Even though I am sure that the U.S. is headed into a depression an my money will become worthless since there is no gold or silver to equal its value in Fort Knox, I am still considering moving my cash from a bank I currently use to another. Now I'll strike thier names from here unless asked to do otherwise, but essentially I use bank x which does everything from lying about how much intrest they compound into my $70,000 savings account to charging $10 on my direct deposit paychecks. AFTER I told them I began direct deposits.

Bank y on the other hand has done nothing so far to tick me off, my uncle that I stay with uses this bank, and they seem to have good interest rates for their savings accounts (for the current situation). I am considering moving both my accounts to this bank for these reasons, not to mention the fact that there are branches of bank y everywhere where I am, and the nearest bank x is 17 miles away.


On the other hand I am considering just closing the accounts and having the banks give me the money in the form of gold dollar coins to prepare for the eventual collapse. What are your thoughts?

Now I'm no pro here, but if I was in your situation, I would already have planned on getting that money out of the USD. Because of the current price drop in oil (which I didn't really expect), I would personally wait a little while and buy oil. It is obviously going to go up again, even if for some reason it doesn't spike back up to as much as it was I can't see it staying under $100 a barrel for long.... and I'll be frankly nonplussed if it goes like $150+ this summer. That's a lot of profit, with virtually zero chance of a (permanent) loss.

Again this is uneducated (d'oh) opinion here. Either way I'd rather be in metal(s) or another currency (the ruble personally strikes me as relevant, but I have a lot of dealings in Russia and feel secure in it, I'm sure there are better choices). Maybe you should like.... consult a professional as $70k is nothing to piss on.

Move it to the second bank.

is there a minimum to buying oil futures? I tried buying some silver, but it was a 1,000 oz minimum..and i can't afford that

Do you know how much gold China and Russia have? A fuck ton. If they wanted to dicks, they would flood the markets with so much gold, they could make it literally worthless. Our dollar is not backed by gold or silver.. at all. Don't believe the hype, do your own research.

by any chance, is bank x bank of america? if so yea move your shit out of there quick...

if your just sitting on your savings, i'd suggest moving it to somewhere where you can almost forget about it, somewhere you can get to it if you absolutely must, but otherwise wouldn't be tempted to tap into it..

__________________
the road of excess leads to the palace of madness

I'm sure there is a minimum to oil futures, and I'm also positive I can't afford ANY..... so I haven't looked, heh. And if you really wanted the silver you could always buy the actual physical metal.... just make sure to find a place that won't rape you over market. I'm kind of vague on gold/silver/platinum right now..... you never REALLY know what will happen with them, although you can be sure they will have some value as opposed to a flappy piece of paper. G&P are pretty high though, silver is comparatively low but who's to say that it will bounce up? It is half now what it was late last year/early this year, and a fifth or so of it's top ever. But it could also sag to half of what it is now, and if the global economy slumps, it won't be back for a while.

Oh, and this. Fuck Bank of America.

You are absolutely right and that is exactly why I want to have my money converted into silver or gold. Not because we will get flooded with it, but because if we hit the collapse then there will be no economy with distant countries, therefore the gold and silver will retain its value even though the dollar will be worthless, since there is no gold equaling it.

I would welcome a lowering in gold prices, that means I can buy some

What the fuck? Where in the hell did you try and buy from??

monex...bad idea?

^ I never bought from them...I had no idea you need to order 1000 oz min. I buy from

www.apmex.com

www.kitco.com

and some mom and pop stores in my area. Now, silver is hella low, and gold is low, but places are still selling silver SAE's at $13-$15, instead of spot. If I could find a place that is selling at spot right now, I would by like 5,000 oz.

Well, to reply to the OP: You have to remember that the interest gained from banks does not make you any money whatsoever, it simply slows the rate at which your money value drops due to inflation, by about a third. Also to keep in mind is the fact that the prices of materials such as gold, silver, and gasoline, have kept a fairly constant price when adjusted for inflation.

On the other hand, something else to keep in mind is that once enough people decide to invest in gold and silver, China and Russia will realize just how much gold and silver are/will be worth here, and they WILL be dicks about it; selling a shitload of gold, killing it's value as well as screwing over everyone who bought gold. Why would they be such dicks, you ask? Well, they will probably not even realize they're crashing the market, they will just see high values on the gold in the backs of their closets.

So, you have two choices: Securely lose money slowly in a bank, or take the risky path and keep your worth by buying gold/silver, all the while hoping Murphy's Law does not kick in.

That said, I would definitely buy gold and silver, while closely monitoring their prices, in case they start to drop.

This.

Thank you. Thank you for realizing the inevitable.

Or you could own a bakery.

Everyone needs bread.

Man, if I had the gift of foresight at the time, and someplace to store it all, i would have invested in copper, forget about gold and silver. Regardless of everything slowly going downhill, providing the olympics continue to be hosted by shithouse countries every four or eight years, minerals like copper skyrocket to ungodly levels whenever the next country in line figures they need to create the impression they have less than third world infrastructure.

There was a "massive bust" on illegal copper smuggling here before the games in china, a guy from around here was busted with more than half a million dollars worth of "illegal" copper due for export in a shipping container. Know what it was? A pile of broken bikes stolen from the front yards of bogans, and a bunch of overhead power & train cables stolen by 12-year-olds.

Fuck yes, minerals.

The interest rate in a savings account differs greatly from a CD you idiot

Since you said uneducated opinion I won't flame you; but russia is having a energy crisses right now and there whole econemy is just about to crash.

Great, thank you for clearing that up... But it still isn't enough to keep up with inflation.

You said it reduces inflation by a third. How can an interest rate reduce the effects of inflation by a third if it varies greatly depending on the type of account?

Acolyte

Forgive me, oh master, for being a lowly acolyte who dares such blasphemy as to not spam to reach the rank of regular. And as such a lowly being, not even worth your sacred spit, may you enlighten me as to how it makes any difference that I gave a rough estimate of a third? Please? Perhaps if I grovel and kiss your shoes?

Dipshit

What he was saying is that although interest rates vary a bit they are still not as high as inflation. Not that all accounts are reducing inflation by a third, but that all accounts reduce inflation, but make no real interest.

Assuming you come from the USA. In Australia we still have real returns on accounts.

Explain??

It shows you have a complete lack of simple mathematical faculties. If one account can yield 4x as much as another than your "rough estimate" is nothing more than a fraction you pulled out of your ass. Furthermore the Bureau of Labor Statistics releases monthly inflation data that can vary by as much as 1.00% compare to previous months of the same year. For example the low for 2008 was 3.90% and the high was 5.60%. Therefore you could be making money one month and losing it the next. Your fallacy is two-fold.

RESULT

I opened an account at the new bank and shifted all my money into a savings account which I will diversify into a few CDs and checking account. The bitching part is that all the accounts in my portfolio (including the checking account) will have some form of an interest rate (much higher than before) as long as I keep an easily sustainable minimum balance.

Nice. Just out of curiosity, how much interest are you getting?

3.75% for my savings accumulating daily, and my portfolio includes an interest rate for my checking account, which at 1.something is negligible.

Bikes, made out of COPPER????? what????? Like bicycles?