a solution for your money while the dollar crashes

[Nordic]

I was just sent this by an investment newsletter that I subscribe to.

I just got it, I don't use it, and I can't endorse it, and I have no connection with them, but it seems worth looking into.

Basically it's a bank that can put your money into foreign-money-based CD's and stuff like that.

Just wanted to pass along the info. Might be a good thing. I'm gonna check it out further.

This is the page regarding this specifically:

http://www.everbank.com/direct.asp?IDPage=hme_dal_two

And this is their main page:

https://www.everbank.com/main.asp?affid=eb

[illflem]

1. I don't like this line on their application page

Be Prepared - For security purposes and to help the government fight terrorism and money-laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For this reason, we will ask you for your name, address, date of birth, Social Security Number or other Taxpayer Identification Number, and other information that will allow us to identify you. We may also ask other questions, or request other documents, meant to verify your identity.

[Tempest]

3. Now required for all banking transactions

Go to your bank and open any kind of investment account.

You have to provide all the same information.

[Deja Q]

5. And easier for malicious entities to rob people blind. Funny thing, this

"internets" phenomenon...

[Tempest]

2. Gold is a better solution

Gold isn't affected by daily fluxuations in the currency market.

And if the currency market collapses, gold will be the new standard.


There are several groups advocating a return to the gold standard.

[Nordic]

4. gold is scary

Gold could drop 20 -30 percent in a week, or it could go up. It could be quite volatile.

It also isn't very liquid.

[Tempest]

8. Gold has never dropped that much in a month

Let alone a week.


Gold is very liquid.

You don't buy the gold bars, you buy gold futures. And they are easily traded on the market.

[happynewyear]

6. Gold is fine however enter Patriot Act II

and if you like this Patriot Act II then buy gold. I decided not to buy anymore of it after I saw the huge Patriot Act II info. they collect on you. This only goes for gold. Luckily, I bought what gold I have before the like of Patriot Act II! *double ugh!!!*

[Tempest]

7. I hate to tell you this, but...

They collect the very same information on you in ALL financial transactions.

Try opening any investment account at your bank.

[happynewyear]

9. have you encountered the Patriot Act II?

yet? I have and no thanks.

I've managed to open other accounts a long time ago (pre Patriot Act crap) luckily. I think I'll keep them just the way they are.

[Tempest]

10. Sitting pat and you'll suffer with the rest of them

Only those who are willing to respond to the changing market forces will survive Bush's destruction of the U.S. economy with his monetary policies.

[Tempest]

11. BTW, Patriot Act II only exists on paper

It hasn't been approved by Congress, nor are its provisions in action.

[happynewyear]

13. try buying some gold and you'll see it is for real

I was going to open at "Atlas Account" with Monex and whewwww ... it stinks so bad I threw the papers away. F U C K them! It does exist!

[Tempest]

16. Not the Patriot Act

The information required for banking transactions come from a banking bill passed in 2002.


You're making the Patriot Act out to be the bad guy here when it has nothing to do with it.

There's enough reasons to fear the Patriot Act, but this isn't one of them.

[sportndandy]

12. Gold is great because:

It can be purchased for cash in a tax-free state (check your local laws). It can be purchased from coin dealers who do not need to ask for identification and charge a reasonable commission. It can be sold back to coin dealers without a high commission, sometimes for cash. No forms need to be filed - your base and your profit are between you and uncle sam.

[sportndandy]

14. Gold is bad because

If gold goes up, it means everything else you own has gone down. The value of gold goes up because your dollar buys less of it. At the same your dollar is buying less of everything else. Do not be fooled: Gold is more of a type of investment insurance than a real investment. In volatile times you should have about 20 - 25% of your holdings in gold, in peaceful times you should have between 5 and 20%. Of course every generation or so the stuff will shoot to the moon. When this happens it pays to have everything you have in gold. Is this one of those times?

