Can anyone confirm if there is any truth in this

clones1980

Hi folks,


Back in February this year I listened to a podcast between a woman named Claire who teaches economy in Belfast. The podcast makes for very interesting though scary listening. She talks about bail-ins and hyperinflation and a complete wipe out of our accounts and to put money into gold or silver. Ill attach the link but if that's not allowed you can type in Claire Belfast Richie Allen show. The reason I'm asking is I have been saving for my son for college and am wondering should I remove this money and buy physical gold or silver?


https://www.youtube.com/watch?v=wiqP2Fem0SM

homer911

Ah no, dont do that - split it 50:50 and give half to the Leprechaun at the end of the garden

SortingYouOut

clonesbabe wrote: »

Hi folks,


Back in February this year I listened to a podcast between a woman named Claire who teaches economy in Belfast. The podcast makes for very interesting though scary listening. She talks about bail-ins and hyperinflation and a complete wipe out of our accounts and to put money into gold or silver. Ill attach the link but if that's not allowed you can type in Claire Belfast Richie Allen show. The reason I'm asking is I have been saving for my son for college and am wondering should I remove this money and buy physical gold or silver?


https://www.youtube.com/watch?v=wiqP2Fem0SM

If that does happen your son would be better off with weapons training and hand to hand combat as opposed to college.

I think we'll see a market crash quite soon but I can't see a scenario where we lose our deposits. If that happens, college will be the least of your problems in a society like that.

Murt10

I think the figure I heard was to keep 10% of your wealth in gold and hope you'll never need it.

BTW, one of the safest and easiest way to invest in gold is to buy and hold gold sovereigns. That way the Govt can't suddenly decide to nationalise your gold deposits as happened in the US. As for buying gold certificates held by the Australian government in the Perth mint. What are you going to do if they renege? Won't work!

In times of high inflation having debts/mortgage locked into a fixed rate is ideal. Your debts will just inflate away, while your asset will correspondingly increase in price.

clones1980

Murt10 wrote: »

I think the figure I heard was to keep 10% of your wealth in gold and hope you'll never need it.

BTW, one of the safest and easiest way to invest in gold is to buy and hold gold sovereigns. That way the Govt can't suddenly decide to nationalise your gold deposits as happened in the US. As for buying gold certificates held by the Australian government in the Perth mint. What are you going to do if they renege? Won't work!

In times of high inflation having debts/mortgage locked into a fixed rate is ideal. Your debts will just inflate away, while your asset will correspondingly increase in price.

Thank you for your reply. My mortgage is paid off so I have continued saving that money for college. I would hate to just lose it all. I was looking at buying some of the 1oz gold bars just in case, is that similar to buying the sovereign coins.

clones1980

homer911 wrote: »

Ah no, dont do that - split it 50:50 and give half to the Leprechaun at the end of the garden

The leprechauns don't live in my garden anymore since the trolls moved in.

Atlantic Dawn

Buy him shares in oil companies, far better future in that over the lifetime of your sons education.

daheff

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clonesbabe wrote: »

Hi folks,


Back in February this year I listened to a podcast between a woman named Claire who teaches economy in Belfast. The podcast makes for very interesting though scary listening. She talks about bail-ins and hyperinflation and a complete wipe out of our accounts and to put money into gold or silver. Ill attach the link but if that's not allowed you can type in Claire Belfast Richie Allen show. The reason I'm asking is I have been saving for my son for college and am wondering should I remove this money and buy physical gold or silver?


https://www.youtube.com/watch?v=wiqP2Fem0SM

Take a lot of these things with a grain of salt.

However there is some truth to these claims. If you look at Cyprus (and i think Greece) when they had bailouts from the IMF & ECB there was a claim against depositors holding >100k on accounts (or with an institution). not 100% sure how much it was off the top of my head, but it was there.

There is currently an investor compensation fund which guarantees deposits up to 100k for people....no surprise that there was effectively an additional tax on depositors as part of their bailout. In Ireland it was a little sneakier...there was a tax on pension funds to help reduce the costs.

