre 82 95% coppers ones and eventually the Gov will have to scrap pennies to get the copper, you'll probably eventually get 4 cents for every penny saved or the scrapo value of copper.
All gold and silver, I just keep home in a safe
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Those are some pretty stiff annual fees for precious metal storage, and if you're going to take delivery you can do a lot better from gainesvillecoins.com and other places.
Foreign currency ... but which one? Even the Swiss Franc has a lot of exposure to bad debt, and I don't think they're even partially on the gold standard the way they were a while back. There aren't any sound currencies left. And the transaction fees are high.
For short term investments, especially less than a year, it's a crap shoot. Pick something, and you'll either feel like a genius or an idiot when you need the money.
In your gun safe.
In your gun safe. Not being sarcastic. Guns and ammo will only go up in value as the dollar declines and tyranny grows. It gives you the ability to defend your other assets and additional ammo, even types you do no use, will make good barter value, especially uncommon or rare ammo types. Good optics will cost you more than many weapons. I believe these items are a safe store of value because they are not likely to all of a sudden lose value. Quite the opposite. As other countries stop using the Dollar, these items will significantly increase in value while giving you and your family more security and increased survivability in a WROL scenario.
huh?
any ideas?
2 Chron 7:13-14 if my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land.