One of the businesses I patronize for parts for my 1952 Jeep is Kaiser Willys Jeep.
I received an email from them and it includes an advertisement for their Presidents Day sale. With the ad is a photo of President Ronald Reagan driving his 1962 CJ-6 Jeep.
Here's the ad:
As this coming Monday is Presidents Day, major banks will be closed and there will be no mail service.
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| Above, a 2023 American silver eagle proof set. Photo by Armand Vaquer. |
With silver now at $119/troy ounce at Comex, it is tempting people to sell. However, there are those who still want to buy silver.
A question arises: Can you buy silver bars and coins from a bank?
CBS News posted an article answering that question.
They begin it with:
With inflation pressures still impacting purchasing power and economic uncertainty prompting investors to reassess their portfolios, precious metals have resurged as a popular hedge strategy. And, while gold has been having a moment over the past year, silver prices have climbed notably in tandem, outpacing gold's upward trajectory and attracting both seasoned investors and newcomers looking to diversify beyond traditional stocks and bonds. For many investors exploring this asset class, a seemingly logical first stop would be their local bank branch.
But the process of acquiring physical silver isn't quite as straightforward as withdrawing cash from your bank account or opening a certificate of deposit (CD). While banks serve as trusted financial intermediaries for countless transactions, their role in the precious metals market tends to differ. That can come as a surprise to investors who are expecting to walk into their banking institution and purchase silver bars alongside their routine banking services. So, before you head to your bank, it's worth knowing whether you can actually buy physical silver this way.
To read more, go here.
It really boils down to each individual's choice. Some prefer to keep their investments close at hand at home or off-site somewhere (such as a bank).
Coin News has posted and article with smart storage tips for coins and precious metals.
They begin with:
During the "Gold Rush of 2023," dealers report that demand for gold bullion coins has soared from both previous investors and many new buyers. Now the important question is: how should you safely protect and store your precious metal purchases?
The Professional Numismatists Guild (www.PNGdealers.org), a nonprofit organization composed of many of the country’s top rare coin and precious metals dealers, advises that the three most popular methods of storage each have advantages and disadvantages.
To read more, go here.
The Daily Caller reported:
President Joe Biden addressed the closures of Silicon Valley Bank and Signature Bank on Monday, telling Americans to “have confidence” in the banking system because the administration is taking steps to hold those responsible “accountable.”
The president promised that the banks’ customers will “have access to their money” on Monday and that taxpayers will not be forced to bail out the banks.
The Federal Deposit Insurance Corporation (FDIC) took control of the New York-based Signature Bank on Sunday after the Friday collapse of Silicon Valley Bank (SVB). The collapse of SVB is the largest bank meltdown since Washington Mutual in 2008, and will likely have reverberations across the tech sector.
When Biden said that those responsible will be "held accountable" over the fiasco, two thoughts came immediately to my mind: "That'll be the day!" and "This I gotta see!"
I don't see how anyone would have any confidence in anything Biden says or does. He's been a disaster since day one.
To read more, go here.
In the financial banking world, today is shaping up to be one wild ride.
I just checked Monex on the latest spot price for silver.
Here's where it stands:
This is in stark contract over last week.
Money Metals Exchange posted the following on what's happening today and last week's numbers:
What a difference a couple of bank collapses make!
It appears that Robert Kiyosaki's prediction maybe coming true. And then some.
From Gateway Pundit:
Here we go.
First Republic Bank is down 66% this morning before Monday’s open.
The Western Alliance Bancorporation is down 62
To read more, go here.
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| Above, 2023 American Silver Eagle. Photo by Armand Vaquer. |
The chaos in the financial world has people very concerned, and rightly so.
Robert Kiyosaki believes a third bank will collapse, which will really cause the "fit hitting the shan." He strongly recommends buying gold and silver now.
Last week, silver saw a surge in its spot price of around $.50 after Silicon Valley Bank and Silvergate Bank collapsed.
Kiyosaki tweeted:
Two Major Banks have crashed. #3 set to go. BUY real gold and silver coins now. No ETFs. When Bank #3 goes gold & silver rocket up. 2008 I forecasted collapse of Lehman days before it crashed on CNN. If you want proof go to RICH DAD .com. Will be on Neil Cavuto on FOX on Monday.
— Robert Kiyosaki (@theRealKiyosaki) March 10, 2023
Well, silver isn't waiting for another collapse. It has gone up nearly a dollar per troy ounce today.
This is the spot price for silver now from Monex:
To read more, go here.
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| Above, 2022 American Silver Eagles. "Buy real gold and silver coins," - Robert Kiyosaki. Photo by Armand Vaquer. |
Will a third bank collapse?
The possibility is there and Robert Kiyosaki thinks it will come and soon.
From Investing.com:
Silicon Valley Bank and Silvergate Bank’s collapse in 48 hours has shaken the US financial system amid economic uncertainty. It’s expected to worsen, with a third lender potentially facing the same fate, according to Robert Kiyosaki, author of “Rich Dad Poor Dad.” Kiyosaki tweeted on March 10 that this situation would benefit precious metals.
Two Major Banks have crashed. #3 set to go. BUY real gold and silver coins now. No ETFs. When Bank #3 goes gold & silver rocket up. 2008 I forecasted collapse of Lehman days before it crashed on CNN. If you want proof go to RICH DAD .com. Will be on Neil Cavuto on FOX on Monday.
