Canada's major banks have raised their interest rates. It took one bank to make the move and they raised it 35 basis points. The same day, the other major banks followed suit. The fact that they raised the rate so much in one fell swoop leads me to think this is only the first of many interest rate increases to follow. It is so important to pay down debt.
When I get time, I have been reading on a few different forums. There has been a marked increase of traffic over to self sufficiency forums. People want to learn how to prepare themselves for harder times coming down the pike.
I have noticed discussions about buying gold bullion. Interestingly, people are feeling the need to buy bullion as a hedge against coming inflation. Others think that if there is a large enough catastrophe, having a supply of gold on hand will help them be able to barter for goods.
Have you bought bullion? Or do you have it in a gold IRA? We have not done this, so far. At the present, I am more concerned with making our homestead more self sufficient. Here in BC, we are going to see electricity costs go up 30% over the next 3 years.
I want to buy more hand powered equipment such as a grain mill, wind up radios, flashlights and lanterns. These are things that will not only help if we WANT to reduce hydro costs, but also in the event of power failures. Living in the country, we do have our share of power failures and they can last for several days here.
Are you looking to buy gold bullion? Or are you doing something different to protect yourself and your family against the hard times ahead? What are you doing?
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