Shedite27

clonesbabe wrote: »

Hi folks,


Back in February this year I listened to a podcast between a woman named Claire who teaches economy in Belfast. The podcast makes for very interesting though scary listening. She talks about bail-ins and hyperinflation and a complete wipe out of our accounts and to put money into gold or silver. Ill attach the link but if that's not allowed you can type in Claire Belfast Richie Allen show. The reason I'm asking is I have been saving for my son for college and am wondering should I remove this money and buy physical gold or silver?


https://www.youtube.com/watch?v=wiqP2Fem0SM

People make extreme claims like these all the time, once in a lifetime they work out and they're considered a genius. 99% of the times it's nonsence and forgotton about.

Ignore it.

cronos

Shedite27 wrote: »

People make extreme claims like these all the time, once in a lifetime they work out and they're considered a genius. 99% of the times it's nonsence and forgotton about.

Ignore it.

You mean David MacWilliams

A broken clock is right twice a day.

endacl

cronos wrote: »

You mean David MacWilliams

A broken clock is right twice a day.

His clock was in 24 hour format.

BrokenArrows

Holding cash is always risky when it comes to inflation. Cash deposit will always lose value, its just a matter of how fast.

Any market crash will have a limited lifespan and they generally fully recover within a couple of years.

You could keep 50% in cash and 50% invested in the stock market (Im talking about indexed funds and not randomly picking companies).

Assuming the worst happens and the market crashes just when you need the money you could use some of the cash as necessary and by the time you need the 50% invested the market will likely have fully recovered.

Murt10

clonesbabe wrote: »

Thank you for your reply. My mortgage is paid off so I have continued saving that money for college. I would hate to just lose it all. I was looking at buying some of the 1oz gold bars just in case, is that similar to buying the sovereign coins.

According to the website https://www.bullionbypost.eu/gold-price/ Gold is trading at €1,493 an Oz at the moment, however that's not a rate anybody will ever get. Because you're buying in much smaller measured amounts, (1 oz bars or coins) you're going to be paying a premium over that price. The website also states that they are selling 1oz Gold Britannia, from €1,546, but if you're only buying a single one, then they are quoting €1,584 each. Krugerands are selling from €1,601 each, and 1oz bars from €1,577

When, like you, after my mortgage was paid off, I wanted to dabble a bit in gold. I decided to buy 1 oz coins, (ie Krugerrand, Britannia's, Maple leaf etc). These contain 31.103 grams of pure gold, but a dealer advised me that I would be better sticking with sovereigns, containing 7.322 grams of pure gold as they are smaller and therefore easier to sell.

The dealer pointed out that if you want to sell a 1oz Krugerrand, you're going to need to meet someone who has €1,600. Bullionbypost is currently quoting from €366 for a soverign, so you can see what he means.

I bought some sovereigns off the dealer, who I happened to meet at a coin fair in the RDS one year. When I wanted to sell, I contacted him and he bought them back off me.

For my own amusement, I also went into several jewelers in Town, just to see what they were charging for soverigns. Those, that had any in stock, were adding on about 25% to the price buillonbypost, and if I was selling they were offering 25% less.

There's also some dates more valuable than others. I wasn't interested and didn't bother with any of that. I was only investing in them for their gold content.

BTW, I have nothing to do with Buillonbypost, and I never dealt with them, but they're a useful reference site.

Have a look at the Collectables and antiques posts here on Boards. https://www.boards.ie/vbulletin/forumdisplay.php?f=394

Finally, always remember there's people out there whose sole purpose is to part you with your money. So be very careful and proceed slowly.

Hope this helps.

Sinus pain

I listened to a pod cast recently about an mlm that encourages people to buy gold buy gold and then never sent the gold buy them encouraged people to buy silver rather than send them back their money - I wonder would this be a part of that?

https://open.spotify.com/episode/0rFwMFcvM5qdmXwktSXRMk?si=O6_cK-JLTrapDMk-prOXxA&dl_branch=1