— Robert Kiyosaki (@theRealKiyosaki) March 10, 2023
Kiyosaki believes his prediction about a potential third bank collapse aligns with his 2008 forecast regarding the Lehman Brothers’ collapse. The Lehman Brothers’ failure was a defining moment that deepened the 2008 financial crisis.
Kiyosaki has previously predicted a global economic collapse and suggested that bank runs could accelerate during the crisis. His warning about a potential third bank collapse coincides with ongoing speculation about the future of Credit Suisse, another investment bank with a focus on cryptocurrencies.
I am glad that I started investing in silver bullion last year. I never got into cryptocurrencies.
To read more, go here.
First, I saw a March 10 article in coin/bullion dealer Money Metals Exchange, speculating that this scenario may be beginning to happen.
They wrote (some snippets):
On Wednesday, March 8, 2023, Silvergate Capital announced it ended operations and liquidated its Silvergate Bank.
This announcement sent its stock price plummeting, following a months-long downward spiral for Silvergate Bank, which was over-exposed to cryptocurrencies.
One day later, Silicon Valley Bank informed some clients that wire transfers could be delayed.
The bank's support phone lines became inaccessible.
In addition, numerous customers stated having difficulty logging in to the company's website to view their account information and make transfers.
One of the prevailing themes is that the Fed has been trapped via its mandate to fight inflation and maintain high employment.
Rate hikes had never accelerated so high in such a short duration. Critics of this monetary policy stated, "The Fed will keep hiking until they break something."
Things have been breaking in the past two days:
- First Republic Bank based in San Francisco, saw its shares plummet 16.5% Thursday and 15% Friday to $80 a share, a new 52-week low.
- Phoenix-based Western Alliance Bancorp stock lost nearly 35% and trades at $49 a share.
- New York-based Signature Bank stock fell more than 21% to $82, a 52-week low.
- Salt Lake City-based Zions Bancorp stock fell more than 13% to a 52-week low of $40 a share.
- Pasadena-based East West Bancorp shares were down more than 12% to $64 a share.
- Minneapolis-based U.S. Bancorp stock lost 7% to close at $42.30 a share.
Second, this was posted today by Finbold:
The United States financial system has been rattled by the collapse of Silicon Valley Bank (SBV) and Silvergate Bank within 48 hours as economic uncertainty prevails. Therefore, some financial sector players project that the situation will likely worsen in the coming days.
In particular, Robert Kiyosaki, the author of the best-selling personal finance book “Rich Dad Poor Dad,” has warned that a third lender will likely follow suit. He stressed that the situation would positively impact precious metals in a tweet on March 10.
According to Kiyosaki, his prediction aligns with a 2008 forecast of the collapse of the Lehman Brothers. Notably, the failure deepened the 2008 financial crisis, and the incident was considered a defining moment.
“Two Major Banks have crashed. #3 set to go. BUY real gold and silver coins now. No ETFs. When Bank #3 goes gold & silver rocket up. 2008 I forecasted collapse of Lehman days before it crashed on CNN. If you want proof go to RICH DAD .com,” he said.
Well, silver's spot price did shoot up around $.50/toz yesterday following the collapse of Silicon Valley Bank.
Remember, the domino effect of bank failures was a cause of the Great Depression.
I plan to contact my banker and review my retirement investments. Some adjustments may be in order.
By the way, while all this has been going on, His Fraudulency Joe Biden headed off for another vacation.
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| Above, an 1889 Morgan Silver Dollar. Photo by Armand Vaquer. |
A major bank in Silicon Valley collapsed, causing the stock market to drop over 300 points today. At the same time, the spot price for went up.
CNBC reported:
Stocks tumbled Friday as tech-focused lender Silicon Valley Bank shut down following losses in its bond portfolio, prompting the biggest bank failure since the global financial crisis and sending shockwaves through the banking sector.
The Dow Jones Industrial Average dropped for a fourth consecutive day, finishing 345.22 points lower, or 1.07%, to close at 31,909.64. The S&P 500 lost 1.45% to settle at 3,861.59. The Nasdaq Composite shed 1.76% to end at 11,138.89.
All the major averages capped off the week with losses. The Dow fell 4.44% to post its worst weekly performance since June. The S&P dropped 4.55%, while the Nasdaq lost 4.71%.
Perhaps this is why the silver spot market went up today.
According to Monex on today's rise in silver:
$20.56 | +0.42 | +2.09% |
I don't know the correlation between the stock market and silver's spot price today, but it is something worth keeping watch on.
To read more, go here.
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| Above, the two counterfeit coins involved. Photo by Armand Vaquer. |
Good news arrived in my mailbox.
My bank completed their investigation on the counterfeit coins and they credited my credit card $55.96 for the purchase. They also credited any related fees and adjuster interest. The claim is now closed.
However, should law enforcement investigators need any assistance from me, they will receive it.
I am also having Anti-Counterfeit Educational Foundation (ACEF) investigate the Chinese counterfeiters and their flunkies in the U.S.
As I have mentioned previously, the counterfeit coins are in the custody of the McKinley County Sheriff's office.
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| Above, enjoying a brandy and egg nog. |
Well, I got my errands in Gallup done.
I had to deposit a money order (a rather sizable one) at my bank's ATM. Following that, I headed over to the market to pick up a few things I forgot to get the other night.
One additional item I picked up was a bottle of egg nogg.
Once I got home, while listening to Rush Limbaugh, I made myself a brandy and egg nog.
Now to enjoy a peaceful lockdown.
