BNZ System Failure Highlights the Need to Keep Some Cash on Hand

This Week:

  • RBNZ Prepared to Print Money and Implement Negative Interest Rates in a Crisis
  • BNZ Failure Highlights the Need to Keep Some Cash on Hand
  • Larger Range of Gold and Silver Products and Website Shop Update

Prices and Charts

Change from last weeks gold and silver prices

Looking to sell your gold and silver? Visit this page for more information
Buying Back 1oz NZ Gold 9999 Purity $1810
Buying Back 1kg NZ Silver 999 Purity $735

NZD Gold Back Near Recent Highs

Gold bounced back this week. In NZD terms gold is back near the recent highs above $1900. Today NZD gold sits just below the red downtrend line. With the RSI still neutral it could well launch an attack on the highs above $1900 shortly.

NZ Dollar Gold Chart

Silver Still Stuck in the Wedge

However silver has struggled a bit this past week. Although in NZD terms silver is still above the key 200 day moving average line. Also close to the downtrend line of the wedge formation.

Looking at the lower part of the silver chart we see silver in USD. This multi-year wedge formation continues to get even more compressed. A breakout is getting closer and closer.

NZ Dollar Silver Chart

NZ Dollar Dips Again

The New Zealand Dollar is back down near the recent lows below 0.69 (although this is not shown on the closing price of the below chart).

NZ Dollar Chart

Unsure About Any Terms We Use When Discussing the Charts?

Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:

Gold and Silver Technical Analysis: The Ultimate Beginners Guide

It’s All About the Banks

The local news this week is all about the banks and the banking system.

RBNZ Prepared to Print Money and Implement Negative Interest Rates in a Crisis

First up somewhat of a “sounding board” report out from the Reserve Bank of New Zealand (RBNZ) this week.

The bulletin entitled “Aspects of implementing unconventional monetary policy in New Zealand” outlined 5 potential tools that the central bank could implement in a crisis. These included negative interest rates and large scale direct bond purchases (a.k.a. money printing).

The RBNZ Assistant Governor John McDermott made some surprising statements in an interview with Bloomberg saying:

“This is all about planning for the future,” McDermott said. While there’s “no imminent prospect” of using such measures, “the probability of needing them at this point in the cycle is higher than it ever was in history” and “it would be silly of us not to be ready just in case.”

In response Finance Minister Grant Robertson said:

“…he sees no need for any unconventional monetary policy in the “foreseeable future.”

“They haven’t been part of New Zealand’s monetary policy to this point, but this is one of the obligations that the [Reserve] Bank has, to look at all of the tools that are around,” says Robertson.

He says New Zealand won’t be at a point where the Reserve Bank needs to implement QE in the “immediate future.”

Source.

How likely are such policies in New Zealand? Read this weeks feature article for more…

 

RBNZ Prepared to Print Money and Implement Negative Interest Rates in a Crisis

RBNZ Prepared to Print Money and Implement Negative Interest Rates in a Crisis

Continues below

 

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Bank of New Zealand System Failure Highlights the Need to Keep Some Cash on Hand

A power failure in Melbourne meant that BNZ customers couldn’t use ATMs, Eftpos, internet banking, or physical bank branches for several hours over the weekend.

This news report highlights how many people had no backup means to make payment.

The outage was only for a few hours. Imagine the disorder if it lasted days or even a week?

Being “ashamed” of a declined transaction would be the least of people’s worries in this case!

This reinforces the need to keep some cash on hand. At the very least, enough for at least a week or two’s daily needs.

A week ago we gave an update on the war on cash and moves towards a cashless society down under. See: Update on the War on Cash: Australia Moving to Cashless Society? + RBNZ on Digital Currency.

We warned:

The war on cash is being waged because it allows the government to do a number of things:

 

  • Track and tax every payment you make or receive – there is no “cash economy”, no “cash jobs”
  • Freeze deposits and then bail-in deposits in case of a failing bank – see here for more on what happens to your deposits in a bank failure in New Zealand
  • Enact negative interest rates without people escaping to cash
  • No bank runs – Once all money is digital, there can’t be a run on a bank anymore. You won’t be able to remove your money if you see it coming in advance.

Going cashless might seem user friendly. Hey, if it were left up to the free market it’s also likely that cashless payment systems would be the norm.
 
The problem is when the government controls money and gives you no other options. So beware of the “simplicity” and “ease of use” of only having credit cards or Apple pay. It is on the horizon.

So we were interested to read this take on the BNZ outage at stuff.co.nz.

BNZ systems collapse a reminder why cash is still around

“But one really good shaming at the checkout could result in more people keeping their wallets and purses stocked.

It wouldn’t be the first push back to the cashless society project.

Many people are already demonstrating they not on board with the cashless society project.

Every year cash in the hands of the public increases, but it’s the big notes $50s and $100s where the biggest increases have been.

That’s funny, because I don’t have much day-to-day use for either denomination, and not just because I try to buy as little as possible.

We know that some cash is used for spending. Some is hoarded against fears of a banking collapse. Some is used by people playing in the grey economy of cash trade jobs. Some is used by criminals. Some is probably being used by parents to teach children about money. Poorer people are more likely to use cash to manage their budgets than wealthier ones.

Low interest rates mean the cost of not keeping money in the banks has also reduced.

Some cash use may even be political. In a cashless society, even negative interest rates on bank deposits become possible.

