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Mastering Financial Security: Navigating Bank Closures, and Precious Metals Allocation

Live Q&A Dec 20, 2023

Join Eric Griffin, president of ITM Trading, and Lynnette Zang, chief market analyst, in this insightful Wednesday Q&A session. They address viewer questions on keeping money in banks, concerns about bank closures, and the safest ways to store and protect precious metals. Learn about the recommended percentage of wealth in precious metals, insights on buying gold and silver in the current economic landscape, and strategies for safeguarding your wealth. Gain valuable knowledge to navigate the uncertainties ahead! 💼🔒


0:00 I do not want to keep my money in the bank because I worry about bank closures. If I don’t want to keep our money in the banks, how do I pay my bills, write checks, etc.?

2:02 During the balance, all my paycheck will be going to the bank. I’m afraid that my money night might not be able to be withdrawn for paying monthly bills. Should I be worrying about this?

5:35 What are the safest ways to store and protect precious metals?

9:15 My son is concerned about using his savings to buy gold, citing the spread involved in buying and selling. He’s convinced he will lose more than if he leaves it in a money market. Can you explain with an example why this shouldn’t be a concern?

15:24 I see on your disclaimer before your videos that ITM recommends 5 to 20% of your wealth in precious metals, and my current position is around 55%. But with the current economic landscape, I don’t see use for saving cash. Do you feel that buying more gold and silver is a good choice? Even if I go over the recommended percentage?



00:00:00:00 – 00:00:23:17
Hello, everyone. Welcome to our Wednesday Q&A. I’m Eric Griffin, president of ITM Trading, with me, I have Lynnette Zang, our chief market analyst. For those of you who don’t know or tuning in for the first time, we take your questions and you submit to us via email to questions at I-Team trading dot com. We put them on the screen here in front of us and we ask them live, So you get a real true, spontaneous, organic response.

00:00:23:19 – 00:00:51:12
You ready? Yeah. All right, Just dive in. All right. Tom H asks. I do not want to keep my money in the bank because I worry about bank closures. If I don’t want to keep our money in the banks, how do I pay my bills, write checks, etc.? Well, you know, you’re going to have to keep some money in the bank so that you can do that, because that is still the way at this point how we function in the system.

00:00:51:14 – 00:01:17:17
But it’s the excess money. That’s what you don’t want to keep in the banks, right? You need to you need to keep your bank account open because a lot of people have auto deposits, auto withdrawals. So you can’t really close it. It’s and you’ve got to write your checks, etc.. So really, I mean, there are a lot of unbanked and they have to go to wherever and get money orders.

00:01:17:17 – 00:01:35:10
And so, I mean, that’s right. That’s kind of a pain. I’m leaving and you just keep your base amount in there. Function, right? Pay your bills and whatnot, and then you keep the rest some in cash. Gold and silver, right? Yeah. yeah. With without a doubt. I just don’t keep anything more than what I need to run.

00:01:35:10 – 00:01:57:08
And I’m running a business. Do you know more than what I need to function? No extra stays in there, but I certainly do have a bank account. Liquidity favors. Scroll down just a little bit so I can see the fifth question better. Yeah, the one, not the one that got. Okay, so let’s jump back. I saw this one.

00:01:57:10 – 00:02:22:07
Let’s jump to this one because it’s almost like the same question in a different way. Right? So, Chester and asks during the balance, all my paycheck will be going to the bank. I’m afraid that my money night might not be able to be withdrawn for paying monthly bills. Should I be worrying about this? Well, you know, at this point, remember, in Cyprus, they tested taking more than the insured amount.

00:02:22:09 – 00:02:48:04
And there was such a global outcry that they backed up from that. And I would imagine they don’t want to completely destroy the banking system because the banks are the conduit between policy and you and me. So I unless you’re holding more than at least at this point, 250,000 in there, I do think I mean, I wouldn’t hold 200.

00:02:48:04 – 00:03:08:04
I don’t hold 250,000 in there. Before you think you’re safe. They need Yes, Yes, I do think that part of it will be safe because I don’t think they’re ready. They don’t want you out of the system right. And so if they did that, then what would they do to get you to go back into the system? Right.

00:03:08:04 – 00:03:31:02
It’s just like when they’re discussing how they’re going to do a special what they call one off tax on your retirement funds. And what do they say when they’re planning this is we’re going to do it and we’re going to do it at this level, but it’ll just be one off, and that’s the way we’re going to sell it so that people people do not change their behavior.

