If you have been watching the news in the last few days you have most certainly seen the situation in Egypt heating up.\u00c2\u00a0 The protests against the President Hosni Mubarak\u00e2\u20ac\u2122s 30-year rule have created some issues in addition to the 150 dead and another 4,000 estimated injured.\u00c2\u00a0 Normal everyday operations have come to a stand still.<\/p>\n
Once the internet was shut down it rendered the banks useless.\u00c2\u00a0 The banks count on the internet and wireless transmission of data to do business.\u00c2\u00a0 But in addition to that the Central Bank of Egypt has ordered all commercial banks to close for fear of looting.\u00c2\u00a0 As a result, Egyptians cannot get state aid or cash payroll checks.\u00c2\u00a0 ATM machines are out of cash and have been for days.\u00c2\u00a0 No one has access to money!\u00c2\u00a0 You can imagine that those that had some cash lying around immediately went out and bought food.\u00c2\u00a0 As a result the food prices have doubled in Egypt.<\/p>\n
On January 29th Jim Rickards, who is a brilliant economist and is featured on CNBC regularly, posted on his twitter account “I guess middle-class Egyptians with 20 or so gold coins stashed away feel slightly better than those lined up at soon-to-be shut-down ATM’s.”\u00c2\u00a0 He points to the main reason why everyone should own some physical gold-it is first and foremost a financial insurance.\u00c2\u00a0 Gold coins will protect you better than cash and will also give you stability in the currency in the event of a complete collapse.<\/p>\n
The Egyptian currency has fallen in value since the protests but it has not collapsed.\u00c2\u00a0 Those that own gold coins have some security and ability to purchase food when cash runs out and have hedged themselves against the falling value of their currency.\u00c2\u00a0 To buy gold coins<\/a> and put them away for a \u00e2\u20ac\u0153rainy day\u00e2\u20ac\u009d just makes sense.\u00c2\u00a0 These types of occurrences can happen anywhere.<\/p>\n There have been many times throughout history when crisis has occurred, whether that be banking failures, terrorist attacks, civil unrest or tremendous money printing, gold has proven to be a store of value and a hedge against uncertainty.\u00c2\u00a0 Now more than ever we believe it is time to own gold, if you haven\u00e2\u20ac\u2122t done so I encourage you to start.\u00c2\u00a0 One only needs to look at the amount of money we are printing in this country to gain assurance.<\/p>\n","protected":false},"excerpt":{"rendered":" If you have been watching the news in the last few days you have most certainly seen the situation in Egypt […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1207],"tags":[28,63,83],"class_list":["post-677","post","type-post","status-publish","format-standard","hentry","category-blog","tag-banking-crisis","tag-gold-coins","tag-inflation"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/comments?post=677"}],"version-history":[{"count":0,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/677\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media?parent=677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/categories?post=677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/tags?post=677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}