By Russell D. Longcore
I am not an investment advisor. I am not a stock broker. I am not an accountant or tax attorney. I do not sell anything related to investments or money. I am just a guy in Marietta, Georgia who researches, reads and writes about what interests me. That’s my disclaimer for this information and recommendation. Do not do anything I recommend here without doing your own research and reading.
Money interests me. I’m sure it interests you, too. And my title says to “get liquid.” In finances, that means to be in a cash position.
So I’m going to give you my opinion on what you should do with your assets in order to protect yourself and your family from the impending economic collapse.
Buy Precious Metals.
Paper assets can easily lose their value, especially when they are tied to the US dollar. At this time in history, I recommend that you move from any investment objectives to wealth preservation. And that can only mean one thing…non-dollar holdings.
If you have any stocks, bonds, mutual funds or securities of any kind…even gold stocks or precious metals mining stocks…sell them and buy gold and silver coins and bullion. There is no substitute for the physical possession of gold and silver coins and bullion. Take the hit on taxation (if you must) and get liquid. Better to pay a tax now to get liquid than to sit powerlessly by and watch the value of your investments vanish. Many of you have already watched your retirement accounts lose huge percentages of their value. Don’t be a sucker twice. Get out now.
Ever heard of the cannibal’s paradox? That paradox states that the time spent in overcoming a taboo can so debilitate the prospective actor that the action taken fails for being too late. Liquidating paper investments is a taboo, horrifying investment salesmen far and wide. And all the economists you might read would shudder and rail against liquidating paper investments. But when it comes down to survival, and making sure that your assets don’t just evaporate, you CAN wait too long.
Little known fact: The law on IRAs allows you to have gold and silver coins and bullion in an IRA. Check with your IRA administrator for details.
I predict that gold prices will be over $6,000 per ounce before the end of 2012. And silver will trade above $350 per ounce at that time.
Look around your home. Gather up all of the things you don’t need or aren’t using and sell them. Electronics, jewelry, art, autos, tools, CDs, even collectibles…and sell them for cash. Have a yard sale. Use Ebay. Take stuff to a pawn shop and sell it.
I recommend that you split this money 50% in cash, and put your other 50% into gold and silver coins and bullion. Silver is cheaper, you can buy more, and the denominations of coins (nickels, dimes, quarters, one ounce dollars) will facilitate smaller transactions. I recommend holding a lot of silver.
As you sell stuff and accumulate cash, make precious metals purchases. Buy when the price dips temporarily. By making regular purchases in this manner, you will benefit from “dollar cost averaging.” That means that your net cost for your coins and bullion will be lower overall than if you try to time the market.
When you go to your favorite bullion and coin dealer, and you make your purchases, don’t put it on your credit card. Walk into the store and pay with cold hard cash. Do not allow the dealer to put your name on the receipt. Just make a cash purchase of the precious metals. If Washington decides to try to confiscate gold and silver, you don’t want a paper trail that leads right back to your door.
With some of your cash, buy a good quality safe. Keep your precious metals and cash in your safe at home. Don’t put it in a safe deposit box at the bank. Banks will close or declare holidays. That could put you in a position that you could not have easy access to your own assets.
If you presently have your paycheck deposited directly into a bank account, seriously consider (a) getting your check handed to you or (b) go to the bank the same day that the deposit drops and withdraw your money in cash. Keep barely enough in your checking account so that checks don’t bounce. That will minimize your cash risk in any financial institution that might suspend operations or fold.
Ladies and Gentlemen, you don’t have much more time left. From this point on, you should be very wary of every Friday into the future. Fridays are the days that the government always closes banks. Look at your local headlines. Any banks that defaulted are ALWAYS closed or taken over on Fridays. This will be the way that the American financial system collapses.
Gold and silver money…and Secession are the Hope for Mankind.
DumpDC. Six Letters That Can Change History.
© Copyright 2011, Russell D. Longcore. Permission to reprint in whole or in part is gladly granted, provided full credit is given.