Hi Bear
Tks for the info on the reply to my last silver post
I got poking around today and found out CIBC has a web site you can buy physical silver on line
You have to have an account for payment and they will deliver the physical to your home, business or CIBC branch bank of your choice
CIBC has something in the USA because I was on hold and then this lady came on and had to switch me to Canada because she was in the USA. That was a waste becaaise I gave up trying to talk to a real person, thus my search found the CIBC web site, for buying precious metals
After some trial and error, I bought 200 1 oz silver coins, got confirmation and delivery to my local bank, for two days later. Bank will call me when silver arrives
Golly I hope the premium is worth it
I oz silver spot price was 20.00 plus CAD
I paid 35.00 plus CAD for 1 oz coins 99.9 pure
No shipping, insurance or other charges
I will need to rent another saftey deposit box or switch to a bigger one
This is my insurance in case the monetary system implodes. Like paying for fire insurance but at the end of the yr all I have to do is re-new the saftey box charge
Put it away and forget it
Probably my estate will wonder why carzy dad had this silver and gold stashed away. Just one more brain wave that did not work out
i prefer nicer, 130 yr old morgan silver dollars.
if uncle sam ever sends me a "stimulus check" , i may put a few bucks into it into a few morgans.
maybe a little of it for a small piece of business equipment.
and give the rest of it to my disabled daughter.
my wife would spend all her check to buy pretty nik-naks to put on the shelf (and collect dust).
lol
the nik naks collecting dust
Forgot to mention
Our small business loan hit the bank account, last week
So did our other son get his money
Our farm is sort of all one enterprise but each has his own, so we could only apply for one loan, due to employee restriction amount
Better than no money
Near as I can tell, part is forgiveable if you adhere to the regulations
In our case all we have to do is pay back the interest free part on time and use the money for approved expenses
Part of the approved expenses is for rent
We have a ton of land rent expense so that part will qualify according to our banker
Your situation may be different
That is why I bought silver
All this money printing already and I see no end
The world is going to have a bunch of defaults [that is a given with lack of exports etc thus no cash flow to service debt] and the Fed will try to plug the holes
Normal supply chains are broken for good
China will suffer a drop in GDP, probably go negative and a lot of other countries will go negative GDP.
Things won't re-start immediately. Thus business large and small will default on loans. History shows when the manure hits the fan those that can will print fiat
All this leads me to believe some thing might happen that is not good for us
I don't know what or when is the problem, but this is not your 2008/9 crisis
This time it is trillions, maybe quadtrillions, not billions
Hi Bear
My silver coins arrived today at my local bank
200 brand new minted silver dollars
I had to open another safety deposit box to hold the coins
Wayne
if your bank collapses will you have access to the safe box?
John
We have 6 major banks in Canada, spread out from coast to coast. These banks act as the bank for our country. If they go down so does our country.. I may have to change that number as I will check after I post. I don't know how to save. I try and lose my post.
We also have various trust and savings, credit unions etc. They do not act as the bank for our country, so they could go bust and the country is fine
This silver is in one of the major banks and if our country goes bust I hope I get it out before that happens. I am more worried about confiscation than going bust as confiscation could happen over night
There would be warning signs such as if our dollar goes down badly, or the bank misses a dividend or the dividend is less. Then I had best get moving fast, dig a hole and put all my gold and silver in that hole. This bank has paid a dividend for over 100 yrs. If the bank ever misses a dividend then I will make my move. Pays on average between 5-7% return on your money depending what the price was when you bought their stk. One of the few Co.'s or banks in NA to not miss a quarterly dividend for over 100 yrs. Plus their balance sheet and profit/loss is available to stk holders. Some of the major banks will miss a dividend or the return is much less, but this is a strong bank. I hope. I have another safety box in a different bank, just in case things go down hill fast.
Who knows I could lose the farm to excessive property taxation. Just diversification and hope for the best.
I am sorry, we have 5 major banks
the point is, you have no idea why the banks may close and having silver in your hand is different then having it in the bank, even if it is in your name in the bank. What happens if the banks close for a different reason. one that you can not imagine. Perhaps because of the virus banks are closed for 30 days and then you need your silver but banks are all closed. safe deposit boxs are smart up until the day They Aren't. It can only get worse from here, for as many years as the eye can see.
You are correct Richard
I am trying to diversify my assets but like you say
Anything can happen
Do you think a hole in the ground would be safest
In all honesty my small holdings would not save my farm
We have already lost over 150-200,000 off the bottom line with lower grain prices
Shooting livestock and burying dead animals in the ground and oil prices is the reason for drop in price
Go to a grocery store and meat is rationed
Many empty shelves with no meat
Your right, it's crazy out there
It will only get worse going forward
I have been posting that very idea for ages