00:03:31:04 – 00:03:57:19
So I think that that’s going to apply to this as well. They want automatic deposits because they want to surveil everything. They want all of your wealth to travel through. But if they build in all of your money, you’re not going to be amenable to doing that. So I think that you’re fine with having your paycheck going into the bank and paying your monthly bills.

00:03:57:19 – 00:04:28:10
I don’t think they’re going to stop that because obviously they want you to keep spending as well. We’re consumer driven. Yeah. Keep in mind, I did a little bit of research and dug in with the banks and asked specifically about the $250,000 limit. And it is. So you mean the insurance limit, right? So if you have a checking account in your name, a savings account in your name, let’s say you had four checking accounts and four savings accounts on a name of the same bank.

00:04:28:12 – 00:04:59:06
All of that is considered one account when it comes to FDIC. So meaning all of those accounts can’t have more than 250 in it. Now, if you had eight bank accounts that say Eric Griffin and they’re there at Chase Bank and then I have a business account, let’s say I am trading and then I have another business account that’s, I don’t know, a water company or something.

00:04:59:08 – 00:05:21:22
Then all three of those because this has EIA number, this has an EIA number and then this has a Social Security number. They’re all unique identifiers. Then technically all three of those accounts would be covered up to the 250. But each. Right. But I’ve had people think that, well I have four different checking accounts at Chase and you know, all of them have, you know, 250 and that’s not covered.

00:05:22:00 – 00:05:41:12
It’s a nuance. And I just figured you should be aware of in case here you are doing, you know, keeping your money in the bank. Yeah, I think that’s important. All right, Lou, can you scroll are you back up to the second question? Okay. All right. So Jim asks, what are the safest ways to store and protect precious metals?

00:05:41:14 – 00:06:06:11
Well, as invisibly as possible, for one. And you want them, in my opinion and for myself, I want them close enough that I can access them, period. Maybe they’re a little bit like I could walk to the vault if I had to, you know, probably take me two or 3 hours to get there, but I could actually physically walk there and access my metals.

00:06:06:12 – 00:06:27:18
So, I mean, I like if I weren’t so visible that I would likely hold more at home, which I used to do. Right. And then you have to think about hidey holes, which I think we have a one sheet that I did a long time ago. It’s just some ideas, but you want it close to you and you want it also diversified.

00:06:28:00 – 00:06:56:02
So you don’t want to keep it all in one place either in case something happens here. So I actually have it separated so that I have my barter of all metals, and then I have my collectible metals and then I have my long term collectible metals, my, my legacy metals. And I have that all all separated and diversified in different vaults.

00:06:56:04 – 00:07:23:02
Well, not all of them are in different vaults, but they’re in different vaults so that depending upon what I need. But, but if I were not so visible, I would create more hidey holes in my home. And it keeps me even closer. At least the at least the bar table part of the portfolio. Yeah, I know I’ve said this before, but I had a neighbor at one point knew that I was in the business and said her when her dad passed away, gave her a map to the house.

00:07:23:02 – 00:07:48:09
And basically when then she had was living with her mother and was taking care of her. And then when the mom passed away, she went and looked, follow the map and then found all the places in the in the house where the dad created hidey holes, whether it was like in the wall, in the wall behind drywall and then pass so that you couldn’t tell or underneath the board, you know, base or something where there was a kick plate that you could remove or different things like that.

00:07:48:09 – 00:08:08:01
Where he kept it had been there for like 40 years. And then so she was able to go dig it all up and know and get to it. Yeah, but that’s, that’s something that you can do. And you know, nobody’s going to suspected that it’s hidden someplace in it. Right. Exactly. And not only that, but I mean, who thinks that people even own gold and silver?

00:08:08:03 – 00:08:34:14
They don’t. This is this is not something that comes up. And so long as you’re not telling people, as long as you’re right, which is another way, the safest way, don’t tell anybody. Yeah. You know, just you want to make sure that that somebody knows or I mean, otherwise somebody. Right. Demolish the house. Totally. And they did come through and demolished because when she moved out, because the house was very old, somebody came a builder had come and went to go demolish.

00:08:34:14 – 00:08:56:13
And I was talking to the to the actual contractor like, hey, here’s the deal. When you’re demolishing this, you should pay attention. Because just in case, there could be stuff there you want to throw in the dump. Right, exactly. Exactly. Yeah. So, yes, definitely make sure like that can of of coins that were found under that tree ten years ago.

