Trust the banks or hide the cash in the garden?

Why don't you get a deposit box in the bank? AIB used to offer a service called "safe keeping" or something like that where they would store your box in their safe/vault for a small fee each year. Burying cash in your garden sounds like a recipe for disaster.
 
At the risk af appearing paranoid..... as possible hedges against a euro collapse (less likely) or Ireland leaving/being forced out of the eurozone and implementing a South America style currency devaluation (more likely?), which of these options are worth considering: (a) buying shares in euro, US$, Can$, CHF, etc. gilt edge companies (not a great time to buy, admittedly); (b) opening foreign currency accounts in Irish banks (risk of exposure to currency fluctuations - and would these accounts be safe from a devaluation anyway?);
(c) sending money abroad for family members to deposit in state-guaranted banks within euro/non-euro countries?
 
Do not bury cash in the back garden - dog could dig it up and eat your euros !
;-)

Far better to listen to Sky News Business editor:

When governments print money, buy gold
[broken link removed]
 
I need your advice please - I am really stressed and I know there must be others out there thinking the same thing. I have worked hard for savings for many years and now I fear that the gov guarantee means, well I don't trust it.
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I won't trust anything that comes out of the governments mouth. Full stop.

Cash deposits savings are everything I have.

No property, no gold, no shares etc etc. Just cash in irish banks.

I dont want to buy property as I cant afford it. I want to have some cash in the event that the banks do not deliver on guarantee or my savings are turned to a new irish punt.
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You are overly exposed to one asset. Cash. This is madness.

I think hiding cash in the house is just as risky as a bank so what about somewhere in the garden?
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Are you out on day release?:). Hiding money in your house or garden is not safe.

What do you think of seperating cash in euro(german notes x)/dollar/sterling/singa dollar/swiss franc and sealing it in a plastic bag put it in a biscut tin and making sure to remember where I put it? Or what about storing in a swiss bank safe(maybe this is a worse idea but anyone with any genueine suggestions please tell). Are there seal proof waterproof boxes/safes to hide in the ground?
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Madness. Or are you taken the Michael? Maybe a Jacob's biscuit tin? Anyhow the dollar and sterling are fiat currency and when this crisis gets into full swing they'll become worthless. Avoid them like the plague.


I will not be putting all my money here but just over half my life savings, but I feel it would help me sleep at night. I do not care about interest rates as keeping the capital 100% safe is my ONLY concern until this euro/world banking crisis calms down.
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You need to be worried about inflation, in particular, hyperinflation. That scenario which is now a possibility. It will wipe your savings out.

Also, I wouldn't go for the safety depost option box either. Effectively all that means is that the banks will use your money to loan out or balance their books in one complex way or another. When the banks collapse, you will not get your money back.

This is what I'm doing:

- Getting out of US dollars. Selling all my US shares.
- Getting as much Cash as I can and buying silver. Gold and Oil and food are also of interest to me.
- keeping a couple of grand in the Bank to keep me going.
 
- Getting out of US dollars. Selling all my US shares.
- Getting as much Cash as I can and buying silver. Gold and Oil and food are also of interest to me.
- keeping a couple of grand in the Bank to keep me going.[/quote]

What about Canadian bank account? And how does one go about buying this silver and gold? Please tell.
 
What about Canadian bank account? And how does one go about buying this silver and gold? Please tell.[/quote]

To buy silver or gold look here: Gold.ie

Also do a search to find previous threads on gold and silver.
 
The US economy is in far worse trouble than most realise and this is another important reason to invest in/ save in or diversify into gold as outlined by Paul Craig Roberts (Assistant Secretary of the Treasury in the Reagan Administration) in this article:

How the US Economy Was Lost
http://informationclearinghouse.info/article22087.htm

Excerpt:

How long can the US government protect the dollar's value by leasing its gold to bullion dealers who sell it, thereby holding down the gold price? Given the incompetence in Washington and on Wall Street, our best hope is that the rest of the world is even less competent and even in deeper trouble. In this event, the US dollar might survive as the least valueless of the world's fiat currencies.
 
