I Just Closed My Bank Account....now what?

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#1 Tue, Jun 14, 2011 - 8:14pm
Gunslinger
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I Just Closed My Bank Account....now what?

Hello all, Great to be here. I'm finally fed up with the banking institutions here in Shanghai(Im American)I plan to close my account today. Its around 16'000 dollars, but now I'm asking you readers what should I do with the money? I don't have access to stocks here so that's out of the question. Any suggestions would be appreciated.

Edited by: Gunslinger on Nov 8, 2014 - 5:07am
Tue, Jun 14, 2011 - 8:18pm
tmosley
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I don't know what to tell

I don't know what to tell you, dude. It's hard to be an American overseas. Might consider putting some in a US bank (for bills and debit/credit card transactions), and putting the rest into bullion. Some of which you store on site, and some in a safe deposit box at a reputable, non-western bank. Do your own research though. I don't know anything about the history of safe deposit box seizures in China.

Tue, Jun 14, 2011 - 8:30pm (Reply to #2)
Gunslinger
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Well I don't wanna be

Well I don't wanna be anywhere near a bank. I will buy bullion but really don't know how much of what to buy. Have any suggestions

Tue, Jun 14, 2011 - 8:30pm
uptofreedom
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Depends...

Depends... In the short term I'm thinking half cash, half PM's would be the safest route, at least until the doldrums are over. Longer term, imo for wealth preservation you can't go wrong with being PM heavy, 80/20 or possibly 100/0 if you have a source of income and don't need the cash.

Tue, Jun 14, 2011 - 8:33pm
PastTense
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While it is reasonable to cut

While it is reasonable to cut the amount of funds in your account, I wouldn't close it completely. For example if someone sends you a check, you need a place to cash it.

Tue, Jun 14, 2011 - 8:38pm (Reply to #5)
Dr G
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I agree with PastTense. It's

I agree with PastTense. It's nice to have an account to use. While we may despise fiat, the current state is such that we use it to buy things that we value more--be it food, gadgets, guns & ammo, or bullion.

Others treat fiat like it is the end, for us it is a means to an end.

Tue, Jun 14, 2011 - 8:55pm (Reply to #3)
Laineyisat
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Hi Ho Silver! and AWAY!

Silver (physical) has more upside than gold. Are you saying you don't need this $16,000 for living expenses?? Silver is also "on sale" right now.... (hint. hint.)

If it were me, and I didn't need the $16,000 for living expenses, I'd buy SILVER.

Now it is a different story all together if you need access to that money to live off of... 

Hope it's just gravy and you can load up! SWEET! Congrats!

: D

Tue, Jun 14, 2011 - 9:00pm
Moiliili Quarry
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RMB factor

If I were going to be in China for some years, I'd rather have my money in RMB than USD if those were my choices. Probably go 50% gold, 25% silver, 25% RMB. Buy more silver on dips. 

Tue, Jun 14, 2011 - 9:46pm
Seacap81
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Congrats Gunslinger, great

Congrats Gunslinger, great move!!!

I think I'd find a local coin shop now and begin to get friendly with the owner. Trust me, that friendship can go a long way towards making the right decisions as you move forward. At first you may be just a customer to him, but as you build your relationship and trust with each other he will begin to counsel you and help you along the way. And yes, he may even begin to discount purchases in the future. Learn as much as you can on precious metal as there is plenty of info on the net.

Tue, Jun 14, 2011 - 10:04pm (Reply to #5)
Gunslinger
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Can't really cash checks in

Can't really cash checks in china. When we get paid it's to bank account or cash

Tue, Jun 14, 2011 - 10:07pm (Reply to #7)
Gunslinger
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Yeah basically it's

Yeah basically it's investment money. My wife has our savings(core money). So are you saying buy ALL silver and skip gold altogether?

Tue, Jun 14, 2011 - 10:11pm (Reply to #9)
Gunslinger
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Well there is a kitco around

Well there is a kitco around the way. No local dealers here. Most places that sell bullion are jewelry shops sold by people who could give a damn what you buy.

