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377

This is how it feels and it looks like other people on various chans agree.

This is how it feels and it looks like other people on various chans agree.

(post is archived)

[–] • 4 pts (edited )

Yes. I don't know their time frame, but that seems to be the plan. If these fuckers did COVID and the vaccine, they would absolutely crash the banking system.

Step 1: jack up rates and don't require mark-to-market accounting

Step 2: crash all the banks and cause bank runs

Step 3: the big banks buy out the regional banks for pennies on the dollar after the government makes an "exception" for them under Dodd Frank.

Step 4: Everyone is scared enough for them to pass the "The Banking Stability and Modernization Act of 2023" or whatever bullshit name they decide to give it. Tucked in that act will be CBDCs. I'm sure it's already written.

[–] • 5 pts

"The Banking Stability and Modernization Act of 2023" or whatever bullshit name they decide to give it.

Accounting Investment Deposit Safety

[–] [deleted] • 0 pt

The jews handing out AIDS again. God damn it.

[–] • 2 pts

Went to buy some gold one oz. coins, all they had was Canadian Maple Leaf, but I chickened out anyway.

I'll see what happens tomorrow.

This from Peter Schiff...

"Anyone who's been waiting for an actual #Fed pivot to buy #gold or gold mining stocks had better pull the trigger fast. Today's action constitutes a pivot. It's about as close to an engraved invitation from the Fed to buy gold as you'll ever get. Don't press your luck by waiting."

[–] • 4 pts

Peter Schiff has literally been saying the same thing for at least the past 30 years.

[–] • 3 pts

The American (silver or gold) Eagle is the world standard of minted bullion. (There's other coins, rounds and commemoratives minted by the US Mint, but I digress...) The silver ones are minted to market demand. Canadian Maples are a close second. Anything after those two have a lesser premium, until you get to coins minted in lesser numbers. Then numismatics start and premiums go up. (Like the Mexican Libertad. For a country, these are extremely limited mintage coins, year after year.) Do you homework on what your purchasing. There's plenty of well known online bullion dealers to choose from. Don't have the cash for a 1 Troy ounce coin, then go with a fractional. There's lots of different sizes, 1/10 T oz is very popular. 1/4, 1/2, etc. Then there's different purities, too. Condition is everything. Damaged coins are refered to as culls and have near zero premiums. Please remember commodities are a volatile market. Plenty of times, they don't move with the market for a few different reasons. Supply and demand is just the largest reason.

[–] • 3 pts

Yeah, I do have several of the fractional gold coins, they're more expensive.

I've lots of silver as well. Seems like the Krugerrand was a big deal years ago. I've got one of those.

My dad dealt blackjack in Vegas in the sixties and my folks had a massive coin collection because of that, lots of silver dollars, they were in a crunch and sold them all.

Good info, thanks.

[–] • 4 pts

...lots of silver dollars, they were in a crunch and sold them all.

Lots of folks have a coin collection/bullion stack specifically for this reason. You can always pinch a few pennies and add as time goes on. Sell privately, never in a coin store or pawn shop, you'll get your premiums back on the fractionals. Good luck with your stack

[–] • 3 pts

The best fractional IMO is the which can be broken into small 1g bars. Fits into a wallet like a credit card. Best I know is at BGASC for $3,314 at the moment ($66/g, $2061 per oz). Maples seem to go for about that per oz.

[–] • 1 pt

are you saying these gold coins have value independent of the value of the gold they are made of?

[–] • 1 pt

Beyond the premium of a coin, say a few dollars over for a current year 2023 silver eagle, appropriately 30-35-ish dollars right now. Numismatics, yes. Some people collect coins for different reasons. Errors, rarity, low mintage, etc. I have a few errors, but the low mintage coins... Say one of 1,000 made? Take a set from Mexico, silver Libertad proofs (super shiny.) Can't find how much they're worth by searching, cuz they're one of a thousand. No one resells those, or they resell say a few hundred over just after original sale They just sit in private collections until someone passes or they really need money. Those sets are fairly coveted sets. Libertads used as an example cuz, the bullion, coin collecting community kinda went nuts for Mexican Libertads after the 2020 low mintage. Beautiful coins, but otherwise, just bullion. Like American Silver Eagles or Canadian Maples.

[–] • 2 pts

Maples are one of the big world coins, have good security features, and are .9999 fine (Eagles are ~91% gold so less desirable on the global market).

[–] • 0 pt

Thanks, yeah I was probably being superstitious.

Actually I've no problem with them, but just decided to wait and watch the news for now.

[–] • 0 pt

Maples are better than the American ones? Why would you buy coins over the bars like others do? Just smaller denominations?

Any reason to have a bunch of coins over bars or other shapes?

Sorry for the silly questions.