00:08:56:13 – 00:09:21:11
California. Yeah, about ten years ago. And it was. What about them at that point About a million and a half or something. It was like a full coffee can of pre 1933 uncirculated gold coins. Yep that’s somebody. What a fine. my gosh. Yeah. Nice. Yeah. Okay. Julie? She asked. My son is concerned about using his savings to buy gold.

00:09:21:13 – 00:09:46:03
Sorry, Mary. Read that. My son is concerned about using his savings to buy gold, citing the spread involved in buying and selling. He’s convinced he will lose more than if he leaves it in a money market. Can you explain with an example why this shouldn’t be a concern? Wow. Yes, I love that question. That’s probably one of the most favorite questions that you’ve ever asked me.

00:09:46:05 – 00:10:15:02
This goes back and relates back to the importance of understanding the true fundamental value of any asset or any instrument, anything that you’re planning on doing. Because if you do not have that information, there is no way for you to understand if something is undervalued, fairly valued or overvalued. Therefore, do I want to buy it? Do I want to hold it or do I want to liquidate it?

00:10:15:04 – 00:10:39:02
So let’s look at those two things. Okay. So this is a collectible coin. Now, I don’t know the current the current retail value on this coin, but let’s say. But okay, so this is just a 62. So I don’t know what it is, but let’s say it’s 30 $500 just just to pull a number. And there’s that bid ask buy back spread in there.

00:10:39:04 – 00:11:05:12
Well, see the fundamental value of an ounce of gold. I know you and I differ on this a little bit, but it’s like 15,000 bucks. So that means even with that spread in there and one thing we know is that at some point all assets go to their fundamental value. So as long as you buy it well below the fundamental value, you’re getting that premium for free.

00:11:05:14 – 00:11:41:08
And also the other part of it is because of its rarity, it kind of works like an auction and there is no fever, like gold fever. Then, you know, they always refer back to two gold, right? So these kinds of things, there is less than 2% of the total gold market. When we’re as the public becomes more aware of what’s happening with the real trend, which is where I’m going next and they rush to buy this because there is such a small number of them, then those prices go up exponentially.

00:11:41:10 – 00:12:06:23
It’s like an auction and there’s ten of something on the table and everybody wants one wherever that auction opens. That’s what people are going to pay and they’re going to walk away. But you have one of these and everybody wants it. So the person that’s willing to pay the most for it gets it. But then you still had those nine other people that want it, Right.

00:12:07:01 – 00:12:42:08
So truthfully, when you’re also looking at what the real trend is like, money markets like cash OC and money markets are not cash. That’s a mutual fund. But even just sitting in cash because that’s the way people typically think of money markets. What’s its true fundamental value? Zero. And you could go on the Fred, the Federal Reserve Education Department website and put in the search bar purchasing power of the consumer dollar and you’ll see where it went from a dollar buying a dollar’s worth of goods and services to buying $0.03.

00:12:42:08 – 00:13:23:05
And notice in the index on the side, it goes to zero. And that has happened 100% of the time, well over 4800 times to every single fiat currency, because their true value, their true fundamental value is zero. So there’s your difference. This is real money that’s undervalued, holding fiat, holding dollars, holding money, markets holding cash, holding stocks, holding bonds, mutual funds, ETFs, all of those products that you can only convert back into the dollars.

00:13:23:07 – 00:13:45:00
What’s that fundamental value? Zero. And I think to Julie that if it’s really a question of how long do you plan on holding it, right, if if he’s going to buy gold, cite the spread is a good point. And then he says, you know, I’m only going to buy it. I’m gonna hold it for six months. Right.

00:13:45:01 – 00:14:03:08
Then we would tell you no. Then yeah, then I mean, could. I mean, could gold. Gold to, you know, gold spend, you know, bouncing around between 2020 100 recently. So could you buy to 2000, sell it at 2100 and make some money? Yeah. You’re going to lose it a little bit to the spread, but, you know, not a ton there.

00:14:03:08 – 00:14:24:00
But but if you said to me, I’m holding it long term and now fundamental value comes into play, it’s a totally different story. So if it’s short term, yes, don’t buy gold and silver physical. Yeah. There are other ways to play that if you’re just Yeah, if you’re going to just trade the spot market, you could trade an ETF, you know, gold ETF or silver ETF, recession like that.

00:14:24:02 – 00:14:56:23
So but if you’re going but if you’re using it for what is supposed to be long term wealth insurance, then you can’t think of it. That’s irrelevant. It’s an irrelevant question. Right. And really understanding the true value of any asset and I don’t care what it is if you don’t know that you’re flying blind, regardless of what anybody else you’re you’re going to a broker or whoever you’re going to if they don’t understand how currencies and purchasing power and all of that works, you need to be going someplace else.

