“It is getting real,” says Andy Schectman, CEO and president of Miles Franklin. Banks are continuing to have serious issues and countries are taking more steps to move away from the US dollar. It’s time to get out of the regional banking sector, he says. Holding precious metals is a way to get outside of the system and eliminate counter-party risk.
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LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
It’s Time To EXIT: More Bank Failures Coming | Andy Schectman
Bank failures have been a recurring nightmare for many, and unfortunately, it seems that we may be on the brink of witnessing more financial institutions collapse. While this may be distressing news, it is crucial for individuals to prepare themselves for such scenarios and take necessary steps to safeguard their money.
Andy Schectman, a respected financial expert, is warning individuals about the impending wave of bank failures. With over two decades of experience in the precious metals industry, Schectman has seen firsthand the volatile nature of the banking system. In a recent interview, he emphasized the importance of being proactive in these uncertain times.
One of the primary reasons behind this potential crisis is the current state of our global economy. The COVID-19 pandemic has wreaked havoc on the financial markets, causing a ripple effect that has severely impacted banks. Lockdowns and restrictions have resulted in a sharp decline in businesses’ operations and individuals’ ability to make loan repayments, hitting banks’ profitability hard.
Furthermore, it is no secret that many banks were already facing numerous challenges before the pandemic hit. A decade ago, the 2008 financial crisis exposed the risky behavior and irresponsible lending practices of some financial institutions. Though regulations were tightened following that crisis, there are still concerns regarding the resilience and stability of many banks.
Schectman urges individuals to diversify their holdings and consider investing in physical gold and silver. Precious metals have long been seen as a safe haven during times of economic uncertainty. With their inherent value and limited supply, they can provide a hedge against inflation and act as a form of financial insurance.
While some may argue that keeping money in a bank is the safest option, Schectman contends that this is a fallacy. He refers to the concept of “fractional reserve banking,” where banks hold only a fraction of their customers’ deposits as cash reserves, using the rest for lending or investing. This means that if there is a significant withdrawal of funds or a sudden loss of confidence in the banking system, individuals may find themselves unable to access their money.
To mitigate the risks associated with potential bank failures, Schectman suggests holding physical gold and silver in private vaults or home safes. By diversifying one’s assets, individuals can protect their savings from potential bank collapses and the inevitable consequences that follow.
Additionally, Schectman advises individuals to have a plan B if they suspect that their bank may fail. This could include researching alternative banking options or considering opening accounts in jurisdictions with more robust banking systems. By having a backup plan in place, individuals can minimize the impact of a bank failure on their finances.
As unsettling as Schectman’s predictions may be, they serve as a wake-up call for individuals to take control of their financial future. Rather than relying solely on the stability of banks, it is essential to be prepared for potential crises and diversify one’s holdings to safeguard against any financial turbulence that may lie ahead.
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When is those bank failure happening?
I "exited the system" years ago….My biggest regrets….bought a lot of Silver….It's been a frustrating expirience so far….Great dissapointment! Not exactly thrilled with Gold either both are highly manipulated by the ruling powers. I hope I see a reward for my efforts while I'm still in good health and can enjoy it.
if we can do it the Bud light we can do it to the banks I'm not ready for gold and silver yet the paper value goes down the premium goes up so it doesn't matter but if you decide to take your money out of the bank remember it's a self-fulfilling prophecy you create the problem you destroy the banks and the economy and you bring the hell but if you leave the money in the banks you prolong the hell do you want to pull the Band-Aid off your scab quick or slow how do you want it this is why Donald Trump didn't want to be president and I wonder if Biden will make it the rest he must have so many steroids and hormones pumped to him everyday he must have electronic imprint plants….
Would we still see this with regional credit unions? I know they technically fall under the same FDIC standards but are their balance sheets as messed up as Andy states on the regional banks?
How can you hold your Gold 'in your hand' ? Imagine that your suppliers customer data base is stolen by an employee or a hacker and sold to a crime group. The crime group enters your home and hold a gun to your childs head and tells you to produce it from your hiding place .
Put it in a safety deposit box somewhere ? The criminal drives you there to pick it up while the others keep your family hostage Imagine a breakdown of social cohesion and bands of looters taking over city centres ? The staff at the safety deposit box provider arent going to put up any resistance and Police arent picking up any calls.
Thank you for having Andy on! Wow, does he dig into the nitty gritty of things. Shame on all our "leaders."
Regionals; what about credit unions? Same thing or different?
The headline shooild have read " GET OUT OF SILVER"
Don't believe the hype about silver. To put it mildly, it is not performing in the most perfect environment. Besides the myriad of factors in silvers favor, the supply supposedly falls short of demand by 200 million punces per annum.
Wake up call to the so called experts who have been warning us…
.silver is a dog.
For the record… I am looking at the banking-with-gold idea by checking ALSO the purity of the State's ELECTIONS where the dealer is located… Miles Franklin is apparently in MN which had some liabilities in the past, 2020 in particular, but in the latest run down of progress on Election Integrity, it seems MN is looking more credible… for some reason… so I'd be thinking about their IRA options as better than some other dealers for longer term relationships…. fwiw…. ttyl
"why was SVB bailed _out_?"
CBDCs are a replacement unbacked fiat that will not be accepted by any foreign entity. FAIL ! The world will not accept such from the US after we ruined all fiat. The fed is dead.
Andy the CEO of gold. This is by far my favorite channel. I never miss an episode.
how do you pay property taxes, electric bills and water bills when the only currency accepted is CBDC?!?!?!?!? you can grow food and barter for only so long before you gotta pay uncle sam his dues and thats where we gotta think beyond
The regional banks are sacrificial lambs!!
this time
Andy is an AWESOME salesman! I want to run out and buy thousand$ in silver every time he opens his mouth. I'm completely serious. I believe he is totally right.
What a coincidence that every time something important is said pewtube garbles the voice. What a coincidence
What about credit unions?
Andy Schectman, David Morgan, Bill Holter, Alasdair Macleod, and too many more to mention, this channel features the Best guests and range of analysis, nothing in the financial sector comes close. I Would Request though that Dr. Edwin Viera return for an update, his legal experience is remarkable, and we need his wise counsel moving ahead through '23/2024.
how much is enough? 300 oz (of silver)? 500oz? 1000oz?
Thank you to all of you who are responsible for the suppression of silver bullion my family thinks you from the bottom of there heart. I am your average income earner and I have managed to put 500 ounces in the basement of all my children and I have quite a few so once again thank you and please continue as I intend on accumulating as much as I possibly can on my meagre income God-bless.
Thank You Andy, You Are Appreciated More Than You Know
"Nope, not gonna save ya sorry, should have secured yourselves… too bad so sad, sorry bout your luck sucka, should have paid attention to the overcomplicated and arbitrary make-believe rules we change on the fly without telling you about them. "
Elijah so articulate and intelligent! Awesome interviews! Outstanding as always!