Why owning Physical Gold and Silver is so important today
Why owning Physical Gold and Silver is so important
Today is Wednesday 23rd March 2016 and we are briefly explaining why it is important to own physical gold and silver.
Many of us in the gold and silver community are aware of the benefits of owning physical gold and silver, here are 5 main reasons, though there are many more:
• You can protect your savings against the currency devaluations.
• They act as a hedge against inflation/hyperinflation
• You can protect yourself should a severe banking crisis occur and you cannot access your money, owning small denominations of gold and silver will give you something to trade with.
• They generally are quite liquid and can easily be turned into cash.
• You have no counterparty risk with gold and silver (contrary to paper assets where there is always a counterparty risk involved)
Even more recently, in fact just a few hours ago, it has been reported that Bangladesh Bank (BB) - the country's Central Bank- is considering filing a lawsuit against the Federal Reserve Bank of New York after cyber hackers stole $81m from its account.
These are just some of the issues we know about. It’s not beyond the realm of possibility that one can have ones bank account cleared of all funds; that stock market trades may be forced to stop should hackers gain access to pricing mechanisms; chaos could occur if cash machines are hacked and stop working and a whole plethora of other events which may in fact occur.
So the key message is simple, hold a manageable level of cash reserves outside the banking system and also own physical gold and silver and store them in a safe location that can be accessed with a degree of ease.
These considerations are important especially as more of our currency and wealth becomes digitised.