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What A Bank Run In China Looks Like: Hundreds Rush To Banks Following Solvency Rumors
Curious what the real, and not pre-spun for public consumption, sentiment on the ground is in a China (where the housing bubble has already popped and the severe contraction in credit is forcing the ultra wealthy to luxury real estate in places like Hong Kong) from the perspective of the common man? The photo below, which shows hundreds of people rushing today to withdraw money from branches of two small Chinese banks after rumors spread about solvency at one of them, are sufficiently informative about just how jittery ordinary Chinese have become in recent days, and reflect the growing anxiety among investors as regulators signal greater tolerance for credit defaults.
Domestic media reported, and a local official confirmed, that ordinary depositors swarmed a branch of Jiangsu Sheyang Rural Commercial Bank in Yancheng in economically troubled Jiangsu province on Monday. The semi-official China News Service quoted the bank's chairman, Zang Zhengzhi, as saying it would ensure payments to all the depositors. The report did not say how the rumour originated.
Chen Dequn, a resident in Yandong, just outside Yancheng, said she saw a crowd of about 70 to 80 people gathering in a branch of Sheyang Rural Commercial Bank in her town on Tuesday.
"At the moment there are about 70 or 80 people in there. Normally there'd only be about 10," she told Reuters by telephone.
Officials at another small bank, Rural Commercial Bank of Huanghai, said they had faced similar rushes by depositors, triggered by rumours of insolvency at Sheyang. "We will be holding an emergency meeting tonight," an official at the bank's administration office told Reuters, but declined to comment further.
Why Yancheng investors suddenly lost confidence in the security of their bank deposits is not clear, given that the Sheyang bank is subject to formal reserve requirements, loan-to-deposit ratios and other rules to ensure it keeps sufficient cash on hand to meet demand.
Why the jitteriness? Because until now, bank failures in China have been unknown, as Chinese banks are considered to operate under an implicit guarantee from the government. That is changing. Which is why the rumor mill is on overdrive:
"It's true that these rumours exist, but actually (the bank going bankrupt) is impossible. It's a completely different situation from the problem with the cooperatives," said Zhang Chaoyang, an official at the propaganda department of the Communist Party committee in Tinghu district, where the bank branch is located.
And Bear Stearns is fine...
Zhang was referring to an incident that rattled depositors in Yancheng in January, when some rural cooperatives -- which are not subject to the supervision of the bank regulator -- ran out of cash and locked their doors. Local officials say several co-op bosses fled after committing fraud.
China's central bank governor said this month that deposit rates are likely to liberalised in one to two years - the most explicit timeframe to date for what would be the final step in freeing up banks to set their own interest rates.
It is widely expected to introduce a deposit insurance scheme before freeing up deposit rates, to protect savers in case a liberalised market puts major strains on smaller banks and alarms the public. Analysts also expect the controls on deposit rates to be lifted gradually. Is China's debt nightmare a province called Jiangsu?
Why are bank runs like these only set to accelerate? Simple - unlike the US China has zero deposit insurance. Reuters expplains:
The case highlights the urgency of plans to put in place a deposit insurance system to protect investors against bank insolvency, as Chinese grow increasingly nervous about the impact of slowing economic growth on financial institutions.
Regulators have said they will roll out deposit insurance as soon as possible, without giving a firm deadline.
In the meantime, there are always helpful investor relations people willing to explain calmly just what is going on:
When contacted by Reuters by phone on Tuesday, an official at the Jiangsu Sheyang Rural Commercial Bank branch hung up, saying she was busy.
Others were even more helpful:
An official at the administrative office at Jiangsu Sheyang Rural Commercial Bank said the bank would publish a statement shortly. On its website, the bank says it is capitalised at 525 million yuan and had total deposits of 12 billion yuan as of end-February,
Officials at the Jiangsu branch offices of the China Banking Regulatory Commission (CBRC) declined to comment. The Yancheng branch of CBRC and the propaganda offices in Yancheng city and Sheyang county did not answer calls seeking comment.
Busy or not, for now, the banks may have survived following yet more capital infusions from the local government, but what happens when the default wave that has claimed solar, coal, and real estate developers finally impacts a deposit-holding institution? How will China - which has far more total deposits within its banking system than in the US (since the US banks fund themselves mostly using ultra-short term, overnight shadow funding) - survive a nationwide bank run we wonder?
