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Old 12-12-2012, 07:13 PM
 
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This kind of remonds me of oil just a deacde ago.there is a reaso it wqas called black gold as far as crude and still is. But I think perhaps with minerals mnay forget Africa and the kink its like to make in many mineral based commodies in the near future.Preciopus metals go up and down witht eh economy has we have seen and have to be heald along time compared to others that can be sold then neeed more and more. inflation is what is need to drive gold up and that needs people chaqsing less and less.With 90% of evrythig prodcued being produced as they say in last ten eyars ;not likely really.
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Old 12-12-2012, 07:17 PM
 
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Quote:
Originally Posted by Snowball7 View Post
Putting 100% of my "money" in gold, silver, platinum, palladium
and also for the first time thinking of adding some more rare metals
such as osmium, iridium, rhodium, etc.

The proverbial is going to hit the fan, and even if it doesn't, governments
are only going to inflate, monetize debt. Financial infrastructure is terribly
vulnerable and manipulated. Can see "bank holiday" happening, not a joke,
and ATM cash restrictions.

Thinking about converting 50%-100% of my "cash" into metals
then selling the metals as I need to use cash only "as needed".

Totally off the books also.

Thoughts ?
Good idea. Although, you should have some food assurance, water reserves and weaponry.

People who scoff at the idea of trading US currency for precious metals are ignorant to history.
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Old 12-12-2012, 07:25 PM
 
Location: Victoria TX
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Quote:
Originally Posted by War Beagle View Post
Is he going to take his gold doubloons down to the grocery store to buy food? Would they take it and how would they make change?
Literally within hours of a meltdown, a form of currency would arise, locally at first. Who would issue it is uncertain, because there would be a number of interests striving to make a profit in banking and money-lending, remembering how lucrative that had always been in the good old days. Whatever the going fiat specie would be, the person holding gold could exchange for plenty of it, and be one of the richest men in town, because people who had owned money and paper securities would have little or nothing.

In some South American countries (Argentina comes to mind), local banks issue money-like notes, which circulate just like government money, and it seems to work fine. A bus conductor tried to give me one in change, but I was leaving the area, so I declined it. Other passengers thought it was fine.

Remember that as recently as the 1970s, there were pound notes circulating in the UK issued by private banks like the Scottish Linen Bank, which were accepted as readily as those of the Bank of England. I think some of those banks still issue them, but they are mostly hoarded by collectors.

Last edited by jtur88; 12-12-2012 at 07:43 PM..
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Old 12-12-2012, 07:43 PM
 
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Quote:
Originally Posted by alphamale View Post
People who scoff at the idea of trading US currency for precious metals are ignorant to history.
Or they just recognize how truly worthless many of these metals are. They're price is driven for a large part by manufacturing.

You're all predicting some silly collapse of society. If that's the case, you want food, water, ammo. Not worthless metals.

Metals these days are investment vehicles for speculating on.

Last edited by LordSquidworth; 12-12-2012 at 08:15 PM..
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Old 12-12-2012, 09:40 PM
 
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Value backed by means immoral taints the value it backs.
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Old 12-12-2012, 10:32 PM
 
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Gold is traded like a currency and has the same risk.If it was such a sure thing then evry investors would be 100% into it.Its rises and drops like any currency.
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Old 12-13-2012, 05:01 AM
 
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Quote:
Originally Posted by LordSquidworth View Post
Or they just recognize how truly worthless many of these metals are. They're price is driven for a large part by manufacturing.

You're all predicting some silly collapse of society. If that's the case, you want food, water, ammo. Not worthless metals.

Metals these days are investment vehicles for speculating on.
Gold and silver always had value.

Maybe not in the few months following a global disaster, but they will be valuable at some point.
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Old 12-13-2012, 05:21 AM
 
4,281 posts, read 3,143,412 times
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Quote:
Originally Posted by alphamale View Post
Good idea. Although, you should have some food assurance, water reserves and weaponry.

People who scoff at the idea of trading US currency for precious metals are ignorant to history.
Feel free to elaborate.
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Old 12-13-2012, 08:43 AM
 
Location: Great State of Texas
86,068 posts, read 76,326,317 times
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Rome did not fall in a day.
The Great Depression did not happen overnight.

And they recovered, to a degree.

I don't think the dollar is going to go *poof* overnight either.

How long do you, OP, plan to live with this fear ?
We're 5 years into this recession/decline.
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Old 12-13-2012, 08:47 AM
 
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even if you believe that the "Financial Infrastructure" is broken and/or flawed, the market can stay irrational longer than you can stay sane
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