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Gold and silver?

When the SHTF what can you do to protect your finances and assets now and then? Share your advice and tactics here.
Grumpy
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Re: Gold and silver?

Post by Grumpy » Fri Mar 08, 2019 8:46 pm

US$ Will be useless in Aus if we are n the poop here as the USA will be in far deeper than we are!



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Bug
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Re: Gold and silver?

Post by Bug » Sat Mar 09, 2019 9:36 am

Grumpy wrote:
Fri Mar 08, 2019 8:46 pm
US$ Will be useless in Aus if we are n the poop here as the USA will be in far deeper than we are!
Won't matter. Currency exists for a reason. People will always want something to trade with and gold/silver isn't practical. Be it AUD, USD, whatever. People will use something. Using gold/silver does however make you a nice target once you try to use it the first time, and people find out that you have it.



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mozart
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Re: Gold and silver?

Post by mozart » Mon Apr 01, 2019 3:12 pm

I think that gold and silver coins is a great idea. If there is hyperinflation there will be no currency so you can use gold and silver to buy goods. Very useful.



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mozart
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Re: Gold and silver?

Post by mozart » Sat Apr 13, 2019 12:34 pm

In Greece when it collapsed bank withdrawals where limited to $60 a day per person. Something to think about.



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Frostbite
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Re: Gold and silver?

Post by Frostbite » Sat Apr 13, 2019 1:25 pm

mozart wrote:
Mon Apr 01, 2019 3:12 pm
I think that gold and silver coins is a great idea. If there is hyperinflation there will be no currency so you can use gold and silver to buy goods. Very useful.
Or you can forget gold and silver and just buy the goods now, before the hyperinflation. I'd rather spend $150 on 100kg of rice now, then trade that rice for an ounce of gold to some starving numbnut who listened to the hype about precious metals.

That would be about a 1000% increase on my investment.

I bet the armchair internet experts don't put that in their books or blogs.



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Bug
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Re: Gold and silver?

Post by Bug » Sat Apr 13, 2019 8:30 pm

mozart wrote:
Mon Apr 01, 2019 3:12 pm
I think that gold and silver coins is a great idea. If there is hyperinflation there will be no currency so you can use gold and silver to buy goods. Very useful.
There have been plenty of examples of hyperinflation. Never has gold and silver been substituted for the local worthless currency. People revert back to a form of barter economy or accept a more stable foreign currency instead.



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Grumpy
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Re: Gold and silver?

Post by Grumpy » Sun Apr 14, 2019 8:23 am

Why invest in something that will loose value through the Apocalypse?
Invest in something that gains value

When you are starving you WILL pay whatever is demanded for some food, I will swap you that 1oz of gold for this 2kg bag of rice.
Accept or starve



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Bug
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Re: Gold and silver?

Post by Bug » Sun Apr 14, 2019 11:07 am

There's also the setup cost to consider. For the same money you can buy 1oz of gold or store 1 month's food. As others have eluded to, a month in from the cessation of the food supply to supermarkets, people will start getting desperate. Feeding your family for another day versus a wedding ring. The choice will be made.



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notasyoung
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Re: Gold and silver?

Post by notasyoung » Tue Apr 16, 2019 8:27 pm

Gold and silver are only supposed to be one leg of the support. So having a bit of gold, a some silver coins, locked away, even of nothing happens, are a store of value. Exchange rates fluctuate, so having some foreign currency, when you have no faith in your own, is a good idea. If you don't like USA finances, don't trust USD, there is the Chinese Yuan (easy to get), the Russian Rouble (hard to get), the Hong Kong Dollar (easier), or the Indian rupee (hard to get). Most of these are countries with a good gold reserve backing the currency, or in the case of Hong Kong stuff all debt (and still a major trading centre). Maybe even South Korean, or Indonesian?

If we become a war zone things have gone horribly wrong; having something to trade, a skill, an ability, will probably become more important than trying to hold onto money. I find it hard to imagine Australia becoming a war zone, without warning (yes, it is possible).

The instability between major powers is a concern. The instability of our chosen political 'elite', and the ability of some to be bought is also a concern.

In a world financial disaster gold and silver may be useful, as will an independent source of power, an independent source of food, of water. Actually having some cash and savings will probably be more useful. Getting out of debt, owning your own home, even more useful. Tomorrow is unwritten, that is what prepping is about, looking at all the 'what if's' and taking steps, big and small, to prepare your response. Just having some cans in the cupboard, and some bottled water, some cash in your pocket, is a start.



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mozart
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Re: Gold and silver?

Post by mozart » Wed Apr 24, 2019 9:40 am

Open several bank accounts. Governments in the past in many countries have seized accounts or closed banks. I think that the guaranteed amount in any bank account in Australia used to be $250,000 but Ive heard that they have reduced it to $100,000. My aim is five bank accounts in different banks so if one dies off at least I have others. Also if bank account withdrawals are limited say its $60 a day like what happened in Greece at least you can go to five different banks to withdraw. Also keep cash at home.



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