There are a great many imponderables that have surfaced with the current saber-rattling situation in the Middle East. But one thing is clear–the uncertainty is rippling through the commodities markets. I guess you’ve all seen the higher prices at the gas pump, and the precious metals are spiking. For example, see the charts at Kitco. (To get the big picture, click on the one year chart, down at the bottom of that web page.) Silver was over $13.50 per ounce yesterday afternoon!
What can you do?
1.) Pray for peace. Please pray for the survival of the people and nation of Israel.
2.) If you have any friends that live (or are stationed) in the Middle East, check and see it they have any Potassium Iodate (KI) on hand, to prevent thyroid damage if they are exposed to fallout. They should also have a fallout dosimeter, fallout rate meter, and a charger for both. Warn them about consuming fresh dairy products that are produced in any fallout area. Fallout probably won’t be much of issue here in the States unless the situation escalates into a full scale exchange. KI and fallout meters are available from a number of vendors including www.ReadyMadeResources.com , www.KI4U.com, and JRH Enterprises.
3.) Prepare for the global economic consequences of regional war in the Middle East. If you have a propane, gas, diesel, or heating oil tank, switch to more expensive “keep filled” contracts instead of waiting until your tanks get nearly empty for your re-fills. If you don’t already have large capacity vehicle and heating fuel storage tanks at your home/retreat, then invest in tanks and keep them full and stabilized. It will be better than money in the bank
4.) Diversify out of the U.S. Dollar. The dollar is already in trouble, and if the Islamic nations declare war on the dollar (since they most assuredly see the U.S. as an ally of Israel), they could both dump their dollar-denominated assets and start demanding payment for oil in Euros. (Part of the current crisis has been caused by Iran announcing a new oil bourse denominated in Euros.) Put your money in tangibles: productive farm land, precious metals, common caliber ammunition, extra guns, gold, and silver will be your best bets. Buy physical metals and hide them very well at home. Don’t buy silver or gold ETF shares, or leave your metals in a safe deposit box. In a severe economic crisis, who knows how government might over-react and attempt to seize precious metals assets.
5.) Take prudent food storage measures for your family, with the assumption that the economic impact of war in the Middle East could have far-reaching effects.
6.) Repeat step #1, daily.