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give them the T bonds...heck....ya gotz 2 Trillion of um
sum ting wong.
wear my mone?
smog
And now it has come to China. Next to a country near you soon?
"GOTS"
Soon to be seen in real life, wherever you happen to live.
I feel like a giant rock has been hanging over the economy for 7 years now. It never drops. I know it will one day it will drop, but it just keeps hanging there, rumbling and looking unstable.
It seems by design.
It's falling apart boys. When it does, they will try to impose MORE GOVERNMENT and MORE CONTROL. It will be sold to the public under the guise of safety and stability. Don't let your friends, family, and neighbors fall for it.
"If you don't hold it, you don't own it."
-Konfucious say
On the bright side, you can at least see 100 yards now over there.
Maybe they create all the smog to hide the pigs floating down the river?
pods
They are gonna need a whole lotta George Baileys to hold together all the banks...
"I mean - what have you got to lose?
You know, you come from nothing
- you're going back to nothing.
What have you lost? Nothing."
The thing about a bank run in China is that thirty minutes later you'll want to run it again.
Thanks Rubicon,
Material things can be nice, but are only material things.
We have those long lines too(in our soup kitchens)
Here's a good one.
Banker's son accidentally kills self by hanging:
http://www.dailymail.co.uk/news/article-2588988/Bankers-son-accidentally...
Too bad. Mr. Chin can no longer afford a happy ending. Bitches.
this seems more like a bloody aweful accident
Jim Willies recent comments on his website about the mid-level bankers who know where the bones are buried (assume this includes some IT people) being cleaned up however makes some sense.
I LOL.
Chinese bank runs = output crisis = bank diarrhea. Caused by excessive printing. Some things are just always going to mess up your system if you take in too much of it.
Always look on the bright side of life :O)
The thing we all should fear about the Chinese is that more than any other civilization on earth, when someone says "get in line" the Chinese will get in line, and get it done. It doesn't matter if it's building a dam, or a pipeline, or a railroad, etc.
The thing their own government should fear the most, is that...they will form those lines for many other things. From respirator sales, to bank runs. The Chinese move in herds. It is the ultimate international example of bandwagonning. Interesting to watch.
Once dollar loses reserve currency status and all the greenbacks come flooding back in expect to see people line up to empty their accounts just so they can buy bread. Coming soon here also.
Yup. How's that QE working out now. All done design, all done by agenda.
The other possibility is that as we all know China is a tad bit overcrowded at 1.5 billion people, could that just be a normal bank day?
When government herds you into cities, they do tend to get crowded...and full of smog.
If you want to know what an American city will look like under Agenda 21 "Redevelopment" precepts, look to China: millions 'n millions of shitty little stand-and-pack apartments with shitty little storefronts at street level.
What about all those brand new empty malls and apartment buildings?
Not seeing any of those here in the US.... plenty of old crappy empty strip malls and lots of empty cheaply built houses way out in exurbia
Fair point. I have seen a couple of the so-called "ghost cities." They're primarily a manifestation of bad policy, like many American embarrassments. That said, I'm inclined to reserve judgement about their utility in the context of a unique Chinese problem of how to modernize a massive population of what might be called 'peasants,' similar in some respects to uncivilized folk depicted in episodes of the old TV series The Waltons. For many years, young rural Chinese have been migrating to cities in search of more interesting jobs and sophisticated living, leaving their parents to look after traditional crops and farmland. As the Chinese economy starts to slow down from its frenetic pace, as food becomes more expensive, and with the passing of the old generation, those "ghost cities" might be key to bringing workers back to the rural areas without giving up some of the modern infrastructure and amenities. In some of the wealthiest settlements, homebuilders are even exploiting interest in traditional American post-colonial style house designs, complete with white picket fences. Rgds
China's Western-Style Developments Borrow McMansion Style
Ordo ab chao
"Don't let your friends, family, and neighbors fall for it."
Too late. They not only fell for it - they demanded it!
I ordered mine Extra-crispy.
Don't let your friends, family, and neighbors fall for it. ... friends&family? they laugh at me, i'm an outcast. i've been crying wolf since 2010 & nothing has happened yet, & that silver i urged them all to buy ? well, that has lost half in dollar terms. my so-called friends and family kick dirt in my face & laugh at me, after all, what does a crazy old woman know?
