Pulled the Pin

[beauanderos]

I decided to practice what I've been preaching. Lately I've been giving a lot of credibility to the idea that our bank accounts could get Cyprussed, our 401K's become forced into buying treasuries, our IRA's taken or withdrawals taxed at confiscatory rates.

Well... they can't take what I don't have. Made the transfer today to close out my last 401K (closed another one and three IRA's last week). As of tomorrow I am no longer a part of the paper system. Fiat? Oh... that? Sorry... but it's at the bottom of the lake. You other guys can fight over who gets the last chair when the music stops playing


I may be early to the party, but this way the entire tray of horse devours is untouched.

[CtrlAltBernanke]

Good for you!!! I did that about a month ago. Might as well do it when the DOW is around a all time high. It took about six months to sell it to my wife.

[barrytrot]

Well, I'm pouring even more money into the equities market. I still believe And it's done pretty well for me.

Right now is a great time if you believe There are a lot of good companies with really favorable P/E ratios and silver/gold ETF's are looking good also.

[Copper Catcher]

While I don't fault you for going for it. But the way I see it if Uncle Sam wants it, he is going to get it one way or another! You can run but you can't hide. Death and taxes are here to stay.

[Lemon Thrower]

i still have bank accts and some stocks but got out of IRAs several years ago.

make sure you look at your estimated tax obligation.

if its any consolotion, most of those taxes you were going to have to pay anyway. you acclerated teh tax event and locked in teh current, likely lower, rates. its only the 10% penalty that is incremental.

[beauanderos]

i still have bank accts and some stocks but got out of IRAs several years ago.

make sure you look at your estimated tax obligation.

if its any consolotion, most of those taxes you were going to have to pay anyway. you acclerated teh tax event and locked in teh current, likely lower, rates. its only the 10% penalty that is incremental.

I'm 62, so no prepayment penalty. I don't mind paying the taxes... just what they're spent on

[CLINT-THE-GREAT]

That's awesome Ray. Good for you. Even paying the penalty would've been worth it compared to what people can lose in a bad economy. No wonder all the prices on 90% are up on eBay....Ray is running up all the prices!!!

-The Great

[neilgin1]

I decided to practice what I've been preaching. Lately I've been giving a lot of credibility to the idea that our bank accounts could get Cyprussed, our 401K's become forced into buying treasuries, our IRA's taken or withdrawals taxed at confiscatory rates.

Well... they can't take what I don't have. Made the transfer today to close out my last 401K (closed another one and three IRA's last week). As of tomorrow I am no longer a part of the paper system. Fiat? Oh... that? Sorry... but it's at the bottom of the lake. You other guys can fight over who gets the last chair when the music stops playing


I may be early to the party, but this way the entire tray of horse devours is untouched.

smart move, never fade your instinct

[neilgin1]

Well, I'm pouring even more money into the equities market. I still believe And it's done pretty well for me.

Right now is a great time if you believe There are a lot of good companies with really favorable P/E ratios and silver/gold ETF's are looking good also.

oh Barry, I DO hope this works out well for you...I REALLY do, my chief concern is that TRUTH has fled the land, therefore, such attributes as P/E ratios are predicated on BELIEVING what has been submitted about said companies...or the reported holdings of this or that gold/silver ETF is indeed the truth....and from what I've witnessed and read, truth is elusive, therefore anything reported by any corporate or government entity is patently UNTRUE....I don't write that to "argue", but to warn. Wealth "accumulation" is great, Wealth "preservation" is EVERYTHING, and in the coming months and years, the latter attribute will be the only sound course.

Good luck. (shudder)

[SilverDragon72]

Yay on pulling the pin! I sure wish that I could....

[Rosco]

Married 52 years small stack budget getting tighter small stack
an did I say married 52 Years

[beauanderos]

http://moneymorning.com/ob-article/schiff-retirement.php?code=117835

[Copper Member]

Good for you Ray.I too have been trying to add to my stack, but finding it hard to add at these low prices without premiums. I managed to and a nifty Pamp Suisse 100 gr gold. Since the price has taken a downturn, I find less people coming in to sell their scrap. Wonder if other shops are experiencing this as well?