If people want to try and understand how much trouble the US economy is go to youtube and search for:
Ron Paul
Peter Schiff
Max Kesier
Jim Rogers.
 
Yeah Max Keiser is very good and is very funny as well.

Check out his video here:
[broken link removed]
 
Janman07 said:
Why don't you get a deposit box in the bank? AIB used to offer a service called "safe keeping" or something like that where they would store your box in their safe/vault for a small fee each year. Burying cash in your garden sounds like a recipe for disaster.
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Dont think I trust a safety depostit box in Any bank. Some credit unions have them. My one charges €30, €50 or €120 depending on the size you need. 2 seperate keys to open it. They have one and you hold on to the other. Cannot be opened unless the two keys are used.
 
Deise Doll said:
#

Dont think I trust a safety depostit box in Any bank. Some credit unions have them. My one charges €30, €50 or €120 depending on the size you need. 2 seperate keys to open it. They have one and you hold on to the other. Cannot be opened unless the two keys are used.
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I believe there is a safe deposit box system in Harrods which was broken into by it's owner Mr. Al Fahed when he was in dispute with one of it's clients. So forget about there being only two keys or safety deposit boxes being safe. .
 
Interesting Deise Doll re safety deposit boxes in Credit Unions.

Think might put some euros, gold and silver in safety deposit box with them as want some of savings outside of the financial system and yet don't want to much of it around the house (even though the bullion is insured by home insurance).

Not sure if it is fair to the Credit Unions to compare them to Mr Al Fahed.

Do you know is it as simple as opening an account and then you can access your own safety deposit box or do you have to be a member of the credit union for a long time?
 
I think that if things get that bad (or we turn into Zimbabwe, as Kevin Myers suggested yesterday!) any gold that you have bought and stuck in a safety deposit box in case of armageddon, will likely be lost after social order breaks down and the bank is knocked off!!!
 
Whiskey and cigarettes might be a better option than gold. These will be easier to barter with.
Incidentally, I'm also considering getting an archery bow. There seems to be good deals on them at the moment.

(We probably need a new thread - how to prepare. Which is the best food to stockpile etc)
 
I have grave concerns about having my hard earned cash sitting in deposit accounts in Irish banks. where is a safe place to keep built up savings over the turbulent times
 
46E said:
I have grave concerns about having my hard earned cash sitting in deposit accounts in Irish banks. where is a safe place to keep built up savings over the turbulent times
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See my original post - pretty much what I asked albeit not as concisely!

Thanks to all of you for your replies.

UptheDesise, special thanks to you for your insight about fiat currency - are you just as bearish about the euro or is it just dollar and sterling?

Also while I agree about silver, I feel the VAT, "premiums" due to current high demand and a minimum of about 7 grand makes the barriers very high (based on checking gold.ie)...can you buy "top quality" physical silver in small amounts over time? I assume if you think the US dollar is finished then having a silver based ETF is just as risky? i.e counter party risk?
 
george.shaw said:
can own digital silver with www.Goldmoney.com (one of the safer digital gold companies and not likely to be nationalised like the English www.Bullionvault.com ).

think www.gold.ie allow you to store gold and silver in smaller amounts in a depository in Switzerland - same one used by Goldmoney and Bullionvault.
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Ok, don't want to start a gold thread but digital gold seems subject to government takeover etc etc....

I want to take Physical Posession of Silver and Gold. Say 1-2000 euro worth at a time not 6,7,8000! A place that will deliver in physical format top quality coins/rounds/bars with a guaranteed quality mark while keeping the middle man charge to a minimum(margins etc).
 
God is this post actually for real!!?? I initially though it was a joke but from the amount of replies..

Guys if it comes to that (hiding notes in the shed) we are all screwed, so you may as well go live in the shed also!

People will look back on this (well posts like this) in years to come and laugh. I hope! hahah
 
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