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darsemnos
Penny Sorter Member
96 Posts |
 Posted - 12/21/2008 : 20:05:08
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So, do we get out of the dollar now?
Seems like extreme inflation is about be upon us. Should those with cash savings, or 401k's, or similar items start liquidating these funds and putting them into silver and gold?
I already have "enough" silver and gold. Not tons, but enough that I wouldn't want to have to carry it all at once in my hands.
I have significant savings in the bank. Let's say it's $20,000. Also I have a similar amount in my 401k. Obviously I need some cash on hand, but otherwise I'm tempted to take everything I probably won't need in cash for the next 6 months(this means 100% of the 401k) or so and dump it into metals. Even if I can't get a great price I am thinking that any even a mediocre price will do when paying in what I think will soon be worthless dollars.
Thoughts?
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 12/21/2008 : 20:23:12
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Just ideas, do your own research:
I've put what little is left of my 401 into (mainly) two funds:
Europacific bond funds, Peter Schiffs fund which is invested in european and asian government bonds.
And.
Oppenhiemer International bond fund, basically more of the same.
My balance has been rising the last few business days, as the dollar drops.
Just my opinion, and no, I did not sleep at a Holiday Inn Express last night, but if you make a withdrawal from the 401 you get hit with a 20% penalty (tax) plus taxes (penalty), and then you're only left with withering dollars anyway. See what is available from your 401 plan offering, and keep in mind that even though europe and asia are reeling with us now, they are in a much better position with regards to their currency, trade balance, and debt than the US.
As for your cash on hand (savings)..... Hard to say. The only thing that I suggest is to keep a months worth of cash on hand (not in the bank).
Good luck.
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 12/22/2008 : 06:28:38
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Everyone get out of your dollars now. Go ahead and send them to me....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 12/22/2008 : 20:59:23
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It has been said that with the increased printing of USDollars that inflation (or worse) will take 6 months to 1 1/2 years for it to hit the economy.
(This just a 'they said' story, no 100% proof that this will happen.)
I myself have been getting out of the dollar slowly for the past couple of years buying gold and silver when I can find it for good prices.
I had been taking money out fo my bank account every two weeks or so to buy gold and silver in amounts that wouldn't arouse suspicion ($500-$800). If I were ever asked why I needed the money (No one ever asked) I would say I needed some repair done on my car and the mechanic prefers cash, a relative need a loan or some other excuse.
I stopped taking out money from the bank when my PMs were worth more than the cash in the bank.
Do what is best for you-
one month to six months living expenses in cash, at home, in the bank, hidden away, etc.
401Ks IRAs, your personal choice
I myself will leave the retirement account alone only because it is a pain to cash in.
Who knows what the future holds? Maybe the gubment will come up with a new currency and revalue the old accounts to the new currency leaving you with a nice nest egg (It could happen).
Also for 401Ks, make sure it isn't like Enron where the majority is in company stock.
One more thing to stock up on-
canned goods.
I know it sounds crazy but canned goods can last a year or so and if worse comes to worse canned goods can be traded or sold.
Off topic a bit but I should mention it-
I used to go to a flea market and one of the sellers had canned goods for sale. The cans were not dented or rusty, the seller may have bought the canned goods from a super market when they were on sale or from a wholesale shipper's excess inventory.
(Now there is one way to preserve buying power short term, canned food.)
It has also been mentioned buy whiskey now for the price rise later. ('Sure its 20 year old whiskey, I bought it 20 years ago.' My late father actually did this, the stuff sat in the barrette and the hootch didn't taste bad sitting in the bottle for two decades.) |
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Get out of the dollar now?
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