Fuck'em. They were just looking for an excuse to call you crazy anyway. And when they finally realize that you had been right all along, they will just call you lucky AND crazy.
Other well known "Carzy" people or extremist.
Ghandi
Martin Luther King
JFK
John Lennon
Ron Paul
Jesse Ventura
Gerald Celente
Etc....
lynnybee.... we KNOW!!! So you're a normal crazy among crazies on ZH.
Keep trying, it took my brother a couple of years to get me and his folks to consider his views, then within no time we all were on the same page.
A voice crying in the wilderness. me too
Me three. I gave up years ago.
When your opinion is asked about something specific, answer simply and briefly and give the listener time to chew on ramifications. Be patient and let one question lead to another. An intelligent listener with an inquiring mind will follow up with related questions; keep answering the same way. Freeing minds is a process that works one question at a time. Don't be a preacher: it overwhelms those who are unready and hurts your relationships. It's better to keep conversation mundane and get along than to risk losing future opportunities. "When the student is ready, the tutor will appear."
Where do you find these people of whom you speak?
Well said Lore. I just watched Hunger Games 2 for the second time. Feel like taking a few tree hanging ropes to DC, sure brings out the revolutionary spirit especially with all the f*king cute girls in the story. But you got to ask yourself WHY would the Zionist occupied movie industry in California allow such a film?
To keep revolution as a fantasy in our minds.
I suggest they want a civil war. Note I said civil war, not revolution because that's what it would be with the mindset of the American public concentrated on Blue/Red issues. Civil war starts, they have to bring out the troops to maintain peace, dollar collapse, blame it on each other. Famine, death, starvation. We would all welcome a new world order. Beautifully orchestrated; thesis, anti-thesis, synthesis.
They're evil, but not dumb.
i would say that their intent is to make us revolt and install an even worse governement after the revolution ;)
Maybe you are a modern day Cassandra? I dunno...
http://en.m.wikipedia.org/wiki/Cassandra
Buy all they're silver up....at a big discount....laugh at them for being fools....tell them next time to buy gold and you will do it again. Throw dirt at them
Buy all they're silver up....at a big discount....laugh at them for being fools....tell them next time to buy gold and you will do it again. Throw dirt at them
They are your family and friends. Love them. Who knows how this is all going to play out- all anyone has are theories. Some more, some less plausible.
TPTB have been playing these games forever and average everyday folks have been waiting for the ponzi to fall apart just as long.
Have a sense of humour about yourself or you'll go insane before the end.
Why bring their disdain on yourself?
I don't tell anybody anything, there's no hope for sheep, try saving them, they drag you under with them, fuck 'em, let 'em sink.
Exactly. Just as 9/11 was used for more control and less freedom.
lordylord said:
"It's falling apart boys. When it does, they will try to impose MORE GOVERNMENT and MORE CONTROL. It will be sold to the public under the guise of safety and stability."
-------------------------------------------
Not just safety and stability... but also "National Security" - the ultimate catch-all now for anything unpleasant the GOV'T wishes to do to us serfs!
Thank you, George Bush! And Thank you Obozo, for putting it on steroids! May you both rot in hell!
Sounds a little FDRish.
The rock drops when Roth wants it to drop...
I hope it drops on his foot
Head shot is way more efficient.
Oh wait.
He said rocks. Never mind. Carry on.
maybe it's like a riddle or something? "what's absolutely huge, is falling...but never hits the ground?" (THE DINOSOARS! THEY'RE EXTINCT! GET IT!) i think the oddity is that there really is nothing holding the Great Ponzi up. "It's suspended...in disbelief." Nothing more. Nothing less either. Seriously though...I think we've hit our end here. This really feels like a "thud." Can we see through The Self in the meantime? https://www.youtube.com/watch?v=-PhzsqOSe8E https://www.youtube.com/watch?v=6jxdkhcNuwQ
Lets hope this becomes malignant and the withdrawals are used to buy gold!
But But on RT's forged audiotapes of Ukrainians asking for their own country to be nuked they mentioned the Yuan being the reserve currency. But I'm so so confussssssssssssed.
Chernobyl - they've already been nuked. I wonder if Russia is going to take that back or let the "west" have it.
anyone here thinking that if this unwind will gather steam and we will see another great wooooooosh like 08 where cash on the sidelines allows a buy of the decade? serious question!
