As I first suggested here last October, all is not well with the world economy. The indicators have only got worse since. Don't leave more than you can afford to lose in your bank accounts...
If you are right, surely it is safer in a bank than the stock market, particularly if you are under the deposit protection limit.
Not safe at all with a bank. They're increasingly rolling out new T&Cs asserting the right to freeze your accounts if they, in their sole discretion, deem it appropriate. And they don't have to give you a reason, or compensate you for the inconvenience/breach of contract to third parties if they do it in error. Nice eh? The deposit protection scheme only covers you in the event of bank insolvency, not if the bank just decides to hang on to your money indefinitely. BTW, most people think that in the event of insolvency, their current account holder status gives them first dibs on the bank's assets, above all other classes of creditor. That's not so. The position of a current account holder is that of an unsecured creditor. Twas not always thus, but it is now.
That's not going to go down at all well with all those folks who just piggy-back and parasite off those of us who do the actual work though, is it?
So where do you keep your money?
(Please don't say gold or cash, lest I hurt myself falling off my chair laughing.)
Bitcoins?
Tim
Oh, Lord, more hysteria. :o)
Antiques, mainly. I don't understand Bitcoin and I'm not putting money into anything I don't understand!
Anyway, what's your problem with gold + cash? Inquiring minds would like to know.
The value of which varies according to what is currently in demand and how much spare cash people have to buy. I wouldn't have thought that a particularly good hedge against an economic recession.
Gold Kruggerands, hidden one at a time behind random sockets, loft, cubbies in the car, under the tree in the garden etc.
Uninvested cash is guaranteed to lose value over time. Gold has a rather mixed history as a hedge against inflation. Sometimes it has done better, sometimes worse.
All very well, but if anyone finds out about your hoard, how are you ever going to sleep soundly again?
As happened in Cyprus! We are last on the list as far as creditors go. When you place money in a bank they own it not you.
So is money in a current account, which is what we were discussing.
1) You don't tell them;
2) That's why you hide them everywhere :)
So, how do you feel about the 80% decline in the value of long-case clocks in the last decade?
Precisely.
Gold has declined in value by ~30% in the last year. That was a great idea, then.
They're shitty investments.
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