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I bought a little gold in the early 80's when it was still reasonable. Now I've invested in survival food and equipment. Freeze dried with a 25 year shelf life, mre's, water storage, generators, ect. If the economy collapses the supermarket shelves will be empty in a few weeks. Y'all can eat your precious metal while my family and neighbors eat a tasty meal. If nothing happens, we'll still be eating a tasty meal.
I would suggest anybody living in a big city when the economy collapses to invest in a "soon to be precious metal".... copper jacketed lead. Can't y'all just imagine those gangs running around taking everything you have ? Us ignorant old hillbillies don't worry too much about that scenario. We have this weird code we live by most city folks would find very strange. We take care of each other.
as usual to find out the 3 shinier metals,I have to follow a F'ing net tree ,after clicking on the story I want to read. What is the matter with these people,if I click a story on the front page,THAT MEANS I WANT TO READ THAT STORY. f it
this is worse than a phone tree at the bank
They would be unable to create more worthless dollars for their profligate spending.
Our politicians do not have the will power to stop the excess spending that is gradually destroying the life savings of HONEST people. The governemnt does this by sliding in the back door like a thief and reduces the value of money thus reducing honest people to poverty.
Wake up people! The only people who have financial security are the ones on a government check!
The article said: "... whereas gold has no real 'use.'" While I can't argue that gold isn't relatively useless compared to palladium, even gold has some applications where it is pretty much the best material to use. Unfortunately people keep forming it into bars and storing it vaults, so the price is much higher than it would be. I work for a company that makes components that are a quarter of the smart phones and a lot of the other consumer electronics. We just spent a lot of money and effort to switch our production to use copper instead of gold because it was getting so expensive. For this use, gold is better than copper, and since it takes very small quantities of either metal, gold is worth the price unless the price is insane. Our company does not use leading edge technology, so a lot of other companies paved the way to using copper with even more research money than it cost us. So keep in mind that every time you buy an electronic gadget, you're paying more than you would have if people weren't "investing" in gold.
Since palladium has many real uses, as it gets bid to unreasonable levels by people looking for way to protect their wealth, there will be even more significant economic impact on all of us. Some people who "invested" will gain a lot (at least the ones who cash out first will make a lot) while everyone else is a little less well off. The rising price will encourage industries to find other materials to use instead of palladium, reducing the real value. I worry that when the baby boomer generation gets serious about retiring, we'll have some pretty good inflation and may have a lot of savings wiped out. Many will be congratulating themselves on having this precious metal hedge, but when a large number attempt to cash out their gold and other precious metals there will be a little problem. The prices will fall. Few new investors will want to buy it as it tumbles, and industry will not use a significant portion of it. My company is unlikely to switch back to gold even if it gets cheap, since now that we've invested in the equipment to use copper, gold would probably have to be almost as cheap as copper to make it worthwhile to switch back. I expect a similar thing to happen with other precious metals and other industries.
Good luck, people. If there truly is a collapse, you better begin to learn the 'secrets' of my ancestors. If not, you're going to be just like many of the settlements that perished, trying to take this land.
I have a good investment in precious metals, but all the gold and silver in the world will not feed you, or teach you to survive. in a 'primitive' land.
If the economy collapses "An Eagle" you better not let anyone know you have either gold or silver unless you are prepared ro die for it. Because someone who is destitute and armed is going to try to take it away from you. A collapsed economy is going to resemble that Mel Gibson movie, "The Road Warrior"!
Precious metals are only a safe haven, so long as there is paper money. To understand what might happen if paper money becomes worthless in the future, we need only look to the past. To a time when there was no paper money. Only gold, silver and precious gems. Specifically the 1500's, 1600's and maybe a bit of the 1700's! Spanish galleons were carrying great wealth in precious metals from South America to Europe. They were preyed upon by pirates from many nations. England had the best "pirates". Which is why they have the so called "Crown Jewels". Where do you think they came from?
A future paper currency collapse, will resemble what took place at sea centuries ago, only this time it will happen on land. The affluent will be the targets and the "pirates" will be the 99%.
Good luck folks!
If the economy were as good as we are being led to believe, then precious metals wouldn't be selling at record highs. Hoarding is a reaction to fear. So, other than chewing gum and spit, what is holding the stock market together?
It simply doesn't smell right.
Hopefully we'll never have to find out. What good will gold do you when there's no food or water? Do you think the people with food and water are going to trade it for gold? What will they do with that gold then? Trade it to someone wealthier for more food and water? How will you be able to trade it to these people? If the economy collapses, everything stops. No stock market, no postal system, nothing. You'll have to trade face to face, and there are plenty of people a whole lot meaner than either of us who will be willing to kill you to take it. It's not going to work that way. I'll avoid that situation altogether. I can hunt, fish, and grow vegetables. I don't need your gold, but you will need my food.
"What worked in the past" when our societies were on the rise is not going to work when they fall. It will be chaos, and the false idol of gold and money will be meaningless.
Or maybe I'm wrong, but I'm not going to chance it. I'll rely on myself, not shiny rocks.
Precious metals will be good in the long term if our currency collapses, but don't buy it at stupid prices. It only goes up because more people buy it. In the event of a natural disaster or the apocolypse, water and food will be most valuable in the short term. It might cost an ounce of gold for a gallon of water because nobody is going to care about a shiny metal when there is a limited amount of something they require to live.
There is one thing more precious than any metal or oil. Clean drinking water. Find an artesian spring and bottle it.
You can't do anything with gold. Can't eat it. Certainly can't eat any metal or oil. As the earth's population swells in the next 25 years, clean drinking water will become the most precious commodity on the planet. Try living without it!
Oh! by the way! I have mined gold for almost 45 years. Gotten wealthy off it! But every gold mining operation I've ever seen, pollutes water. Mine included!!
Buying gold or any other precious metal usually involves some very hefty commissions. One meets these same commissions on the way 'out,' when the metal is being sold. Unless there's been an appreciable increase in par value between buying and selling one could lose one's shirt.
Anyone know how to minimize these commissions? Please let us know.
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- Dec gold chopped around near the unchanged level for most of today's pit trade as investors awaited the FOMC policy statement released at 14:00 ET. The yellow metal touched a session high of $1240.10 per ounce in early morning action but later dipped to a session low of $1234.50 per ounce and settled 60 cents below the break-even line at $1235.60 per ounce.
- Dec silver erased slight early morning losses as it lifted from its session low of $18.64 per ounce. It ... More
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