Depends on where the coordinates of said "sideline" are. If the "sideline" is in your house, maybe. If it is in a Chinese bank, probably not so much. As we now learn, there is no cash to withdraw.
thinking gold 1st, home second as i am real estate and debt free. but rent eats 350-400/month vs simular home(aprox asuming a turn key s.t.)
I think you'll have to be mighty damned quick to get the deals. If everyone tries to pull cash at once, there will be a whole lot sloshing around. Then Ol' Yellen will have another TRAP, er TARP bill to try to get all the velocity of money back up again, and we'll see higher prices with such an inflationary move. People will likely decide to forget about paying off loans and instead buy anything not nailed down.
There will be a deflationary pulse, and I believe it is likely we are in the midst of that. Case-Shiller is down three months in a row. Anecdotally, I have been told of people selling firearms cheaply. I've even heard of people buying them cheaply. Ammo other than 22LR, 22WMR, 380, 7.62 x54R, and 308 seems to be cheaper recently. 9mm , 45ACP, 40S&W, 7.62 x 39mm, 5.45 x 39mm, etc. are found readily and inexpensively. Tractors, used automobiles, and other machinery are easy also. It is food, gas, heat, etc. that are more expensive. If you have the money to invest in something tangible, the time may be soon.
Inflation in day-to-day necessities, deflation in credit-based non-essentials.
Ka-poom theory. Yup, hyperinflation is triggered by deflation, which the CB must stop at all costs.
'Ka-poom' over time is more of a rumbling sound, like a propeller spinning off its shaft. The central bankers create that which they fear.
Scariest aspect of the Ukraine turmoil - several nuke plants located there, not to mention the "sarcophogus" covering Chernobyl is reaching the end of its useful life. Fortunately up to this point an international team has been working on constructing a replacement but if the current chaos ends up causing that to cease...I don't even want to think about it.
"But But on RT's forged audiotapes of Ukrainians asking for their own country to be nuked.."
Sucks when reality doesn't match your Hopium, huh?
Pladizow
Hmm, maybe in a day or two I can just that!
The USSA still makes it easier to buy investment gold than Peru does (?, but true).
Re: "smog"
In China, it's "SMAUG."
" .....unlike the US , China has zero deposit insurance "
Good one !
Indeed, 0.25% is so much better than zero. Or 0.008% including derivatives.
http://www.zerohedge.com/news/2013-03-19/us-deposits-perspective-25-bill...
The FDIC expects to reach its goal of getting back to a required reserve ratio of 1.15 percent of the deposits it insures by 2018. The reserve ratio was at 0.45 percent at the end of 2012.
The last 99% of depositors in line are out of luck....
What's 1.15% from $0? Quite reasonable goal, I would add.
They should have invested in MyRA, which is totally safe, according to POTUS!
If you like your IRA you can keep your IRA. Period!!!
"...according to the POS-TUS".
Ironically, MyRA is safer than deposits in Chinese or Russian banks.
Ban Ng Fuk Yu
Coming to a US city near you.
Counter*arty Ris*
Is there a 'P', Pat?
Meanwhile their fellow chinese, who bought gold, are at home reading a book while consuming a glas of good wine..
I'd like to solve the puzzle...."Counter Party Risp"
that could never happen here. in the US, we can print money on laptops in millisends and fund JPM and GS', excess reserves. oh wait, thats not physical "cash".....nevermind.
The FDIC is in no way equipped to handle major bank failures in the US.
I just keep waiting for the announcement that says the FDIC is lowering its protection levels, and the MSM to say that its because risk in the system has obviously declined since the 2008 financial crisis. That's when I run I think.
Wait, are you saying that you have money in a bank???
It's like Greenscam said: 'We can print any amount of money you like, we just can't garantee its purchasing power'. The Fed will print, print, print in the event of widespread bank runs. You got your money out (maybe), but is it worth anything?
It's a confidence game. And the game is nearly over.
Wouldn't it be a trip if global climate change occurred because they cut down all the trees printing, trying to keep pace with multiple currencies hyperinflating at the same time?
The carbon released from people burning the fiat currency to keep warm would find its way into the atmosphere where it would retain thermal energy in the earths atmosphere thus causing atmospheric "forcing" and a positive feedback loop leading ...
Oh nevermind....
Just print baby print!
"The FDIC is in no way equipped to handle major bank failures in the US."
... but FEMA is
Really? FEMA can't handle a moderate hurricane.
