Boom in safe sales as consumers withdraw savings

[NNN0LHI]

http://www.independent.ie/business/personal-finance/investments/boom-in-safe-sales-as-consumers-withdraw-savings-1493108.html

By Charlie Weston

Thursday October 09 2008

SALES of safes have shot up as panicky consumers take money out of banks and seek to stash it in their homes.

Gold and other commodities are also soaring in value as the flight to safety and away from banks gains momentum.

Irish investors are estimated to have put as much as €100m into gold this year.

Locksmiths yesterday reported strong demand for safes as many consumers now see banks as vulnerable and want to keep their valuables close at hand.

With banks around the world imploding and stock markets falling, some consumers want to stash their cash at home, while others plan to move valuables from bank-held safe deposit boxes to their own safes.


This is Ireland but I seen a report on CNN last week that said the same thing was going on in California.

[deaniac21]

1. P. T. Barnum didn't say it but it's still true!

[NNN0LHI]

2. My brothers Ford stock has dropped from $250,000 dollars to less than $30,000 in the past 8 years

He paid more than $30 dollars a share for most of it. Its at $2.47 a share right now. Who is the sucker?

Don

[deaniac21]

3. Looks like that would be your brother. Diversify. Don't invest

in US car makers.

[SmokingJacket]

4. Haha, I was thinking of getting one.

But then I realized with inflation, I might as well spend the money now and have some decent stuff...