Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Stock Review : Markets : News Wire : Quotes : Radio : Silver : Stocks - Main 
  
 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Benefit of the doubt
By: Bill Holter

Asian Metals Market Update
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain With Stocks
By: Chris Mullen, Gold-Seeker.com

Itís about time for an article by Peter Degraaf
By: Peter Degraaf

Rate Hikes & Gold
By: Stewart Thomson

Gold & Silver Trading Alert: How Will We Know That the Bottom Is In?
By: Przemyslaw Radomski, CFA

Is Gold as Dead as Florida Hurricanes?
By: Dennis Miller

The Fed "IS" the problem!
By: Bill Holter

More GLD Drawdowns
By: Turd Ferguson

The Flat Debt Society
By: John Mauldin

 
Search

GoldSeek Web

 
Banking Holiday in Panama Announced!



-- Posted Thursday, 26 September 2013 | | Disqus

By

This morning the National Bank of Panama announced that it was suspending all services until Tuesday the 1st of October. The National Bank of Panama says that the reason is to upgrade systems. The Banking Holiday in Panama was announced this am.

This system wide shutdown has country wide implications. The National Bank of Panama did not warn the people before making the announcement and shutting down the banks. The people do not have access to ATMís either. We received word of this from family members first. This weekend is payday for people across Panama.

I am active among the Gold and Silver investing community. We have been discussing at great length about the possibility of bank holidays in countries on the Dollar standard. Could Panama just be the first domino to fall in the banking system? Could this be more than just a system upgrade? Why not tell the people ahead of time to prepare for the closure of the banking system?

What are some reasons for a bank holiday? The National Bank of Panama says it is a system upgrade, I donít believe it is that simple. Maybe a Dollar revaluation could be coming soon. Maybe it is something more serious like a banking crisis like we had in Indonesia back in 1997 or more recently in Cyprus. I am hoping for the best and preparing for the worst.

What are some things you can do to protect yourself if Panama is just the first signal of a pending banking crisis? First and foremost make sure to have some cash. Second buy the essentials for your family. Be frugal until the storm passes. I know this sounds simplistic, but those who are prepared will be fine.

I feel for the Panama families who live paycheck to paycheck. They were expecting to be paid tomorrow. This is the time that they go grocery shopping, put gas in their cars and pay the bills. This delay will have wide ranging affects on the people of Panama.

Do not be unprepared, you have it within your power to be ready for such a situation!

Latest update. 6pm CST

The Clave (Debit Card) system has been taken offline. No wire transfers between banks and internationally until the 1st of October. Panamanians will be required to go to their local bank branch to take out cash.

http://www.randyhilarski.com/


-- Posted Thursday, 26 September 2013 | Digg This Article | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2014


© GoldSeek.com, Gold Seek LLC


GoldSeek.com Supports Kiva.org

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.
OilSeek.com