I saw bank officers on the phones assuring customers their deposites were safe. I saw tellers counting out piles of cash to the customers at the windows. I saw looks on their faces like they had been gut kicked. Think maybe, just maybe it's time to buy into gold. Sure, your deposites are insured. If you have up to 100k in the bank, you can rest assured you will get 100k out of it even if it goes under. What you aren't assured is that the buying power of that 100k will be worth spit in the future.
Now see, they don't want you to panic and do a run on the banks. If that happens, a lot of folks lose. If there is a run on the banks and you don't, then you lose. WAMU was a big bank. WAMU went under because it endured a 1.4 billion run in a five week period. Gold will always keep pace with commodities. paper don't. Last time I said to buy gold, gold almost tripled. I'm saying it's time to buy gold again.
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5 comments:
huck, remember the old spammer on the JT site, buy gold? That wasn't you, now, was it? ha ha....
Kind of scary that people are getting so nervous.
kk, I think that was pretend gold, for a game, wasn't it? Fools gold.. lol
I remember that. Something or other Quest.
Well, I thought about posting a blog on this (and still might...see how things go the next few days). I have my money in low fee index based funds. Yeah, I am down now, but I am not going to sell in a panic and lock in losses.
I continue to invest daily in the Wisconsin Lottery.
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