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 Replies: 21 / Views: 5,033 |
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Pillar of the Community
United States
1450 Posts |
Let's say the you know what hits the fan and paper money becomes worthless. Which would be the best gold or silver coin to accumulate just to buy thing? I am not a survivalist, but gold has always been money of last resort in the West. It is better to collect the 1 ounce gold coin or the 1/10 oz gold coin if you were to want to buy a gallon of gas or a loaf of bread? I have no idea where gold prices will go in the future, but that is what insurance is for I guess.
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Pillar of the Community
Canada
5417 Posts |
Buyer 1oz is always better as compared to buying lower fraction as you will receive more value for your money.
Each coin will have a premium attached to it. For example, if gold is $1300/oz then you could expect to pay $1350 for a 1oz. However, if gold is $1300/oz you could expect to pay $150 for a 1/10oz
That's $150 extra per ounce if you buy the 1/10oz.
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Pillar of the Community
United States
602 Posts |
I realize that your post is about gold, but let us not forget silver. $1300 in silver would be significant.
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Pillar of the Community
United States
3843 Posts |
If there is a large scale collapse of the financial system with resulting lawlessness I doubt if precious metals will do you much good. Probably better to stockpile ammo, food, medical supplies, and other basic necessities as an alternative currency for bartering. If the internet goes down, books covering practical topics might be worth their weight in gold.
I see gold only being a safe haven in a partial collapse scenario where order is restored fairly quickly.
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Pillar of the Community
Canada
2019 Posts |
Go with fractionals of gold and 1/2 to 1 oz of silver coins/rounds. Chances are you will need like 1/10th or less gold to buy things , you don't want to be hacksawing up a 1 oz gold coin to try and buy something on the street corner, bad enough the person your buying something from knows you have gold/silver lol , . So might want to stock up on some ammo and have the bare min of one hand gun / well 2 hand guns if your wife/girl friend is home alone while your out getting stuff , one for her and one for you.
Edited by Northerncoins
01/13/2015 11:31 pm
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Moderator
 Australia
16809 Posts |
No matter how badly the economy collapses, an ounce of gold will buy you an awful lot of oil, or bread. How are they going to make change? You might want to consider some smaller-value objects, like small gold coins or silver coins.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
606 Posts |
honestly if I thought there were a SHTF scenario, I would buy liquor, ammo, and honey for barter.
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Bedrock of the Community
Australia
21786 Posts |
I have a book:
'How to Invest in Gold Coins' by Donal J Hoppe, publ. 1970, by Arco Publishing Company.
At the time of publishing, not much around in bullion gold coins, but lots of sovereigns and common date U.S. gold at little above melt value.
The main gist of the book is to invest in U.S. gold at uncirculated or better. Looks at foreign gold, and also looks at rare numismatic gold. (I guess that has to be much more of a numismatic investment - OK for me; I have some ancient gold.)
Suggests that long term holding is better that short term trading, if you don't want to be involved daily.
You have to make a strategic long term philosophical decision, before 'dipping your toe in the water':
With all precious metals, compare the long term accumulated inflation rate against the gold price chart over the same period.
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Bedrock of the Community
United States
10982 Posts |
Quote:
Let's say the you know what hits the fan and paper money becomes worthless. Which would be the best gold or silver coin to accumulate just to buy thing? I'd buy American Silver Eagles or 90% silver dollars. Maybe some 1/10 oz American Gold Eagles as well. |
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Bedrock of the Community
Australia
21786 Posts |
The trouble with guns and ammo, is that someone you don't expect might use theirs against you.
Not so good if daddy or hubby is murdered.
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Pillar of the Community
Canada
2019 Posts |
nvm
Edited by Northerncoins
01/14/2015 12:26 am
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Pillar of the Community
Canada
3049 Posts |
I agree with one statement.. if the economy was so bad that money wasn't recognized any longer you probably should've invested in brass and lead instead of gold or silver.
Gold does have it's place however. It's an international currency. If you have some you can go anywhere and not ever have to worry about an exchange rate.. just the different between the bid/ask spot rate and premium you may have to pay when you bought the PM.
Now if 1 oz is worth say 1300 USD right now ... and you would like some form of "fractional" currency I would have a look at trying to buy some jewlery for melt prices. Often you can buy a chain or bracelet in a private sale for "melt" .... it's easily transported as you can wear it on your person and if the links are small you can easily cut one or two off and use them to buy, sell or trade with.
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Pillar of the Community
United States
589 Posts |
In a post-apocalyptic scenario, economic or otherwise, and ONCE gold/silver becomes an accepted means of commerce (since initially, it won't be):
If all you're wanting to buy is a loaf of bread, then even one ounce of silver is too much. You'd be better off bartering in other goods.
However, if you're talking wanting to obtain a week/month worth of food at once, then either gold or silver is fine. Making change is NOT your responsibility. YOU have the gold/silver. YOU have the money. YOU set the prices. The other party is obviously wanting your metal, and since not everyone has gold/silver, if he wants it, then HE has to make the deal with you, NOT the other way around. If he feels you're setting the prices for goods too high, he has one option: find someone else with metal who will give him a better rate. And if he has some metal himself, it'll be HIM to make change for you by giving you say, 1/10 ounce gold and you giving him one ounce gold.
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Pillar of the Community
United States
4333 Posts |
I agree with others here. If things get that bad, gold and silver probably won't have much use initially, because NONE of your neighbors hold PM's or will have any use for yours. I would say fractional gold in the long run.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United Kingdom
694 Posts |
I think it would be exactly like MadMax Movies.Invest in Petroleum lol
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Pillar of the Community
United States
5823 Posts |
I still want my roll of 1/10 oz. AGE
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Replies: 21 / Views: 5,033 |
Posted 01/13/2015 11:08 pm