Local militarized LE will become the new gangs.
Become?
New?
Son, they are the toughest gang on the street, always have been...
The vast majority of the Sheeple have no money in the bank.
there you have it, no one gives a fuck because there's nothing to lose
'cept the middle class as usual
Whaaaaat? they been doing it for like 100 years.
Snark.
I wonder if China has their version of J P Morgan that will start the rumors and then jump in to pick up their assests for pennies on the Yuan? Right Knickerbocker Trust?
I wonder if they have their version of Jim Cramer to proclaim the banks are fine.
Ive seen more folk lined up for dumplings in Old Shanghai.
the world is on the edge with just the taper (still 50bn+ a month of QE I believe), imagine if the Fed just stopped printing outright?
Wait until October. As good a month as any to stop printing.
Either you mean October 2073 or I have only spring and summer to find myself football shoulder pads with horns on them.
Might want to souce the assless chaps too.
Just sayin.
pods
"assless chaps"
Do you mean like english boys with small butts?
When everyone thinks and says "they can't stop printing" is exactly the time when they will stop. They've been saved from collapse in 2008 and now they don't care. To hell in a handbasket, what do they care? Deflation is giving them way more purchasing power. When they say, they don't want deflation then you know that it is exactly what they want. Why would they destroy their own purchasing power just to keep the sheep happy? Sheep will be led to slaughter as always.
My bank requires a hammer to remove deposits......
Fortunately (?) there are many more hammers than banks in this world.
Wow, just a hammer.
I need scuba gear
Corzined
Currency wars. US debt vs China's. In the end the US would rather have China lose and China would rather see the US lose.
Looks like Wall Street an DC are pushing Chinese defaults.
So when do the BRICs push back?
You mean "So when do the BICs push back?"
Russia is doing more than its share, cause they're real men, and they got titanium balls.
The fact that people continue to keep their currency in the system at this point is astounding, and it's a real testament to the fact that the sheep are clearly clueless.
And they will be hairless after Goldman is done with them.
Amen.
Wish I could give you more than one up vote.
heard of sheepskin coat?
and lamb chops...
Doc...
FDIC insurance fund = $25 Billion
Total currency in circulation including coins = $1.1 Trillion (I don't know if this includes dollars overseas)
Total deposits at US commercial banks = $9.3 Trillion
http://demonocracy.info/infographics/usa/fdic/fdic.html
The calmer the sheep, the better the shearing and fleecing.
They just wait till 500 million people pull their money out of the bank (according to the georgia guidstones)
Where would you keep your currency? Gold? that hasn't worked out all that well so far. I've been out of the stock market for almost four years now. That hasn't been so pretty either. They have us largely ring fenced at this point and the only ones "winning" are those that have no wealth, no currency, other than what they spend weekly.
When TSHTF in China, the question becomes ...
Hu Flung Dung?
I am sure Wall Street is completely insulated from anything that happens in China. They never get blind sided or exposed as having massive dependencies on shakey counterparties.
LOL. Sure. They have Uncle Scam and the taxpayers to bail them out again.
No debt limit so next debt level easily in the $20 trillion level.
The US defaults by crashing the US dollar.
WS has figured out derivatives. With the right derivatives, you can move the earth.
I believe that was an early WS'er who said that. Some chap named Archimedes? maybe?
What if China is using this as a monetary weapon against just those . American banks? China sucks it up for a few months and then returns to growth, but the TBTF banks get hammered through counterparty exposure. Setting the stage for a Sept ruble/yuan energy deal.
I've always thought that it would be a external that finaly gets our system under control.
The other team seems to be a little slow in the huddle? And we can't get a wisper of what the play will be.
Things that can't happen. North turns to south. Other becomes the reserve currency.
Wondered why Bitcoin started to climb again.
One thing they AREN'T serving in there is "orange chicken".
I would be a gold holder here...sounds better to me than an account in a Chinese bank...
Physical gold and a 9 mm are very complementary!
A 9mm knife? Come on, man.
Oh, you mean the kind of 9mm that is highly restricted in China? I gotcha.
Youngman and Do Chin...
Good to hear from you guys again... I have had an unbelievable string of family members passing or becoming ill... NOT BANKERS...lol. Just old age.
Seems I have attended an unending string of funerals.