Tue, Jun 14, 2011 - 10:13pm (Reply to #8)
Gunslinger
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Might be a good idea. Thanks

Might be a good idea. Thanks

Tue, Jun 14, 2011 - 10:16pm (Reply to #11)
uptofreedom
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Gunslinger wrote:Yeah

Gunslinger wrote:
Yeah basically it's investment money. My wife has our savings(core money). So are you saying buy ALL silver and skip gold altogether?

Depends how much volatility you can stand. In the long run either is "safe" and silver most likely has more upside, but silver will have a much more bumpy ride. If you're looking a few years out you might be ok going silver heavy, but I'd still have some gold.

Tue, Jun 14, 2011 - 10:24pm (Reply to #14)
murphy
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Just stumbled in late. If

Just stumbled in late. If it's 1oo % available investment money and you own no physical I believe a 60/40 % ratio of silver to gold is a good start. IMHO

Wed, Jun 15, 2011 - 4:40am
TerrorTed
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Of course: you must buy

Of course: you must buy physical PMs. But I guess you are looking for some offshore storage with easy access.

A lot of Americans use www.BullionVault.com as a way of diversifying risk on their physical by holding some silver and gold in bailment (owned by you, held by someone else) in a (UK) foreign vault.

BV has the lowest storage rates I've found. Buy and sells are market-based, and the commissions are very low.

The site is well-audited: it also has extensive FAQ and explains itself well. 

Disclaimer: I have ~18 Kg of silver there.

Wed, Jun 15, 2011 - 6:22am
Indentured_Servant
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Physical & foreign currencies.

I'd buy at least some physical to be stored within easy reach 24hrs a day. Everyone seems to be suggesting foreign currencies like reminbi (sp), Australian dollars or Canadian. Over the next decade I expect Canadian currency to have much more purchasing power than the dollar so I'll be buying 10-20k of hard Canadian currency that I will split between my home and a Canadian bank. I need to look into it a bit more so that I understand all aspects of it but it seems pretty straightforward.

Wed, Jun 15, 2011 - 6:42am
Kumanari
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Check out edinar in Malaysia

Check out edinar in Malaysia before closing account, they are not a bank but your paper is held in au/ag dinars/durhams. I would do this AFTER securing physical perhaps held at Viamat in Singapore, probably the safest place on earth for wealth security as the country has no debt and they RESPECT property rights see Jim Rogers on that tip. Physical close at hand is #1 priority. I would not worry to much being in Shanghai, greater concern would be banking in Ameikkka.

Many go to Bullion Vault (Jersey, UK) but I would NEVER keep mine in the Dragon's den! Makes no sense they're the one's who started this shit in 1694. Good luck at least your out, I'm exiting stage left to my wife's village in PI hopefully before they shut the gate.

Wed, Jun 15, 2011 - 7:48am
winemaker
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How long are you staying in

How long are you staying in China? I would be careful about buying assets like bullion while there. Potential problems include fake bullion and transportation across borders. You think customs going either direction might like to know what you are doing with your gold/silver? I would stay as conservative as possible. The yuan may not be a bad place to be but it gets complicated. BTW, I was an expat in Shanghai from 1996-1998. I moved there from Shenzhen where I had lived from 1993-1996. Good times in China back then! Things have changed a lot since then but I kept most of my money in US based accounts with just a small balance in a renminbi acct. I didn't trust the Chinese gov't to protect my rights if my acct suddenly went TU.

Wed, Jun 15, 2011 - 10:28am (Reply to #19)
Gunslinger
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I could only imagine the

I could only imagine the times u had must have been fun.thanks for the advice.

Wed, Jun 15, 2011 - 10:31am
Gunslinger
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Thanks everyone I loved the

Thanks everyone I loved the advice and took some of it.....just bought a big stack gold and silver come check it out https://m.youtube.com/index?desktop_uri=%2F&gl=US#/watch?v=xvOBu_izaXY

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