Agoracom Blog

BREAKING – AGORACOM Banker Contact In US Stores $50K Cash, $50K Gold On Possible Bank Closing. Advises US Friends To Do Same

Posted by AGORACOM at 2:23 PM on Friday, October 10th, 2008

I am going to keep this short and sweet to get to the point. One of our Senior VP contacts at a Tier-1 US bank has just advised he stored $US 50,000 in cash and an additional $US 50,000 in gold on concerns US banks may be shut down for a couple of days in the coming weeks.

This comes from a very level headed individual.


6 Responses to “BREAKING – AGORACOM Banker Contact In US Stores $50K Cash, $50K Gold On Possible Bank Closing. Advises US Friends To Do Same”

  1. AGORACOM says:

    Bob, it is what it is. A year ago Eric Sprott warned that at least 1 major US bank would go bankrupt. He was accused of all sorts of things given the fact he runs a hedge fund. Turns out he was right on the money.

    As such, my experience is that when people in senior positions make profound statements, investors deserve to hear them. Had this been some quack newsletter writer looking to create fear for the purposes of adding subscribers, I wouldn’t publish it.

    As it turns out, this is a Senior VP of a Tier-1 bank who is pretty dialed in. Doesn’t make it true – but if he is spooked, who are we to judge? People deserve to know.


  2. Bob says:

    I am not saying you are lying, i’m saying it’s scare-mongering and irresponsible. 50k of gold in your house in case the govn’t shuts down the banking system for a couple of days?

  3. […] them a little weight after a personal Senior VP contact at a Tier-1 US bank advised on Friday that he stored $50,000 cash and another $50,000 gold in his home in the event of […]

  4. AGORACOM says:

    Bob, as far as our report goes, there is nothing to be ashamed of. This is a Senior VP of a Tier-1 US bank. What reason would we have to lie?

    If you are referring to Ulrich comments, I’ll let you guys duke it out. Sounds extreme? Perhaps – but what would you have said if someone told you in March of 2008 that there would no longer be any independent investment banks in the US by October of 2008?

    With $35 TRILLION in credit default swaps lurking ( and bankers storing cash and gold, I’d suggest having a serious look at the other side of things.


  5. Bob says:

    That is the most ridiculous thing I have ever heard. And you run a credible web site? wow, shame.

  6. Ulrich says:

    Hi George:

    I have seen this news on a number of other sites, particularly on Jim Willie’s. It would not surprise me at all, given the financial melt-down happening in the US. What worries me most is what will happen after the banks re-open and what controls they might have put in place by then. There is talk about eventually making it illegal to hold gold in private hands in the US as has happened before in their history. Other doomsday reports talk about army divisions returning from Iraq being stationed on an active basis in strategic areas around the US, presumably to suppress riots which will occur after coming government measures. It all sounds very scary, let’s hope it doesn’t happen.