[happynewyear]

15. yep gold is great alright

but try to unload it quickly. You'll be sad if you don't have a gold broker believe me. There is one coin shop where I live and I called a few times and the word was a big "NO" - not interested in buying any coins at the moment. When that "moment" might come you'll be really sorry you didn't buy the gold via a broker, believe me on that one.

Another thing ...

How do you know that the gold you buy on say eBay or another source is the real thing? Just another reason to be very careful of who to buy gold from. It could be fake stuff - esp. coins.

[Tempest]

17. You don't buy GOLD, that's not a smart move. You buy futures.

And futures are as liquid as any other investment.

[sportndandy]

18. No Benefit in futures

Your commission coming and going is too high and any profit you make after that will be chopped by taxes. Also, if gold goes down you may have to meet margin requirements which you won't have to do if you take delivery.

[sportndandy]

19. Good point

There are many large reputable dealers who will buy back your gold, and the transaction will be a lot like selling stock: you will have to deliver the gold to them at your expense and then wait for the check. Fun

always better to sell to a local buyer, but small time coin dealers are not usually prepared to buy a lot at one time unless you are willing to hold the check and give them room to make money. Remember, coin dealers aren't brokers and most of them aren't rich. Try selling them two or three pieces at a time. It will be easier for them and they will be able to offer you more per coin.

Always consider that you have to guard the stuff, and that means a safe or a safe deposit box. That could eat into profits.

[__Inanna__]

20. Instead of buying gold or gold futures

isn't it just as good to invest in a Euro-Pacific growth fund (like I heard John Edwards has done?)

This would seem to me to be more stable, but can anyone speak to this?

[sportndandy]

21. Depends on your tax position

And how much of them you want to pay. A growth fund will send a 1099 to the IRS. It is up to you to report your gold investment. If you don't, the government won't know if you owe them tax or not.

[__Inanna__]

22. While I don't like paying taxes

I do pay my share, and don't relish the idea of the IRS knocking on my door or giving this administration one reason to look at me for nefarious reasons. They already went out of their way to look at my tax return for 2003, and I am really happy I did everything on the up and up. After months of back and forth(for some reason) they finally did give me my refund. Sort of reminds me of how a professor of mine accused me of plagiarism in my last semester of grad school and tried to set me up on the final exam. I didn't cheat and didn't plagiarize, but he would have loved to see me not graduate.

In light of this, can anyone recommend a good Int'l fund? While gold may appeal to some, it's at a high, so I am less than enthusiastic about buying into gold or gold futures. I don't have a job right now, so I have to get one to get some cashflow, but I do have bonds I'd like to get rid of. Thanks.

[illflem]

23. I have no problem

with proof of identity.
It's just that giving it out over the net is a big no-no

[radwriter0555]

24. Cayman Island accounts is where I've been doing the research. So far

barclays and the royal bank of canada are two that I've identified that I'm familiar with.

While they'll serve my banking needs, I'm checking to see if they also provide IRA accounts as well since I have a wad of dough in those that I want out of the USA.

[ckramer]

25. Basically this is also a scam

Hold on to your money, people. Ignore these stupid advertisement from these wiseguy daily letters.

There's nothing we can do when concerning the falling of dollar.

It's not only you who get fucked (in an inflation world), everybody else in the USA does too.

I think important thing is to keep your financial asset in an easy liquidating form before a perfect storm. Cash sounds good to me. Cash is the king in a deflation world and at least a queen in an inflation world.

[Steven_S]

26. I'm not very good at math.....

But if was holding $50,000 since '02 and the value of the dollar has fallen 40% since then, I would have lost, ummmmmmm, too much.

Now if I had put that into currency CD's and the value of that currency had gone up, relative to the USD, I would have gained, ummmmm, more than a 1.8% or so rate from an average CD.

I am holding some weight in physical gold, only as a hedge against that storm that seems to loom on the horizon. It was bought years ago, and added to on the dips in price now and then.

I was just looking at Everbank recently and they don't look like a scam to me. YMMV.