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I do not own gold but I have been hearing it is good to have in case of the collapse of the dollar. I am confused why gold is a better investment. I would imagine that if one invests in gold, you don’t get gold in your hands you may get a statement. But if the economy collapses and we have a SHTF situation, what good is that paper statement? Am I wrong to think this way?
I look back at the fall of Richmond in April 1865. The only thing that had value was food and liquor. If the dollar collapses, unless you have gold bullion, how are you going to access it if there is a societal collapse? And gold coins are not easy to carry around. Stick to beans, pork and whiskey.
I do not own gold but I have been hearing it is good to have in case of the collapse of the dollar. I am confused why gold is a better investment. I would imagine that if one invests in gold, you don’t get gold in your hands you may get a statement. But if the economy collapses and we have a SHTF situation, what good is that paper statement? Am I wrong to think this way?
If you buy coins or bullion you can have the physical gold in hand. If you invest in futures, you have a certificate.
Investing in precious metals is a good hedge against inflation, but it's a very speculative market and buying at the wrong time or selling could cost you significantly. If you can buy at a good price and are prepared to hold it for a long time if necessary, you'll probably do ok, but you're always at the mercy of the market and can have a lot of money tied up.
For a SHTF scenario, silver coins would work better as they have a denomination on them and are a known weight for easy trading. Plus, as well as their metal value, in good times, collectable coins can be worth many times face value.
Planning for emergencies of all kinds is never a bad idea.
Whatever you do, don't buy metals right now. Their prices recently took a big jump, meaning that whatever profit there was recently, has already been made. There is always a premium in physical metal between spot price and what you pay or receive, buying or selling. So you need to factor in that premium, which can easily wipe out your profit.
If you wish to hold physical metal, US Silver Eagles or Gold Eagles are always accepted for a good price, and a ready market. If you choose to own gold, purchase it "slabbed" (in a sealed plastic case with certification by a known grading entity). This will provide assurance for both buyer and seller that the coin is genuine and of a known grade.
If.I were you, I would wait until after the election.
Thanks for the replies. I wasn’t asking for investment advice. I was just curious as to what would happen if the dollar collapsed and there were riots everywhere like in Seattle and other states. What good would a certificate with a dollar amount of gold be to anyone if they couldn’t cash it in I would think that it Has zero value.
Thanks for the replies. I wasn’t asking for investment advice. I was just curious as to what would happen if the dollar collapsed and there were riots everywhere like in Seattle and other states. What good would a certificate with a dollar amount of gold be to anyone if they couldn’t cash it in I would think that it Has zero value.
"Paper" metal or metal stocks are absolutely worthless. Its a ponzi scheme. You want to hold the physical metal in your home preferably hidden or in a safe.
It is alleged that there are 170 "paper" ounces of silver per actual physical ounce of silver. JP Morgan iSLV's ponzi scheme
Don't bother with gold. Too expensive. What you want to do is get buffalo 1 ounce silver rounds. Premium is about 2.50 to 3$ over spot.
Its hanging around $26 to 28 an ounce now. It should go up.
That's good advice, and after reading that, I just picked up 20 rounds. Will probably get another 20 or so next month, and perhaps moving forward keep trying to increase my holdings each month.
$200 or so each for 0.10 ounce American gold eagle or Canadian maple leaf
Quote:
Originally Posted by trusso11783
I do not own gold but I have been hearing it is good to have in case of the collapse of the dollar. I am confused why gold is a better investment. I would imagine that if one invests in gold, you don’t get gold in your hands you may get a statement. But if the economy collapses and we have a SHTF situation, what good is that paper statement? Am I wrong to think this way?
The goal of holding paper investments with their own value distinct from the US dollar is as a hedge against a massive drop in the value of the dollar, but short of TEOTWAWKI or full collapse.
That paper statement is pretty darn good to have if things go halfway wonky, the dollar loses most of its purchasing power but there's still an economy and a government and taxes to pay. Which frankly, is a more likely scenario than SHTF.
Quote:
Originally Posted by Nor'Eastah
If you wish to hold physical metal, US Silver Eagles or Gold Eagles are always accepted for a good price, and a ready market. If you choose to own gold, purchase it "slabbed" (in a sealed plastic case with certification by a known grading entity). This will provide assurance for both buyer and seller that the coin is genuine and of a known grade.
Downside of "slabbed" items is the hefty premium (in both purchase price and storage space).
Quote:
Originally Posted by webster
I look back at the fall of Richmond in April 1865. The only thing that had value was food and liquor. If the dollar collapses, unless you have gold bullion, how are you going to access it if there is a societal collapse? And gold coins are not easy to carry around. Stick to beans, pork and whiskey.
Gold is a heck of a lot easier to carry around than any other portable store of value in a time when nobody is going to care about your bank statement or have connectivity to make a trade on a bitcoin exchange.
For example, the â…’ oz American Gold Eagle is downright tiny, and retails for a bit over two hundred bucks each.
Gold is finite unlike paper/coin currency because those two can just be created out of nothing.
Gold you can carry with you wherever you go. Gold like rare Earth Elements has industrial applications. Not saying gold is a rare earth element
Actually now I wonder why cant I carry around other rare earth elements instead of gold.
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$200 or so each for 0.10 ounce American gold eagle or Canadian maple leaf
