Breaking News! It seems that a deal was reached in Cyprus to avoid a banking collapse. It appears that the agreement is this…if you have over $100K in the bank, you don’t get a free toaster anymore… you get a 40% reduction in your holdings!
Look guys, this is serious. You have to open your eyes and make changes – if you don’t stand up and take control over your own wealth, the big boys on the top floor of the banks will do it for you! Listen to me, listen to some of the most astute fund managers on the globe today… get your money out of the banks and into physical assets and store them outside the banks! The problem is MASSIVE, but the solution is so easy!
“The Reality Is The Financial System Could Fail At Any Time” Today it is absolutely critical it is for investors to preserve their wealth. The crisis in Cyprus is yet another sign of the massive destruction of wealth that we will see in the financial system in coming years.
Investors must heed this warning and get their assets out of the banks now. The reality is the financial system could fail at any time and this is why investors must act today. See what’s happening in Cyprus: Banks are closed and whether people have cash, stocks, or gold in the bank, they won’t get it out of there.
This is why back in 2002 we told our investors to put up to 50% of their assets into physical gold and silver, and also advised them to store it outside of the banking system. The bottom line is that gold is guaranteed to reflect the massive money printing we will continue to see worldwide.”
Multiple breaking reports indicate that in an early Monday meeting with Lagarde, Draghi, & Von Rompuy, Cyprus’ President Anastasiades has agreed to a Cypriot bank restructuring/ depositor haircut deal in exchange for €10 billion in emergency loans from the ECB.
The deal reportedly will avoid the necessity for any vote by the Greek Parliament, and is far, far, far worse for Cypriot citizens and depositors than the one the Cypriot legislature voted down on Thursday, as the ECB will reportedly be handing out 40% haircuts for depositors with over €100,000 on deposit in the Bank of Cyprus, and deposits over €100,000 at Cyprus Popular bank will be WIPED OUT!!!
Silver Update with Clive Maund – Although silver’s long-term charts are more messy and difficult of interpretation than gold’s, on its long-term 7-year chart we can see that it, like gold, is getting close to a lower supporting trendline drawn parallel to the definite upper trendline drawn across the 2006, 2008 and 2011 highs, where the chances are good that it will successfully find support and turn higher, particularly as this trendline has now risen steadily to come into play underpinning the strong support level where the price has repeatedly reversed to the upside over the past 18 months.
Another Gold Shortage? Dutch ABN To Halt Physical Gold Delivery – Based on a letter to clients over the weekend, it appears Dutch megabank ABN Amro is changing its precious metals custodian rules and “will no longer allow physical delivery.” Have no fear, they reassuringly add, your account will be settled at the bid or offer price in the ‘market’ and “you need to do nothing” as “we have your investments in precious metals.”
As Cyprus Struggles, Now Is the Time to Buy Gold – I’ll bet a few Cypriot bank account holders are paying much closer attention to gold now. Since the announcement that Cyprus was looking to confiscate up to 10% of bank deposits, gold has risen by up to $24/ounce on safe haven demand. After all, gold is real wealth, and it’s the only asset that’s not simultaneously someone else’s liability.
Israel fires into Syria after Golan attack on troops – Israel said it fired into Syria on Sunday and destroyed a machine gun position in the Golan Heights from where shots had been fired at Israeli soldiers in a further spillover of the Syrian civil war along a tense front. It was not immediately clear whether Israel held Syrian troops or rebels responsible for what a spokesman for Prime Minister Benjamin Netanyahu said had been a deliberate attack on Israeli patrols in the occupied territory.