Saving accounts.

[wirenut]

I currently have $50,000 dollars saved for which will be used to purchase a house sometime. But I'm afraid my money isn't safe at this time in a bank. I have purchase
a lot of gold and silver but where else could I keep my cash so I know its safe. Any advice is greatly appreciated.

 

[raystone]

Everbank.com, diversity among a few currencies, possibles Renminbi, Swiss Francs, Pesos, Singapore dollar, Yen

 

[jonahtrainer]

I would put it in GoldMoney as you can have either national currencies or bullion. If you hold it in national currencies (US$, Euro, etc.) then you earn interest and it is in a savings account with RBS or Barclays in their Jersey branches which are both 5 star rated banks; among the safest in the world. You have good reason to be worried about holding the cash in any US banks as the entire system is insolvent.

 

[OptionsTrader]

I currently have $50,000 dollars saved for which will be used to purchase a house sometime. But I'm afraid my money isn't safe at this time in a bank. I have purchase
a lot of gold and silver but where else could I keep my cash so I know its safe. Any advice is greatly appreciated.

What you are concerned of, whether you know it or not, is of your bank becoming insolvent, which is possible. I would not want to depend on the FDIC in a SHTF case like contagious bank insolvency.

Your money is safer in a brokerage account insured by SIPC than it is in a regional bank savings account. If I had a chunck of cash less tha $500k i wanted to keep safe, that's where it would be (and is).

I know for a fact that Scottrade is SIPC insured, and you can check your own brokerage here:
http://www.sipc.org/members/database.cfm

 

[Roxi]

i suggest an IRA as well

 

[forsmant]

I suggest in my bank account. Don't worry, I am trustworthy.

 

[bander87]

Overseas with the swiss? By law they can't even say if you even have a bank account.

 

[rapidtrends]

Overseas with the swiss? By law they can't even say if you even have a bank account.

I like the overseas option myself.

 

[DriftWood]

I would put it in GoldMoney as you can have either national currencies or bullion. If you hold it in national currencies (US$, Euro, etc.) then you earn interest and it is in a savings account with RBS or Barclays in their Jersey branches which are both 5 star rated banks; among the safest in the world. You have good reason to be worried about holding the cash in any US banks as the entire system is insolvent.

That link you have does not prove what people think it does. There are different ways for banks to borrow money from the FED. After bearn sterns, the FED opened up that new longer term window. Banks are using that to borrow money instead of taking out the usual short term borrowings. So thats all those numbers say, banks dont borrow money in the old way anymore. Somehwhere you will see a chart that looks like that but upside down. There was an article about this by Baum on bloomberg.. about how people are freaking out about this because they dont understand what they are looking at.

If i had to take a guess... why its actually negative. Well the FED can actually shrink the money supply, buy buying back money from banks. It can do this to fight inflatation. If this is what they are doing its a good thing. However its just my guess.

Cheers