00:14:57:00 – 00:15:22:23
Why are you listening to them? They have no clue. But it really goes back to that. How much is this? How much is this really worth on a minimal basis? Take away any of the rarity, even. What’s an ounce of gold worth? Yeah, 12,000. 15,000. And the more debt they grow, the higher that number goes. And what’s the you know, I mean, the average devalue overnight devaluation is what, 1000 to 1.

00:15:23:01 – 00:15:24:21
Right. So.

00:15:24:21 – 00:15:35:08
So Taylor s asks, I see on your disclaimer before your videos that item recommends 5 to 20% of your wealth in precious metals, and my current position is around 55%.

00:15:35:10 – 00:15:59:11
But with the current economic landscape, I don’t see use for saving cash. Do you feel that buying more gold and silver is a good choice? Even if I go over the recommended percentage? Do you want to answer that from a legal point? Because quite honestly, I never personally agreed with that 5 to 20%, and that is certainly not how I mean, I’m all in.

00:15:59:16 – 00:16:24:15
I’m I am. It’s food, water, energy, security, barter, ability, wealth preservation, community and shelter. And so unless it goes into one of those other areas, I am 100% in gold and silver. Yes. So I want to point out what Lynnette just said. There is a diversification of sorts. Right. So she has a significant portion of her wealth diversified into that mantra, right?

00:16:24:17 – 00:16:55:09
Yeah. Yeah. Shelter like a lot. A lot. A lot. So. So is silver, though, right? But is I mean, it could be 50% gold, silver and 50% into the rest of the mantra for her. Right. So it is diversified in a sense so that all that saying is 5 to 20% is really like a legalese thing, like what she’s saying, like we don’t want to make a blanket recommendation to everybody saying you should have all of your gold and silver, all your money in gold.

00:16:55:09 – 00:17:24:08
Sorry, that’s not really valid for every single person either. Right? Most, most advisors would say, yeah, 5%, 10%, maybe a handful, maybe a handful. But they’re not going to make money on you. Buying gold are going to say 20%. But regardless, have enough to where you feel confident, you feel comfortable, whatever your goals and objectives are. Right. That’s a good point is you always have to do what you are comfortable with.

00:17:24:10 – 00:17:42:15
But I’m comfortable in the safest asset and the most liquid asset on the planet, especially because this is a currency lifecycle issue. And so therefore this is real money stuff that’s in this gun is not real money.

00:17:42:15 – 00:17:54:18
Well, we’re we’re getting close to the new year, so I think we’d like to really tell everybody happy, healthy, safe holidays.

00:17:54:20 – 00:18:18:00
And, you know, we’re really appreciative of your support and the community that we’re building here with the ITAM family, with all of our clients. I mean, they’re all part of our community with all of our viewers. And, you know, we really appreciate you tuning in every week, all of your support. And I want to personally thank you. I think you probably do, too.

00:18:18:04 – 00:18:19:02

00:18:19:02 – 00:18:57:13
So watch our our recent video on who’s really controlling inflation because they want you to think it’s the salaries. And so those salaries be going down. But take a look at that video and you’ll determine the truth. And remember, too, I mean, one of the things that I’m really grateful for, if we’re going to talk a little bit about that, the gratitude is how we have been really blessed to have Daniela Carmona and Taylor, Kenny and and me now this wonderful educational desk where we’ve got interviews.

00:18:57:13 – 00:19:19:12
So you’ve got lots and lots of people opinions, you’ve got deep dives and you’ve got window ones. And and I’m I hope that that’s kind of our gift for you because even though we launched it this year, it’s really going to take shape and get fuller and richer and and more wonderful in the new year. And we’re going to need it because next year is going to be super interesting.

00:19:19:14 – 00:19:45:09
And if you haven’t done this yet, which I really hope you have, but if you haven’t click, that can only link below and get your gold and silver strategy set because this is your wealth shield, this will protect you. History has shown us 6000 years of history. This will protect you from this reset and the surveillance economy and everything else.

00:19:45:14 – 00:20:08:22
And everybody needs, in my opinion, to be going into the year protected because who knows when that’s going to shift. And if you like this, please give us a thumbs up. Leave a comment, subscribe and share, share, share. And please on this, going into this new year, please be safe out there because we are all in this together.

00:20:09:04 – 00:20:14:05
Bye bye.


Sources & References In This Article

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