Pieces of Eight banking.

Discussion in 'The Intelligence Cell' started by LordVonHarley, Feb 18, 2008.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. With the recent banking nightmare of Northern Rock and doom and gloom on the horizon will we see more people investing in precious metals and gems as a way of safe guarding their savings?
     
  2. I think it'd be safer to invest in tinned food and shotguns, the way this country's going.
     
  3. Probably not. If you have savings at the moment its all good - banks are desperate for you to keep you money with them and you can earn a good rate.

    Even if the goverment hadn't shored up Northern Rock there is no way anyone would have lost their savings, the 'run' on the bank was just panic mongering.
     


  4. possibly because nobody believed a single word going out of the mouths of Ministers? :)
     
  5. I'm not to convinced. If it all goes tits up and we get massive inflation then the Fiat money in the bank becomes devalued and savings get sh1t canned.

    Not that I don't trust the Chancellor to do a good job :twisted:
     
  6. And then 'Head for Mexico my friend' and hideout for several years !
     
  7. Would I be allowed to open a bar in a cave?
     
  8. Certainly back in 04 would have been a good time to invest in gold which is now approaching it's all time high price, how much higher it will go is questionable. Certainly many people have had their fingers burnt over the years buying things like gold and diamonds as an investment, mainly I suspect as the main people offering such products are more interested in relieving you of your cash than making you wealthy. Any investment can be good if the investor does his research and buys with care and at the right time.
     
  9. Can't see there ever being hyperinflation a la Weimer Germany or Argentinia in this country. One of the biggest raw currency earners in the UK is financial services to the world. Its one of the few areas we're actually good at nowadays!

    And the economy is actually doing quite good right now - low unemployment etc. Sure its all propped up by comsumer spending, which in turn is propped up by easy credit but when the crash comes it'll affect people like me who have lots of unsecured debt and homeowners who have overmortgaged themselves.

    If you've got a fair wedge (20k and over) in the bank then you're sitting pretty I'd say.
     
  10. Gold is far to high at the moment to buy into and even silver is getting a bit pricey. I don't think the prices will stay high for very long, but as you said '04 would have been a good time to buy shiney shiney gold :D

    But if you buy low, would precious metals safe guard you in a case of an emergancy?

    As for the credit crunch I think we will be looking at the 1990's all over again.
     
  11. Great! There was one particular blonde 18 year old at uni that I'd like to meat again (not a spelling mistake)
     
  12. Alsacien

    Alsacien LE Moderator

    Financial services that operate in Dollars and Euros. T
    The British Pound is used less and less internationally every year, dollars are also losing favour (political elements also influence this though) and the Euro is increasingly used as it is seen to be apolitical and less easily influenced by a currently in power government.
     
  13. Gold still has a long way to go up, many knowledgeable people think about $2000 an ounce is possible within a couple of years. Traditional market wisdom is turned on its head when new factors are considered; China recently allowing its citizens to buy gold bars and coins as well as gold investment funds - each Chinese household saves on average 40% of its income and local banks only give 3% interest on savings, other emerging markets such as Russia and India are growing consumers. Plus many mines are now reaching the end of their lives..rarer and rarer...

    As to its value in an emergency in my past a handful of kruggers has sorted out more problems than cheques, IOU's or even violence 8O
     
  14. I'm not sure but I think that in the city they operate in a multi-currency enviroment. Happy to be corrected.
     
  15. Alsacien

    Alsacien LE Moderator

    They use everything you are correct, my point was meant to be that this is nothing to do with GBP as an international currency, simply that London has become a world hub for other peoples business.....