Question on Buying Gold

[beppington]

I still don't understand why you wouldn't diversify: Hold some gold, some dollars, some groceries, can goods, some garden foods, water ... & sleep well at night knowing you've got all your bases covered whether your prediction of the future is right or wrong. You've done the best you can, knowing the future is as unpredictable now as always.

Why do you have to be "all in" on gold ... or on farm foods? To me that's being greedy. Or fearful. Or both.

You would all seem to be in position to vest yourselves in some of each of those categories right now, today.

 

[schoolsout]

I still don't understand why you wouldn't diversify: Hold some gold, some dollars, some groceries, can goods, some garden foods, water ... & sleep well at night knowing you've got all your bases covered whether your prediction of the future is right or wrong. You've done the best you can, knowing the future is as unpredictable now as always.

Why do you have to be "all in" on gold ... or on farm foods? To me that's being greedy. Or fearful. Or both.

You would all seem to be in position to vest yourselves in some of each of those categories right now, today.

I am diversified...
I brought this point up earlier, though. You can, in fact, own food, guns and gold at the same time.

 

[beppington]

I am diversified...
I brought this point up earlier, though. You can, in fact, own food, guns and gold at the same time.

Then what's being discussed here I guess is your opinion that peoples' holdings should be extremely gold-heavy due to impending doom?

 

[brin]

The gold coins I own are legal tender in the US
They have a face value stamped on them. They must be accepted if I did try to use them (face value is much less than intrinsic value, though....done on purpose by the gov't)

By the way, I also own "junk" silver...

click the link....people are, in fact, catching on.

Oregon Gas Station Accepting 90% Junk Silver as Payment | Provident Metals

Gas for "$0.20" in junk silver

I also own lots of junk silver ...We both need to keep in mind that deal at the gas station is now...but we are not saving our gold an silver for now..we are saving it for the worse imaginable...and that means folks will be desperate to have food an water, just the essentials of life, I wonder if anyone will still have use for shiny metals in a condition such as that...time will tell, I for one hope we don't have to find out.

 

[schoolsout]

Then what's being discussed here I guess is your opinion that peoples' holdings should be extremely gold-heavy due to impending doom?

I think a good portion of "savings" or an investment portfolio should contain gold, yes.

 

[schoolsout]

I also own lots of junk silver ...We both need to keep in mind that deal at the gas station is now...but we are not saving our gold an silver for now..we are saving it for the worse imaginable...and that means folks will be desperate to have food an water, just the essentials of life, I wonder if anyone will still have use for shiny metals in a condition such as that...time will tell, I for one hope we don't have to find out.

I'm not buying gold or silver expecting a complete breakdown in society. Could it happen? Anything is possible. I am protecting myself from the gov't doing all it can to devalue the dollar in order to make paying down debts easier

 

[brin]

I'm not buying gold or silver expecting a complete breakdown in society. Could it happen? Anything is possible. I am protecting myself from the gov't doing all it can to devalue the dollar in order to make paying down debts easier

I think more quantitative easing by Bernanke will create a breakdown in society...look at what folks have lost in the value of their homes and property, no interest income on their savings, prices for food etc. soaring...due to devaluation...I mean, society will only take so much of the their wealth being pillaged ...look at the Arab Spring...think it can't happen here ?

I know what you are saying and I bought my gold and saved my silver for the same reason....I am just wondering just who we will find that is willing to buy it and with what ? More fiat currency that will be worth even less 2 seconds after we sell and take it...and if we offer it for barter ..will folks not want something useful instead. ? Don't forget ..individual communities and states can and are creating their own currencies...there is no law against creating a currency..You yourself can do it...you just have to establish a value for it..put something of value behind it ...like corn, wheat, beef, water, medicine etc. Only time will tell...plus for all we know as I posted earlier ..the govt. may force us to exchange all the metals...who knows.

 

[schoolsout]

That's the thing...you don't hold fiat currency that changes value by the minute. When you do need to use paper money, you sell some gold and use that money then...Gold is just storing the value of your savings.

This guy tried to create a currency and was shut down...
Liberty Dollar - Wikipedia, the free encyclopedia

Utah is actually trying to (or has) legalize gold/silver as a currency


-------------

From the Liberty Dollar case...

The minting of Liberty dollars also appears to be in violation of 18 U.S.C. § 486:

Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both.

While the US Constitution states that coins be made of gold/silver, yet they are now zinc clad or copper clad...or nickel (which is worth about what a nickel is worth)

Funny, eh?

 

[5030]

I think more quantitative easing by Bernanke will create a breakdown in society...look at what folks have lost in the value of their homes and property, no interest income on their savings, prices for food etc. soaring...due to devaluation...I mean, society will only take so much of the their wealth being pillaged ...look at the Arab Spring...think it can't happen here ?

I know what you are saying and I bought my gold and saved my silver for the same reason....I am just wondering just who we will find that is willing to buy it and with what ? More fiat currency that will be worth even less 2 seconds after we sell and take it...and if we offer it for barter ..will folks not want something useful instead. ? Don't forget ..individual communities and states can and are creating their own currencies...there is no law against creating a currency..You yourself can do it...you just have to establish a value for it..put something of value behind it ...like corn, wheat, beef, water, medicine etc. Only time will tell...plus for all we know as I posted earlier ..the govt. may force us to exchange all the metals...who knows.

Wasn't that tried in Indiana a few years back with the Ron Paul Dollar or something like that and was raided by the govermnent, assets confiscated, people incaecerated and all hushed up? All while the government mints token coins......

I'm all about the Second Amendment and the right to bear arms, all the while a segment of society is **** bent on taking them, but then there appears to be segments against just about everything today.

There is probably a segment against owning tractors, who knows.

Will be interesting how the 2012 elections play out.

I'm really on the fence and really non-partisan at this point.

I wonder if having 20 tons of structural steel makes me metals rich?

 

[schoolsout]

Wasn't that tried in Indiana a few years back with the Ron Paul Dollar or something like that and was raided by the govermnent, assets confiscated, people incaecerated and all hushed up? All while the government mints token coins......

I'm all about the Second Amendment and the right to bear arms, all the while a segment of society is **** bent on taking them, but then there appears to be segments against just about everything today.

There is probably a segment against owning tractors, who knows.

Will be interesting how the 2012 elections play out.

I'm really on the fence and really non-partisan at this point.

I wonder if having 20 tons of structural steel makes me metals rich?

See the Wiki link to Liberty Dollar

Incidentally, the guy's name is "Von Nothaus" Nuthouse? :laughing: