Gold, Silver, Platinum, etc.

[odanny]

Who here buys precious metals as a hedge against paper money going insolvent? I'm just now getting interested in doing this. Today I bought 20 one ounce silver coins for $600, and am thinking of buying some more. I like the idea of having something with real value, unlike U.S. dollars, which you cannot rely on to maintain their value if our society continues its downward spiral.

 

[justinacolmena]

The Bureau of Alcohol, Tobacco, Firearms, and Explosives (formerly ATF) is part of the same Treasury Department that mints U.S. gold coins among others.

There is reportedly a coin shortage in the U.S. in conjunction with the COVID-19 pandemic. I have no interest in possessing rare or unusual or precious metal coins possibly, allegedly, or provably from the U.S. Treasury. Counterfeits exist, alleged or real, and certain other U.S. coins have gone into circulation and become a felony to possess on some technicality or other.

We have once again, a Confederate scrip problem in the U.S. The United States Department of the Treasury has gone altogether too far down the road of industrialism, gun control, safecracking, and gold confiscation. It doesn't help that the entire Federal Reserve Bank is a Communist Party-line monetary system.

 

[Maxdeath]

I know a number of folks that put money into precious metals. The only real problem is judging the market. Take for instance the coins you bought. Next month you maybe able to pick them up for $500. That price may stay that low for months or it may climb in a day.
when you get ready to retire the price might be down considerably or it could be higher.

 

[odanny]

I know a number of folks that put money into precious metals. The only real problem is judging the market. Take for instance the coins you bought. Next month you maybe able to pick them up for $500. That price may stay that low for months or it may climb in a day.
when you get ready to retire the price might be down considerably or it could be higher.

I've read the value of silver has been depressed by banks. One thing to remember is that if the shit hits the fan and paper money is worthless, the value of precious metals will skyrocket.

 

[The Irish Ram]

It's a conundrum. I love gold, but what do you do with it? It goes up, so you can make money but what you would be doing is cashing it in for worthless dollars, which is the reason you bought gold as a hedge in the first place. You can't buy anything with it. It should be, but is not legal tender. And when the government wants, it can confiscate your gold at will.
You can make money with silver too. Same as gold. BUT, if you buy junk silver, not only will it go up in price just like gold, but you can also use it to buy a loaf of bread when the shit really does hit the fan, if there is still a loaf of bread to be had...

 

[odanny]

You can buy something with it, suppose you have a 1/10 oz. gold coin, presently worth $200. You trade two of those coins for a generator. You trade three of them for a hunting rifle. That's why I like silver, each 1 ounce coin with around $30, much easier to barter for lesser priced items, like food.

 

[Thunk]

I like metals...but you need to understand what they are for. They are not an investment...they protect your purchasing power. (more like an insurance policy).

Say one silver ounce can buy 5 big macs today...then tomorrow you find out that a big mac now costs $1,000. Our currency has collapsed (and by big mac I'm saying every item on every shelf in every store).

Welp...that silver ounce is still going to buy you 5 big macs.

Now you might say "well that means silver is worth $5,000 an ounce"...technically that's true, but it doesn't matter...the only thing that has changed is the value of the dollar.

Silver is still the same...big macs are the same...only the dollar is different.

THAT is the reason to own metals!

 

[The Irish Ram]

You can buy something with it, suppose you have a 1/10 oz. gold coin, presently worth $200. You trade two of those coins for a generator. You trade three of them for a hunting rifle. That's why I like silver, each 1 ounce coin with around $30, much easier to barter for lesser priced items, like food.

That's true, but I'm not sure I would want anyone to know I had gold at home to barter with. A man with a hungry family would remember where to get his hands on some gold...

 

[odanny]

You can buy something with it, suppose you have a 1/10 oz. gold coin, presently worth $200. You trade two of those coins for a generator. You trade three of them for a hunting rifle. That's why I like silver, each 1 ounce coin with around $30, much easier to barter for lesser priced items, like food.

That's true, but I'm not sure I would want anyone to know I had gold at home to barter with. A man with a hungry family would remember where to get his hands on some gold...

He should also remember he can get his hands on some lead.

 

[freyasman]

The good thing about gold is that when you run like hell to another country (which is what people actually do when the STHF...... why the hell would you stay in a place so fucked up that the currency has collapsed?) with nothing but your passport and the clothes on your back, a dozen or so krugerrands in your pocket is going to go a long way towards getting you and your family set up there.

 

[justinacolmena]

I love gold, but what do you do with it?

Wear it as jewelry, if that counts as "doing" anything with it, or just puts a person at greater risk of hold-up and robbery.

You can't buy anything with it. It should be, but is not legal tender.

There's a pawn shop on every street corner where you can cash in your gold.

And when the government wants, it can confiscate your gold at will.

Same as any other property or money. They totally ignore the Constitution.

 

[The Irish Ram]

Jewelry doesn't by bread.
Pawn brokers are thieves.
And you're right. They absolutely ignore the Constitution

 

[justinacolmena]

Jewelry doesn't by bread.

Some people try too hard. You've got to be really hard up if you can't buy the wheat flour, yeast, salt, and the oven to bake it in, with all that gold.

Pawn brokers are thieves.

Not saying they aren't, but I've never heard of a pawn shop where you can't sell bits and pieces of gold to buy your damned bread.

And you're right. They absolutely ignore the Constitution

It's the cops who ignore the Constitution. It might well be the pawn shop owners too, because as federal firearms dealers, they do deal in fingerprints, background checks, gun confiscation, arrests for "unlawful" possession of a firearm, etc.

 

[freyasman]

Tesla: Overvalued, But Pays For The Best Space Program On Earth

“You guys taking it all in? Because this is what it looks like when Google acquires your company for over 200 million dollars. Look: Dustin Moskovitz. Elon Musk. Eric Schmidt. I mean, Kid Rock is …

wilderwealthywise.com

From the link;

"Note – I’m not a financial advisor, so use the advice of a random guy on the Internet as just that. I pulled my money from the market, mostly, in February. After that, I’ve been spending my time collecting the three precious metals: gold, silver, and lead.

As I get older, I’ve discovered a simple truth – I have no idea if my kids will enjoy getting shares of Tesla® when I die. But I do know that if they each got a suitcase of untrackable gold and silver, half a dozen rifles and a few thousand rounds of ammo at my funeral, they’d smile."