There is a global war on cash. Governments and central banks around the world would like to eliminate it and move exclusively to electronic money, making it easier to track our transactions. Granted, many of us no longer buy things with cash. We have already become a less-cash society. We use online banking, Paypal, Apple Pay, and other digital wallets. But how would you feel to not have a single dollar bill in your possession? To not be able to go to an ATM and get a few bucks to spend?
Cashless transactions are growing exponentially around the globe—more than doubling in the last five years. Countries are beginning to talk about eliminate cash altogether. Last year the largest bank in Norway proposed a ban on cash to cut down on black market sales and crimes. South Korea has stated that it wants to eliminate paper money by 2020. Greece requires citizens to report all cash over a certain amount—even if held in a personal safe or “under the mattress.” And right here in the U.S. discussions have begun about eliminating higher denomination bills.
So what is the big deal whether cash is dethroned or banished altogether? Well—how much do you want the government to know about EVERY transaction and EVERY penny that you have worked so hard to accumulate? Do you want to be able to keep some for that rainy day? Do you want to lose the freedom to store wealth “outside the system?” Do you want your private transactions to become public?
These issues are becoming a big concern to people around the globe. Many are responding by acquiring physical gold and silver as a safe haven against the huge systemic risk of electronic money. Precious metals provide a significant hedge against a likely cyber attack or cyber crime, which we are witnessing more and more. Protecting wealth, especially in a less-cash or cashless society, is extremely important to individuals and savers. As countries, including the U.S. exert more and more control over private income, holding gold and silver as part of a diversified portfolio is the right way to protect your wealth and savings.
When you can’t get to your cash and a crisis occurs, you will quickly realize how important the privilege is of holding something that is valuable and liquid. It’s a privilege that we have had since the founding of our country. When the government decides that they want to charge you to put your money in the bank, but then you no longer have the capability to take the money out, you are going to wish you had a monetary asset like gold or silver for the crisis at hand. The real possibility of this is leading savvy investors to make sure they are diversified in their financial portfolios, with at least 10-20% in precious metals. A cashless society is coming. Protect yourself now with gold and silver in your possession.