Some people actually invest in gold, or crypto-currencies specifically to get some money out of the banking system, a hedge against it running into trouble.

BNZ’s outage has demonstrated that there are still times when having a bit of cash is handy.

The other banks won’t be too pleased. In the cashless society project, the failure of one is the failure of all.”

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Larger Range of Gold and Silver Products and Website Shop Update

This week we have a much needed addition on the Gold Survival Guide website with a new “Shop” page.

As a result we have a much larger range of gold and silver products on display. 16 at current count. These include some “Bulk Price Deals” on gold when you order 10 ozs or more.

Buy gold and silver online

You can also view products listed by category such as gold bars or silver coins.

Buy gold and silver online

Each product has live indicative pricing.

You just click “Add to Quote” on any product to get a quote. You can “Return to Shop” and add other products to your “Get a Quote Cart”.

Buy gold and silver online

So head over and see all the products available today. With gold and silver in NZ dollars both close to breakout levels this could be an opportune time to “Request a Quote”.

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Shop Online with indicative pricing

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This Weeks Articles:

RBNZ Prepared to Print Money and Implement Negative Interest Rates in a Crisis

Mon, 28 May 2018 10:57 PM NZST

The Reserve Bank of New Zealand (RBNZ), this week issued a bulletin outlining 5 unconventional monetary policy plans they could implement in case of a crisis. The bulletin entitled “Aspects of implementing unconventional monetary policy in New Zealand” outlined these 5 potential tools: Negative interest rates: the OCR could be cut to as low as […]

The post RBNZ Prepared to Print Money and Implement Negative Interest Rates in a Crisis appeared first on Gold Survival Guide.

Read More…

Slow Burn Or Collapse?

Thu, 24 May 2018 12:02 PM NZST

  This Week: Update on the War on Cash Australia Moving to Cashless Society? + RBNZ on Digital Currency Gold Price: Roadmap To $1,750 Slow Burn or Collapse? Prices and Charts Looking to sell your gold and silver?Visit this page for more information Buying Back 1oz NZ Gold 9999 Purity $1792 Buying Back 1kg NZ […]

The post Slow Burn Or Collapse? appeared first on Gold Survival Guide.

Read More…

Gold Price: Roadmap To $1,750

Wed, 23 May 2018 11:01 AM NZST

Gold continues to consolidate as it has done since the sharp gains in December and January. This sideways consolidation is likely necessary in order to build support for future price rises. However we may now be getting close to the point where we see a gold breakout. Below Stewart Thomson outlines the next levels to […]

The post Gold Price: Roadmap To $1,750 appeared first on Gold Survival Guide.

Read More…

Update on the War on Cash: Australia Moving to Cashless Society? + RBNZ on Digital Currency

Tue, 22 May 2018 12:32 PM NZST

Update on the War on Cash_ Australia Going Cashless_ + RBNZ on Digital CurrencyWe’ve written extensively on the war on cash over the past couple of years. (Here’s a full list of the topics we’ve covered: https://goldsurvivalguide.co.nz/tag/war-on-cash/). Now here’s the latest on the moves toward a cashless society down under…   Is Australia Going Cashless? Earlier this month the Australian Government released their 2018 budget. In the budget […]

The post Update on the War on Cash: Australia Moving to Cashless Society? + RBNZ on Digital Currency appeared first on Gold Survival Guide.

Read More…
As always we are happy to answer any questions you have about buying gold or silver. In fact, we encourage them, as it often gives us something to write about. So if you have any get in touch.

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Online order form with indicative pricing


7 Reasons to Buy Gold & Silver via GoldSurvivalGuide

Today’s Prices to Buy
1oz NZ 99.99% pure gold bar
1oz NZ Gold Ingot
$1953
1kg NZ 99.9% pure silver bar 
1 Kilo NZ Silver Bar
$835 (price is per kilo for orders of 1-24 kgs)
$827 (price is per kilo only for orders of 25 kgs or more)
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1oz PAMP Suisse 99.99% pure gold bar
PAMP Lunar Goat Gold Bar
$1988
1kg PAMP 99.9% pure silver bar
PAMP Silver
$892
1oz Canadian Gold Maple 99.99% pure gold coin
Gold Maple
$2025    (or $2005 for 5 or more Backdated Year Coins)
1oz Canadian Silver Maple 99.99% pure silver coin
(Minimum order size tube of 25 coins)

Silver Monster Box
Tube of 25 $736
Box of 500 $14,410 (2018’s)
(Fully insured and delivered)
Order Now Button

Note:

  • Prices are excluding delivery
  • 1 Troy ounce = 31.1 grams
  • 1 Kg = 32.15 Troy ounces
  • Request special pricing for larger orders such as monster box of Canadian maple silver coins
  • Lower pricing for local gold orders of 10 to 29ozs and best pricing for 30 ozs or more.
  • Foreign currency options available so you can purchase from USD, AUD, EURO, GBP
  • Plus we accept Bitcoin, Bitcoin Cash, Visa and Mastercard
  • Note: For local gold and silver orders your funds are deposited into our suppliers bank account. We receive a finders fee direct from them. Pricing is as good or sometimes even better than if you went direct.

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We look forward to hearing from you soon.

Have a golden week!

David (and Glenn)
GoldSurvivalGuide.co.nz
Ph: 0800 888 465
From outside NZ: +64 9 281 3898
email: orders@goldsurvivalguide.co.nz

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The Legal stuff – Disclaimer:
We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.

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