If we think (and there have been numerous posts here to support this idea) that all major banks are going to fail because of over-investing in derivatives, what should we do if we have money in those banks? Pull it out in cash? Convert it to silver or gold? Put the cash under our mattress? And will cash be worth anything?
So if we have cash in checking or savings with a bank, how can we protect our assets?
I'm not sure about other places but in Canada you can buy 1/10 ounce gold Maple Leaf coins.
I'm pretty sure I've seen US retailers selling the 1/10 maple leaf coins.
There's actually lots of options. 1/20 ounce and single gram maples, single gram bars, 5 gram bars.
I personally would wait to get a sizable chunk, or even figure out some way to finance it without interest if you have good credit. You pay a lot in premiums on the small chunks.
How can you avoid the premiums? I checked with a local dealer and the premium is at 24% today! Thanks.
Premiums are different based on what you are buying, you cant really avoid them fully but they are cheaper in bigger pieces. I'm gonna go with the JMbuillion prices to show you.
Gold Spot price $55.23 per gram 1 gram Valcambi Bar is $80.23 10 gram Valcambi bar is $589.01 10x 1 gram Valcambi bar is $823.00
Premiums on one gram bar is $25 per gram but on the 10 gram bar it's less then $4 per gram.
So while it may be easy and convienent to buy a gram a month or every 6 weeks or something for $80 that's almost $300 in premiums that you don't have to pay if you save up $600 and buy the 10 gram bar...
Checked on that and the premium is 24% So spot, plus = 24%!
You can buy bars as small as 1/2 gram.
https://www.jmbullion.com/gold/gold-bars/gram-kilo-gold-bars/