That photo of a Chinese bank run reminds me of living in Japan in my youth. Any small earthquake would send the Japanese in our fishing village running up and down the alleys yelling like banshees. The first time it happened it scared the crap out of me and the tremor was so small I didn't feel it. I think I was 11 or 12 yrs old then... lol
I´m 58, all that will be coming to me people I know in due course. The other side of life.
Hope all is well for you and your dlosest!
Nobody sees it comming untill it happened.
Smart guys like us with funny-looking avatars who think ahead will (probably) do OK!
do they have an analog of FDIC ?
LOL
China is communist. Why would banks be failing? Commies tinkering with the free market, with money supply and with a centrally planned economy. What could possibly go wrong?
Ok somebody tell me how bullish this is? I want to be able to purchase ponzi bizzaro ramps accordingly..I thank you in advance.
A lesson in your deposite is now a liablity.. Bank runs in china turn into sum wong wine.
how u say..
"and its gone" in ChineseBanking in China takes forever! You come in and sit down. Not quite as long as a visit to the DMV.
how soon before Old Yellen fires up the CTRL-P machine? oh well...
phyzz silver is still on a huge fucking sale, folks! who cares about this other shit...just keep on or start stacking phyzz as fast as you can. It may go down again...it may shoot to 25 and then come back down to 20 again. Who cares...whatever it does, more and more phyzz is going to continue to disappear from circulation and it will become harder and harder to obtain and premiums will eventually force phyzz to break away from the fraudulent, manipulated paper price.
Get it now and don't look back. Get your worthless $$$'s outta the banking system and become your own central bank backed by phyzz. Do it now...don't try to wait longer and time some stupid "bottom". Just get your phyzz and stash it away at the bottom of the lake. Get it weekly, bi-weekly, monthly, whatever...get on a schedule and get 20oz's at a time or whatever you can comfortably do. But keep getting it.
The fundamentals one day soon are going to take over like a fucking silver tsunami and it's going to wash the world fiat system as we know it away. You don't want to have to deal with bank runs, capital controls, and bail-in/confiscation/flat out theft of your fiat because you waited too long to save your ass.
Tylers, you should have a Bernanke Tracker report, like, where is Bernanke each day and what's he up to
Done and done. Doom to the squid...
In that case you will have wide CHAOS and ANARCHY. What will you do with your Silver? Go out to town, in midst of rioting masses, and buy yourself a Latte?
I might sound sarcastic here, but this is a serious question.
Will there be a functioning system to accept Silver as payment? Will you get shoot because you have Silver (Gold)? Not sounding negative, but it seems that if the system goes down...well, then it goes completely down. Maybe your thinking is that after the dust settles you will be rich. Please correct me if I'm wrong.
Not a complete collapse in Weimar Germany, Austria, Hungary, Zimbabwe, Yugoslavia, Ukraine, Poland, Peru, Nicaragua, Chile, Argentina, and all the other recent hyperinflations. Gold and Silver could be converted to Dollars and Marks, and could do very well.
Sarajevo under seige from 1992-1996 was a different story - 7.62mm lead was the most valuable commodity. So it depends....
I'm not sure we can count on a "soft collapse" happening in the US like happened in other countries. If you don't believe me, go out on Black Friday, or after your local sports distraction wins a championship. Now imagine what will happen when EBT's are turned off for good
in Zimbabwe it wasn't a 'soft collapse', useless media coverage combined with the "it can't happen here" mentally may have created that image overseas but it wasn't the reality....you're right its going to shock people but incredibly many will dissociate from the horror like boiling frogs drawing out the collapse (society seems to fracture unevenly allowing many to hide from the inevitable truth of their reality).
Thank you BidnessMan, I am trying to understand what the rationale is behind the Gold/Silver hording, if the arguments point to some massive clusterfuck of chaos. I am nobody to critizice my fellow citizen for his survival plan, I just don't see the "hord Gold/Silver" argument as valid if you think about a financial apocalypse.
You are right that lead in form of bullets is the most valuable commodity as far as survival goes. See Nazi Germany, Jews with Gold running over the border where killed and robbed. Gold brought them a faster death.
You first have to buy the concept that gold/silver are rudimentary true currencies and carry true value based on the labor factor to acquire them. Then understand that the lever action rifle changed how we wipe out herds and civilizations.
You bury a stash of equal parts cash/gold/ammo and food while coming out swinging. May the best man win.