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Author Topic: Banking question  (Read 16869 times)

Offline Paul Bonneau

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Re: Banking question
« Reply #15 on: May 31, 2012, 09:27:16 AM »
I think Mac's got a good plan, although it might make sense to look into smaller, more local banks (and there are online resources for finding banks in good financial shape). I think it is also a good idea to investigate and use options like bitcoin and offshore gold repositories like this:
http://www.goldmoney.com/

Keep in mind the e-gold fiasco:
http://stakeventures.com/articles/2008/07/22/the-man-finally-brought-e-gold-down

The reason I would get into these options is to have options if (when?) the dollar hyperinflates. No need to put a huge percentage of your resources in them (in fact my inclination is to not do so), but at least you are building familiarity with their system. Better to have some experience with them now, and some history with them as a customer, than later when you are frantically trying to avoid seeing your dollars evaporate by the minute.

Another reason to investigate these options is the drive in all governments to get rid of cash, even if hyperinflation does not occur.
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Offline kingskid

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Re: Banking question
« Reply #16 on: May 31, 2012, 11:13:27 AM »
Good suggestions, Paul.  I don't think I've heard anyone mention the possibility of buying physical gold or silver, though.  Other than having to secure it somewhere/somehow, what are the downsides of buying the hard stuff?

KK
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Offline rhodges

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Re: Banking question
« Reply #17 on: May 31, 2012, 11:40:33 AM »
Quote from: kingskid on May 31, 2012, 11:13:27 AM
Other than having to secure it somewhere/somehow, what are the downsides of buying the hard stuff?

You will have the desire to buy more. Shiny! My Precious! :)
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Offline KTKEWW

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Re: Banking question
« Reply #18 on: May 31, 2012, 01:28:19 PM »
"Downsides"... Well, no one mentioned it I am sure, because the first rule of PM investing is that you don't mention PM investing, and that is hard to do. Especially on a open forum... Or so I've been told ;)
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Offline kingskid

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Re: Banking question
« Reply #19 on: May 31, 2012, 05:39:34 PM »
Quote
You will have the desire to buy more. Shiny! My Precious! Smiley

Wasn't that Gollum from The Trilogy of the Ring??
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Offline Crappiewy

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Re: Banking question
« Reply #20 on: May 31, 2012, 06:02:28 PM »
Downside is you spend too much time checking the spot price on the internet.  ;D
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Offline KTKEWW

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Re: Banking question
« Reply #21 on: May 31, 2012, 06:28:53 PM »

Sorry, last post was quick and unchecked from the phone (am I addicted to this forum right now…) :'(  anyway…

“downside”

1/ If you’re not in it for the long haul and have failed to buy what you need prior to investing in the first place.  When you trade FRN’s for tangible goods, in this case PM’s, it is hard to feel better. When the spot price drops short term and you have to trade PM’s for FRN’s to buy something that you NEED, it’s hard to feel worse.

2/ If you are not close to the chest about your investment, word will spread. Anytime you do something against the grain people notice and you may feel you have to justify yourself. A conversation with someone who does not believe in your choice because they are so faithfully locked into theirs tends to lead them to tell others who believe what they do. When two of a kind discuss something like that they will name drop to further validate their stance. It is the same with “gun nuts”, “preppers”,  “Christians”, and dare I say it…” anarchist’s”.   :o  Hence my previous post.

3/ +1 on the spot price checks and desire for more of the precious! (and yes, that is a Tolkien reference)
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"If there must be trouble, let it be in my day, that my child may have peace." -- Tom Paine, 1776

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Offline gregabob

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Re: Banking question
« Reply #22 on: June 21, 2012, 10:49:21 PM »
Check out www.freelakotabank.com. They deal in silver primarily. I've been keeping an eye on them for a couple years, haven't invested yet though. I like the idea of non-fractional banking. You pay a small fee for instant liquidity, and deposits that earn interest must be left until the term expires. Prevents the bank from creating 'money' out of thin air. They seem to have a good outlook and are venturing into areas to make banking with them easier and more convenient without the pitfalls of fractional reserve banking caused inflation.
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Offline manfromnevada

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Re: Banking question
« Reply #23 on: June 22, 2012, 08:56:50 AM »
Quote from: KTKEWW on May 31, 2012, 01:28:19 PM
"Downsides"... Well, no one mentioned it I am sure, because the first rule of PM investing is that you don't mention PM investing, and that is hard to do. Especially on a open forum... Or so I've been told ;)

As some wise person once said, "Three can keep a secret if two are dead"!

Mac
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Offline kingskid

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Re: Banking question
« Reply #24 on: June 24, 2012, 11:44:13 AM »
Thanks, gregabob for the tip on Lakota Bank.  Non-reserve, non-fractional banking--about time!

KK
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Offline Kelly

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Re: Banking question
« Reply #25 on: September 05, 2013, 10:28:28 AM »
Steer clear of Lakota Bank, and anything else run by the Gray brothers:

https://www.youtube.com/watch?feature=player_detailpage&v=UZzW7u0agEc#t=133

https://www.youtube.com/watch?feature=player_detailpage&v=UZzW7u0agEc#t=133

3.36 min vid about the Mulligan Mint seizure.

Kelly
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Offline Cyclonesteve

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Re: Banking question
« Reply #26 on: September 05, 2013, 08:06:44 PM »
It doesn't say if he is the sole owner & operator or just someone who has an ownership interest. Either way, not good.

Does that mean the 1 oz Free Lakota Bank copper round isn't copper anymore?  >:D
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