Thoughts about hording Precious Metals...

[simi-steading]

I see so many people talking about hording precious metals in case the economy goes south.. Granted, it's a good idea.. Everyone wants gold.. .most want silver, even when the dollar isn't worth a plug nickle..

But what happens if the economy crashes, and the government puts into place a limit on the amount of gold or silver people can hold? It's been done before.. what's to keep us from thinking they can't do that again?

[Grumpy old man]

you are better served by having livestock and chickens , you can't eat gold and a hungry man has no use for it in a trade situation , if shtf a chicken may be worth a dozen of your shiny coins no matter what you paid for them . how long could you hold off hunger with coins in your pocket and nothing to eat ,Food stores are something NO ONE can do without .Period !

[mmoetc]

Interesting that gold prices are down again today and have dropped considerably from recent highs. Not exactly the hedge one would expect in what are uncertain financial times.

[homstdr74]

In a very bad situation, trade items are as or more valuable than precious metals. Think of what you need and keep more of it----needles and thread; salt; toilet paper; ammunition; etc.

That said, and the reason I say it, is that I've always thought that keeping gold is a bad idea. Too many berserkers to deal with if they find out you have it. Sure, they might come after your trade items anyway, but gold has a particular something about it that sparks greed, and that ain't good. If a person has to have something, old silver coins that can be cut up into bits for trade might be a good idea.

[Grumpy old man]

I have a friend who owns dozens of pawn shops and he told me back when gold was $500.00 that the price would rise to almost $2,000.00 I'm not interested in investing in those things but my brother is and he made a small fortune ,my friend now tells me 3 months ago to dump it And my brother is happy he did ,Wait and watch the current value will drop and is only being held due to the coming holidays . if your the investor type try anything that has to do with discount food like dollar general / and the smaller low cost grocery chains , Super inflation is coming hard and fast and people will buy what they can afford to eat whether it's good for them or not as long as it's cheap the added cost of healthcare to the average family will change many peoples way of living and feeding their families .

[simi-steading]

I agree, I'd rather have other barter items, and livestock being one.. especially in case I get hungry... You can't eat gold or silver..

I see a lot of people saying to hoard metals so if nothing else, you can pay your property taxes.. but if Unkle says you can only own so much metal, then you're kind of stuck back with not being able to pay your taxes if they exceed the amount of metal you can legally keep.

I agree mmoetc.. makes you wonder when inflation is creeping up, and uncertainty is all around us, and the price of gold is down...

[Grumpy old man]

Originally Posted by simi-steading

I agree, I'd rather have other barter items, and livestock being one.. especially in case I get hungry... You can't eat gold or silver..

I see a lot of people saying to hoard metals so if nothing else, you can pay your property taxes.. but if Unkle says you can only own so much metal, then you're kind of stuck back with not being able to pay your taxes if they exceed the amount of metal you can legally keep.

I agree mmoetc.. makes you wonder when inflation is creeping up, and uncertainty is all around us, and the price of gold is down...

The tax man has to eat also !

[TripleD]

My tax man already raises cows....

[mmoetc]

Originally Posted by simi-steading

I agree, I'd rather have other barter items, and livestock being one.. especially in case I get hungry... You can't eat gold or silver..

I see a lot of people saying to hoard metals so if nothing else, you can pay your property taxes.. but if Unkle says you can only own so much metal, then you're kind of stuck back with not being able to pay your taxes if they exceed the amount of metal you can legally keep.

I agree mmoetc.. makes you wonder when inflation is creeping up, and uncertainty is all around us, and the price of gold is down...

A lot of the people who advocate buying and holding gold have a vested interest in selling gold.

[Grumpy old man]

Originally Posted by TripleD

My tax man already raises cows....

sell him some chickens ,Man does not live on beef alone !

[jwal10]

I bought gold to make money not hoard. I have never bought silver, I just keep what comes to me. I would rather have things I use everyday. Anyway, how would the government know what I have or how much....James

[Roadking]

Absolutely horde precious metals...lead, brass, etc. Venison is quite tasty, so these metals can feed you.
The other type of PMs...I prefer pre 1964 coin, cheaper (heck free sometimes in your change as folks start dumping their coin jars to feed selves and family, and holidays approaching).
Gold, wouldn't do much in my immediate area, which I have no intention from straying from in a situation.

Matt

[Cyngbaeld]

I wouldn't take PMs to the tax office. I'd swap for whatever currency is good to the gov on that day and run pay the tax while it still had some value. Gov can make it illegal to own PMs, but that doesn't mean everyone will hurry to turn them in.

It is a good idea to have enough silver to pay taxes for several yrs ahead if at all possible. However, it really helps to live where prop taxes are low and not have a fancy house on it.

[Sawmill Jim]

Originally Posted by simi-steading

I see so many people talking about hording precious metals in case the economy goes south.. Granted, it's a good idea.. Everyone wants gold.. .most want silver, even when the dollar isn't worth a plug nickle..

But what happens if the economy crashes, and the government puts into place a limit on the amount of gold or silver people can hold? It's been done before.. what's to keep us from thinking they can't do that again?

As I have said many times one need all their other preps in place first . That being said I know a person has a large amount of gold and silver that lives in a city . Some in a city have no place for cows or a large stocks of food .

Old man i knew a while back had cash deposits and stocks in excess of 1.5 million he also couldn't take care of critters . So once you have your needs met gold and silver beat paper stocks now days .Unless one is stupid enough to show the Gmen their stash how they going to know what you got .

Gold and silver on hand in a crash will beat any paper saying you got a interest in a Co. One ounce gold coins can be moved with ease in case of a need to move fast too. Truth is if you can't lay your hand on any product you don't own it .

[jwal10]

Problem is the Goobermutt will take whatever is precious and not bat an eye, even your life IF NEED be. It is NOT like it used to be,
Of the people
By the people
For the people....James

[Grumpy old man]

I just got 1 of my tax bills for 5 acres it is $62.00 . Gee that"s going to be hard to cover

[davel745]

ammunition is another one of those things that you cant eat but you can turn it into food easier than gold.

[davel745]

As Obama and Holder say "Just Us"

[wy_white_wolf]

Originally Posted by Grumpy old man

I just got 1 of my tax bills for 5 acres it is $62.00 . Gee that"s going to be hard to cover

Easy to cover now. What happens when SHTF and the goberment is trying to raise revenue?

You save different things for different reasons. Yes all the suggestions of food, seeds, livestock, etc need to be saved for during the SHTF event. Gold and silver will be more useful in the recovery from such event.

WWW

[simi-steading]

I still think AT&F will be more valuable and easier to trade than gold...