10-02-2008, 04:10 PM
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Editor in Chief
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Join Date: Jan 2008
Posts: 1,677
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Protecting Your Financial Self - An Addition
Protecting Your Financial Self - An Addition
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Author: Jim Sinclair
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| Dear CIGAs,
I have no doubt that $1650 will come. My concern is not that it will not happen, but that I am much too conservative in my long-term price objective since 2000.
If major banks can be torn apart how can we have faith in the small local institutions that hold most of your ready cash?
When I said ?This is IT,? it is not something that I take lightly. Never in 49 years in finance have I seen a set of circumstances so challenging to the man in the street.
What I am getting at is a simple question. Are you prepared? You have heard us talk repeatedly on removing financial intermediaries between you and your assets, but the time has come for us to recommend going one step further:
Hold enough cash at your household to last you a month or two. It may be largely unnecessary for the majority, but what do you have to lose? If your bank should fail this will save you a lot of grief in the short term. If they do not, you still have all your cash that can easily be deposited back into your account.
Regards,
Jim
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