Europeans are scrambling to withdraw money from private savings accounts in fear of a massive government raid on personal accounts. lines formed at ATMs in Cyprus, where finance chiefs announced they would be withdrawing up to 10% of bank deposits to bail the country out of debt. Military and government personnel are excluded from the “bank tax.”
Restrictions have been imposed on those attempting to withdraw their savings from accounts or move the money out of the country, the Daily Mail reports.
Cypriot president Nicos Anastasiades said the bailout is necessary because the country is in a “state of emergency,” and not doing so would be “catastrophic” for the country.
Alternative journalist Alex Jones of Infowars.com says the incident is the start of the “globalist war on humanity.”
Is gold the answer?
Investors advise those concerned about the future of their bank accounts to buy precious metals. The tangible asset would hold its value should anything happen if the economy crashes. With rising gold prices, it might seem like the best time to do so.
But some experts warn that while precious metals hold their in financial crises, selling gold bars back might not be easy. The Telegraph reports that the process isn’t transparent, either. Those who buy and sell gold profit from the difference — known as a spread — in the process. That margin can be quite large sometimes. Some dealers also only buy back their own gold.
US Lawyers Bangkok
Chaninat & Leeds is a US-Thailand law firm located in Bangkok, Thailand and is staffed by licensed Thai attorneys and licensed US lawyers.
“I phoned a number of dealers, but all said they would only buy back their own coins, making it difficult to shop around,” said one man to the Telegraph. “The dealer that sold me the coin will buy it back, but at a lower price to what it is currently selling the same coins for.”
For those in Cyprus subjected to bank withdrawals, however, gold bars kept in banks are still subject to the tax, leaving few safe investment options.
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