Quote:
Originally Posted by Barefootsies
I recall a number of posts on this over the past few years. A lot of people investing in buying gold, as they were waiting for the Mayans or other Doom Day stuff.
- Where do you buy your gold?
- Are you buying 1 or 10 oz. blocks of this stuff?
- How do you know it's pure? Documentation?
- Where are you storing this stuff? In a lock box at the bank?
- Do you have a Brinks truck deliver this to you house?
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Depends on what your purpose for buying it is.
Do you want to hedge against inflation and the inevitable currency collapse? Are you trying to short it and profit from the price fluctuation? Do you want to go long and keep it for old age, where it will surly be worth a shit load? Or do you just want to have some holdings you can easily trade with and sell for when the dollar does finally falls on its face?
One thing about keeping it in a bank... when the bank runs eventually happen, they will be locking the bank doors and whatever you have inside the vault, you will not be able to access.
Also, if by some chance there is another gold confiscation like in the past, you would be required to give it up. So you really need to think your storage through in every detail if you want to keep it should something like that happen again. Doubt it will, but you don't want to get caught with your pants down if it did.
Quote:
Originally Posted by greg80
It has nothing to do with Mayans and dooms day. Gold and silver are a store of wealth. Goverment is printing out money and making peoples savings worth less. Gold is a way to keep those savings in a hard asset. It is a hedge against inflation and covers you in a catastrophic event, such as war or complete devaluation of a currency.
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Beat me to it, and well said.
When the Euro and Dollar tank, those holding it will literally have nothing. Yet the price of gold and silver will not drop with them. Of course their price fluctuates, as all commodities do, but you will own a hard asset, which is more valuable than any piece of paper The Fed creates and will eventually be worthless.
Quote:
Originally Posted by tony286
Actually that happens what you need is guns, bullets and canned goods. Gold wont mean shit.
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History says otherwise. Everything would be used for barter, including gold and silver. If you look back to the Argentina crash, gold and silver were widely used for trade and held their value, as they always have in history. However, jewelry and coins were the easiest to trade. Not bullion. But people buying bullion are not buying it to barter with. In a collapse situation, people will barter with ANYTHING of value. Bullets, smokes, weapons, coffee, and anything else they need / want. There are even stories of guys trading their wives for sexual services in some countries during hard times.