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#175476 - 06/30/09 04:14 PM Saving Silver....man
Se7eN Offline
Stranger

Registered: 10/16/08
Posts: 4
Loc: Wittlich, Germany
So I came across this post today and it got me thinking. In a severe economic crisis, if you had your scrap silver and gold aggregated, you could potentially be a step ahead. What do you all think? Is it a preparedness angle that you've considered?

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#175481 - 06/30/09 05:37 PM Re: Saving Silver....man [Re: Se7eN]
ponder Offline
Enthusiast

Registered: 12/18/06
Posts: 367
Loc: American Redoubt
IMHO - no.

You will always be able to sell gold or silver at wholesale. You will find few who will take it at current value.

Put a gold coin in your pocket for a year. Every time you are at the register, offer the coin in payment. You make the decision of liquidity in your community.

To liquidate the coin in Boise, you must go to a coin dealer or a specialty shop. I advertised Krugerrands on two Boise forums asking $50 under spot value of gold. Not one bite!

If you remember the two brothers UDA and KUSA HUSSIEN were fleeing ahead of the US Marines. Each brother was infinately wealthy. Each took a brief case stuffed with their B.O.B. of choice. What was in it? Gold, Silver? No, US $100 bills and viagra.
_________________________
Cliff Harrison
PonderosaSports.com
Horseshoe Bend, ID
American Redoubt
N43.9668 W116.1888

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#175482 - 06/30/09 05:51 PM Re: Saving Silver....man [Re: ponder]
benjammin Offline
Rapscallion
Carpal Tunnel

Registered: 02/06/04
Posts: 4020
Loc: Anchorage AK
The value of gold, silver, or any other precious metal or gem is ethereal. Their practical value is quite limited, and in a severe economic crisis, they will be practically useless. Lead would be far more valuable, at least for the people I hang with.

Value by proxy is never a good hedge against economic catastrophe. People look for things that will immediately help them get by, and couldn't care less about paper rectangles, small metal disks, or body ornaments.

$100 worth of 22 lr ammo in today's market will be worth ten times or more their value if things get desperate. But of more immediate value will be basics like food, water, mobility, communication, etc.
_________________________
The ultimate result of shielding men from the effects of folly is to fill the world with fools.
-- Herbert Spencer, English Philosopher (1820-1903)

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#175484 - 06/30/09 06:18 PM Re: Saving Silver....man [Re: benjammin]
JohnE Offline
Addict

Registered: 06/10/08
Posts: 601
Loc: Southern Cal
x3...I have never been able to figure out, nor have I ever read or heard of any viable reason to hoard so called precious metals. At least not any that made any real sense.

Let's for the moment assume that the absolute worst case scenario occurs, a complete and total economic meltdown. What is someone going to do with gold, silver or platinum coins or bullion? What practical purpose does it serve in a "survival" situation?

It's too heavy to transport in any sort of quantity. You'll waste more fuel/calories moving it around.

You can't make it into anything else without some fairly serious smelting and/or molding equipment, you can't eat it or drink it, unless you're killing werewolves it makes lousy bullets so what are you gonna do with it and who in their right mind would give you anything of actual value, ie, a gun, water, food, etc. for it in trade? I know that if I were in a position to be trading in a post apocalyptic world I'd laugh at anyone offering me some heavy, shiny metal in exchange for something actually usable.

And yes I understand that we use metal coins for monetary exchanges now but that's a different topic all together.

I would love to hear a rational and practical reason to hoard metal, I'd really to hear why James Rawles advocates saving nickels but no one's ever been able to explain that either, including Mr. Rawles himself...



Edited by JohnE (06/30/09 06:20 PM)
_________________________
JohnE

"and all the lousy little poets
comin round
tryin' to sound like Charlie Manson"

The Future/Leonard Cohen


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#175491 - 06/30/09 07:44 PM Re: Saving Silver....man [Re: Se7eN]
JBMat Offline
Old Hand

Registered: 03/03/09
Posts: 745
Loc: NC
Money is only worth what someone thinks it is worth. Technically, a dollar is just a piece of paper with pretty pictures.

I would rather have barter items. What would 50 rounds of .22 be worth to someone with a rifle but no ammo. How about nails? Or a knife? Those items have value regardless of what monetary state you are in.

Keep your silver and gold, I want something I can use.

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#175493 - 06/30/09 08:27 PM Re: Saving Silver....man [Re: JBMat]
benjammin Offline
Rapscallion
Carpal Tunnel

Registered: 02/06/04
Posts: 4020
Loc: Anchorage AK
I will qualify that under a limited economic crisis, one where the electronic form of transaction may have failed, but limited supply lines are still functioning and central government is still intact, some vendors may place greater value on minted stock than regular currency. There could be anticipation of a general revaluation of currency following a limited crisis whereby conversion loss would be far less with precious metals. I am thinking in terms like what happened to Iraqi dinar and how conversion helped some of the wealthier from losing a lot of their inherent value. That is a bit of a fine line, though.
_________________________
The ultimate result of shielding men from the effects of folly is to fill the world with fools.
-- Herbert Spencer, English Philosopher (1820-1903)

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#175497 - 06/30/09 09:39 PM Re: Saving Silver....man [Re: JBMat]
Am_Fear_Liath_Mor Offline
Carpal Tunnel

Registered: 08/03/07
Posts: 3078

Quote:
Keep your silver and gold, I want something I can use.


By the Powers! It be, Solar Panels instead of Doubloons, Me hearty! grin


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#175566 - 07/02/09 02:05 PM Re: Saving Silver....man [Re: Am_Fear_Liath_Mor]
scafool Offline
Pooh-Bah

Registered: 12/18/08
Posts: 1534
Loc: Muskoka
Interesting, people are already selling their jewelry (or other people's jewelry) for food there, eh?

I guess running a metals exchange makes sense as a sideline, since they have a convenience store open anyhow.
_________________________
May set off to explore without any sense of direction or how to return.

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#175575 - 07/02/09 04:27 PM Re: Saving Silver....man [Re: scafool]
Henry_Porter Offline
Member

Registered: 03/24/07
Posts: 111
Just as I would expect a box of ammo, a bow saw or an oil lantern to work in some but not all trades, I also would expect silver to be accepted in some but not all exchanges.

If a Federal Reserve Note were of dubious value in a transaction, I'd say a bag of junk silver and a reliable scale could be useful. Seems like a good addition to one's preparations for hard economic times. As far as a means for "preserving wealth," I don't know.

The video noted by the OP -- and the fact that this thread topic is increasingly common in the U.S. -- indicate a weakening faith in the U.S. dollar. Some people seem to be starting to pay closer attention and studying to understand how their person lives are practically affected by bankers, politicians and groups beyond their national borders.

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#175582 - 07/02/09 06:54 PM Re: Saving Silver....man [Re: Henry_Porter]
benjammin Offline
Rapscallion
Carpal Tunnel

Registered: 02/06/04
Posts: 4020
Loc: Anchorage AK
Actually, it appears that the dollar is going to surge, if the stocks and commodities markets are any indication.

For the first time in my life that I recall, both stocks and commodities are falling in value. From what the limited amount I know (or understand for that matter) on economics theory, that would indicate a deflation cycle is coming.

Apparently everyone is sitting on their money. Not surprising, given our unemployment rate is launching, and the financial insitutions are not lending anyone anything. It appears those with the most influence are expecting the markets (all of them) to fall significantly. If that's the case, we are headed for a much deeper depression than the superficial fly-by we had in February and March.
_________________________
The ultimate result of shielding men from the effects of folly is to fill the world with fools.
-- Herbert Spencer, English Philosopher (1820-1903)

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