Get your PMs out of Safe Deposit NOW!

Discussion of the Gold portion of the Permanent Portfolio

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Ad Orientem
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Get your PMs out of Safe Deposit NOW!

Post by Ad Orientem » Wed Mar 18, 2020 2:46 pm

JPMorgan Chase says it will close 20% of its branches because of the coronavirus pandemic

https://www.cnbc.com/2020/03/18/jpmorga ... demic.html

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mathjak107
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Re: Get your PMs out of Safe Deposit NOW!

Post by mathjak107 » Wed Mar 18, 2020 3:22 pm

Chase forbids cash and precious metals from all their safe deposit boxes ...been that way for a long time with them
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Ad Orientem
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Re: Get your PMs out of Safe Deposit NOW!

Post by Ad Orientem » Wed Mar 18, 2020 3:31 pm

I don't think this is going to be limited to Chase for very long.
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Tortoise
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Re: Get your PMs out of Safe Deposit NOW!

Post by Tortoise » Wed Mar 18, 2020 4:42 pm

Seems like banking should be considered an "essential service" that should remain open to serve people during this crisis.

People's money is... kind of important.
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Re: Get your PMs out of Safe Deposit NOW!

Post by vnatale » Wed Mar 18, 2020 5:34 pm

When I made a rare (no more than 2-3 times a year) trip to my bank yesterday morning there was a notice on the door saying that starting today they'd be putting in new procedures starting today. Then, later in the day, when I was logged into our organization's different bank there was a huge notice on the top saying that they'd already instituted new procedures.

Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Libertarian666
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Re: Get your PMs out of Safe Deposit NOW!

Post by Libertarian666 » Thu Mar 19, 2020 11:19 pm

I'm pretty sure the Texas Bullion Depository will remain open.
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Kriegsspiel
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Re: Get your PMs out of Safe Deposit NOW!

Post by Kriegsspiel » Fri Mar 20, 2020 6:04 am

Tortoise wrote:
Wed Mar 18, 2020 4:42 pm
Seems like banking should be considered an "essential service" that should remain open to serve people during this crisis.

People's money is... kind of important.
Well, they've already closed down a multitude of other businesses "for the public good." What if banks were closed down to prevent bank runs?
You there, Ephialtes. May you live forever.
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Re: Get your PMs out of Safe Deposit NOW!

Post by Libertarian666 » Fri Mar 20, 2020 7:54 am

Kriegsspiel wrote:
Fri Mar 20, 2020 6:04 am
Tortoise wrote:
Wed Mar 18, 2020 4:42 pm
Seems like banking should be considered an "essential service" that should remain open to serve people during this crisis.

People's money is... kind of important.
Well, they've already closed down a multitude of other businesses "for the public good." What if banks were closed down to prevent bank runs?
You never know.
That's an example of why diversification is important in more dimensions than "stocks vs. bonds".
Too bad the boglehead philosophy is so over-simplified, at least as most of the boglehead website participants seem to practice it.
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Re: Get your PMs out of Safe Deposit NOW!

Post by Smith1776 » Fri Mar 20, 2020 4:36 pm

Libertarian666 wrote:
Fri Mar 20, 2020 7:54 am

You never know.
That's an example of why diversification is important in more dimensions than "stocks vs. bonds".
Too bad the boglehead philosophy is so over-simplified, at least as most of the boglehead website participants seem to practice it.
Too true.

I've long advised people to diversify away from "digital risk" by holding a modicum of physical assets for instance. Gold, silver, maybe some cash. Nobody thinks it will happen till it does.
I still find the James Rickards portfolio fascinating.
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Re: Get your PMs out of Safe Deposit NOW!

Post by stuper1 » Fri Mar 20, 2020 7:01 pm

I've often recommended the same thing, but nobody gets it. I like your phrase "digital risk". Very pithy. I will borrow that if you don't mind. I think that might help convey the idea better than my previous long-winded method.
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Re: Get your PMs out of Safe Deposit NOW!

Post by ochotona » Fri Mar 20, 2020 8:28 pm

Too late! My bank suspended lobby service! Well... it's safe at least. I'm nowhere close to a rebalance band, years away.
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Re: Get your PMs out of Safe Deposit NOW!

Post by FarmerD » Mon Mar 23, 2020 12:10 pm

ochotona wrote:
Fri Mar 20, 2020 8:28 pm
Too late! My bank suspended lobby service! Well... it's safe at least. I'm nowhere close to a rebalance band, years away.
My credit unions closed their lobbies a couple days ago so some of my my PM's are inaccessible. Should have cleaned out the safe deposit boxes last week.
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