[–] • 0 pt

Maples have much better security features (very fine radial lines that you need a magnifier to see near the center). But, Eagles are easier to sell quickly and fetch a higher premium (but you pay a higher premium when buying). There are probably some legal differences in how they're handled regarding reporting of purchases, moving across borders, etc. I've read that Asian markets tend to want pure gold, not 90%. 90% is good for circulation because it's harder than pure gold. Eagles might fare better if they're ever used in a post-USD world for payment.

Bars vs coins: coins are far easier for anyone to test for authenticity (ping test) and harder to counterfeit (thinner, round, almost always have a far more detailed design). Bars often also come in sealed assay casing that people don't want to open and believe it must be real because the package says it's real (packaging is easy to counterfeit). If you're buying from a dealer you can trust them but when you go to sell the buyer won't have that same assurance since you're an individual. They do have a lower premium, sometimes little above spot price. Some people stack bars.

Weight: 1 oz is by far the standard size. Easier to sell when you need to. Some fractional might be useful if you ever need to sell a smaller amount. Silver is also good to have for this purpose.

Coins, bars, other shapes: the more you standardize, the easier you can spot fakes. If you choose popular coins they'll be easier to sell.

[–] • 1 pt

Yes, Peter Schiff the Jewish leprechaun wants to give you his pot of gold in exchange for fiat currency before the big collapse.

[–] • 0 pt

How can you chicken out, I mean I don't understand your statement

[–] • 0 pt

It's a psychological thing, trading cold hard cash for metal, you kinda shrink from it.

Hope that makes sense.

[–] • 0 pt

Largely because you lose so much worth. You're losing 5%-15% of it's worth in overhead and transaction fees in both ends. Which is why fake fractional paper trading is so popular.

Heck, buy a brick of silver and lose your ass. You buy at fine silver coinage pricing, plus broker fee, and sell at bulk jewelry minus broker fee. That's a big hit.

The market has to rise much just to break even. Nevermind profit potential. It's why standard financial advice is to avoid metal speculation.

Metals should only be purchased as a hedge. With some exceptions they usually are a terrible investment. Which means they really only serve as a hedge against collapse.

[–] • 1 pt

The NCUSIF (National Credit Union Share Insurance Fund) insures credit unions while the FDIC (Federal Deposit Insurance Corporation) insures banks. Both are government-backed agencies that will protect your cash.

Seems that the NCUSIF is less likely to get wiped out by multi-billion $ failures of the FDIC mega-banks.

[–] • 2 pts

The credit union I'm with also says that deposits are protected up to 500k. I'm not sure if they have supplemental deposit insurance or what, I need to dig into that a little more.

[–] • 0 pt

We have digital currency already, it just has a cash option which they are looking to remove. How many people use a check or credit card in place of cash or checks?

[–] • 0 pt

No. These failures are by private banks tied to venture capital. 2008 was an investment bailout in speculative real estate securities investment by the big banks. 2023 is the bailout of speculative investment in tech companies by the big banks. Just another 1% of the 1% fleecing the taxpayers.

[–] • 0 pt

It's not the .01% though. Facebook, google, apple etc. Weren't touched by and had nothing in this happening.

[–] • 0 pt

Who do you think are the VC's in these tech startups?

[–] • 0 pt

Not those I listed. They ma have invested with VCs but they're full of liquied cash enough themselves that even if they did lose (they didn't) it wouldn't matter and they set deals up with no liability to themselves. Kind of like how brokers work and brokerage companies etc.

[–] • 0 pt

What characterizes the small banks / credit unions that you think they've invested as poorly as the defaulting banks did?

[–] • 2 pts (edited )

Nothing particularly other than they aren't the big 4. From everything I'm seeing about SVB is that it wasn't that they didn't have assets to cover their customer's money. What appears to have happened was an (((orchestrated))) bank run (weird?) that cause SVB to not be able to have the money necessary (in the immediate sense as withdrawals happened) due to their investments being 10 year rather, which from a talk I heard was common and would yield more $ in the end but carried higher risk as we see.

For everything else that isn't in a risk prone position it feels to me like it will "cascade" into bank runs from smaller less "viable" banks to move to one of the big 4 which I've seen many people state is already happening to some degree.

[–] • 1 pt

Small town banks/credit unions (1-3 branches), I don't think are managed as riskily nor would they be targets of orchestrated bank runs. Perhaps the regional ones though are worth the squeeze

[–] • 1 pt

When you vote at the credit union, always vote no against increased security allocation. Else, move your money.

[–] • 0 pt

It was simple, they had enough assets, but a significant amount was in long term treasury bonds. If they held them to maturity, their balance sheet would have been fine. But their value on the open market was less than face value because no one wants to buy a bond giving 1% when they could buy one at 5%.

If the Fed wants the easy solution, they'll just guarantee the face value of treasury bonds. Then companies will stop worrying about liquidity in these smaller banks.