{"id":65164,"date":"2023-03-14T06:51:26","date_gmt":"2023-03-14T11:51:26","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65164"},"modified":"2023-03-14T06:51:26","modified_gmt":"2023-03-14T11:51:26","slug":"if-you-cant-hold-it-its-not-really-yours","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65164","title":{"rendered":"If You Can\u2019t Hold It, It\u2019s Not Really Yours"},"content":{"rendered":"

If You Can\u2019t Hold It, It\u2019s Not Really Yours<\/a><\/h3>\n
\"\"<\/a><\/div>\n

The failure of Silicon Valley Bank and Signature Bank reminds us of a very important truth \u2014 if you can\u2019t hold it in your hand, you don\u2019t really own it.<\/p>\n

That\u2019s why it\u2019s wise to hold at least some of your wealth in hard assets like gold and silver that are in your direct possession or at least stored in a secure, allocated, segregated, and insured\u00a0storage facility<\/a>.<\/span><\/p>\n

The FDIC insures bank deposits up to $250,000. If you have more than that in a financial institution, you could lose everything above that limit if a bank fails.<\/p>\n

Depositors at SVB and Signature Bank lucked out. The government has made provisions to cover uninsured deposits. But there\u2019s no guarantee that will happen when the next bank goes under.<\/p>\n

And even if you don\u2019t have more than $250,000 in the bank, you could easily find yourself locked out of your account. Just last week, a computer glitch caused\u00a0money in some Wells Fargo accounts to disappear<\/a>.<\/p>\n

There are also more nefarious reasons you could lose access to funds. The\u00a0Nigerian central bank recently limited bank withdrawals<\/a>\u00a0in order to incentivize people to use its new central bank digital currency. In 2017,\u00a0India faced cash shortages<\/a>\u00a0when the government declared that 1,000 and 500 rupee notes would no longer be valid with just a four-hour notice. And during its crisis,\u00a0the Greek government shuttered banks<\/a>\u00a0and seized some bank deposits.<\/p>\n

Most people assume \u201cthat can\u2019t happen here\u201d in the US. But as we saw over last week, the US banking system is vulnerable to collapse.<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

If You Can\u2019t Hold It, It\u2019s Not Really Yours The failure of Silicon Valley Bank and Signature Bank reminds us of a very important truth \u2014 if you can\u2019t hold it in your hand, you don\u2019t really own it. That\u2019s why it\u2019s wise to hold at least some of your wealth in hard assets like […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[53,63,374,23123,1111,647,18779],"class_list":["post-65164","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-deposits","tag-banks","tag-gold","tag-michael-maharrey","tag-physical-gold","tag-precious-metals","tag-schiffgold"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65164"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65164\/revisions"}],"predecessor-version":[{"id":65165,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65164\/revisions\/65165"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}