What were you doing on and around September 15th 2008? I know gold moved from $780 to $906 in the following week.
What I (and you) didn’t know was that a $550 Billion electronic run on the banks had taken place in about two hours on the morning of September 15th – and unabated it would have lead to a complete collapse of the global economic and political system within 24 hours.
If you owned gold, however, life would have carried on.
Paul Kedrosky describes it as follows:
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OK, that was close.
Regards,
George
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@Christine, here is the answer to your question:
http://shepard.tumblr.com/post/77351183/into-thin-air
Regards,
George
That’s quite something George. Good article find right there… scary to think about the political ramifications of this near-ordeal.
Hello, thank you for that information. May I ask a question. How can money be removed electronically, where does the money go?
I think I can remove it cash or by bancomat, is there the latter meant? Or whatelse?
Please excuse, if my question is stupid, but I would like to understand this information in its whole content!
Thank you very much. Jeannie
Not sure if one bar of gold will do the trick, but may I suggest a little more would help.. ?? I could buy a little more silver to add to my collection,, and then top it off with buying another few 100,000 thousand shares more of SPQ and KWG, just for added future insurance provisions.
PS…. Buying bigger bars might help to prop up the sky. We could stack ‘ em and use them for pillar supports.
ful´o´gas ( MIA –> MIA)
The New York Times reported on September 14, 2008, that Barclays had ended its bid to purchase all or part of Lehman and a deal to rescue the bank from liquidation collapsed
…
Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008
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The bankruptcy of Lehman Brothers is the largest bankruptcy filing in U.S. history with Lehman holding over $600 billion in assets.
@Tony – I’d still prefer to make a few hundred % on my gold holdings and have the world learn its lesson – rather than make a few thousand % and not know what is on the other side.
@Glenn – Hedge your bet and grab a bar of gold.
@Dude – This is the great thing about Web 2.0. We no longer have to count on a small set of media reporters to tell us what is happening. Get plugged in and you are tapped in to the minds of thousands of intelligent people who are not influenced by corporate ownership (i.e. GE owning CNBC)
Thanks George for this information. You offer an explanation of the situation that I (and you) didn’t know. I’ve sent your blog piece to friends for assessment. You are the first one that I’ve read to offer such a view of what happened.
Holy crap! So a quick melt down was avoided. However, maybe it’s just real slow now.
I chatted with former Nortel colleagues on the weekend. Their pensions are now in a slow melt down. Not a nice scene.
So is “the sky falling”? Or will a bar of gold save each one of us.
Snugthejoiner
The end of one world means the beginning of another. I wonder what the new one is going to look like?
We probably won’t have to wait too long to find out…