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Tue 30 Sep 2008 - 12:24 am UTC
Actually, this is Cynthia, typing for my brother, using "I" as if I am he.
I own a business in WA state and have assets, Both in real estate and liquid cash in 3-4 checking accounts. My sister, an ExGAR, is concerned about the financial climate and sounded the alarm that I need to get an education NOW and make a decision. She is suggesting that in the event of a financial collapse, indeed, with the falling value of the dollar, that the FDIC would not be able to cover all the losses resulting in my losing everything I have saved, my liquid cash, my retirement, etc. I know this is unlikely, but I have enough reserves that I can move a substantial amount into another venue. I have no stocks.
I am looking for some way, some where to move money where it will be backed by GOLD, SILVER, EUROS, something that is stable.
I have found Kitco: http://www.kitco.com/
What would you suggest, what type of account here?
Are there other companies like Kitco?
An acceptable answer will result in links to web sites that allow access to cash, but is backed by something tangible that allows the option of physically taking possession of the Gold, Silver, etc. I don't even know if this is possible.
Thank you in advance, I will be here all day to answer Q's/Clarification Requests.
...for my brother Bruce, who will be monitoring this exchange in his email.
Tue 30 Sep 2008 - 12:35 pm UTC
Might cynthibrucea be interested in gold coins:
The coins are both legal tender as well as holding investment value. Let us know if that's on the right track.
Tue 30 Sep 2008 - 8:29 pm UTC
I was hoping for a method to keep the funds liquid, but still backed by something tangible.
I have a lead from a friend: http://eaglesup.com/ I'm going to call them today.
I think what I am looking for is unavailable, but I was hoping that *someone* out there knew of something. Your lead is similar to the eaglesup site. I think I am going to lookup Tutuzdad's OLD posts at GARtalk, he has a fabulous idea some months back, buying limited release coins, get certified and hold to resell.
Wed 1 Oct 2008 - 2:23 am UTC
I've seen the propaganda...
I'm more concerned about the FDIC being able to cover losses in the event of a catastrophe. Certainly with such an inflated economy there is not enough to cover losses if the dollar crashes and our currency doubles at butt-wipe. In that event, not even the FDIC can help. Only people holding something of value, like gold or silver will be worth anything.
Again, I understand it is unlikely, but if one HAS resources, it certainly can't hurt to prepare for the unlikely, and if it did, the foresight could make a huge difference.
I'm not trying to be talked out of it, I want options for Bruce to consider. He will make the final decision, and he knows I am a bit of an alarmist (cough cough)!
Wed 1 Oct 2008 - 3:20 am UTC
I don't 100% get what you're after. If Bruce isn't looking to take physical possession of gold, then some firm has to be holding it for him. That firm can go belly up, just as readily as can a bank (maybe even readilyer) and then where are you? Assets go poof!
Can you elaborate a bit more.
Wed 1 Oct 2008 - 3:57 am UTC
Actually, I read about that very option, late last night. A third person holds the money. I'm *trying* to do bookkeeping right now, so I'll look for it later.
Wed 1 Oct 2008 - 4:03 am UTC
The other cool thing is http://eaglesup.com/ has no minimum purchase. Even poor folk like me can own gold! David, would you consider doing a mini due diligence on the company, check licensing, no lawsuits, BBB, etc for me for the Q amount?
I can see this coming... Yes Bruce! I'll reimburse you for the question amount if I buy gold and you don't!!
Fri 3 Oct 2008 - 7:58 pm UTC
Why did I cancel the question? I found a forum where questions like this are understood and taken seriously, and the thread is not filled with personal opinions and jokes (not sure what to call the unrelated comments) from Commenters (frde excluded) about what I consider to be a very serious matter.
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