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re: Do you own a sack of old silver coins in case of an emergency?
Posted on 1/29/15 at 10:49 am to DawgSmoke
Posted on 1/29/15 at 10:49 am to DawgSmoke
quote:
This thread has turned out pretty well. I certainly have picked up a few things and it seems a lot of people in here are hedging against catastrophic inflation, and worse in a lot of smart and creative ways. Kudos's
I started a post about dropping 50K on pre 1933 gold coins and was dismissed by many of the financial wizards. You'll find many of the people that are opposed to precious metals work in the banking/financial sector.
Let's face it there is not nearly as much money to be made selling metals/coins other than the sales commission. There is no recurring revenue basis for metals. With equities you pay the broker fees, fund management fees etc.
So metals are not real popular with the banking/investment dudes.
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Posted on 1/29/15 at 10:54 am to DawgSmoke
quote:
Do you own a sack of old silver coins in case of an emergency?
I've invested in food and bullets.
This post was edited on 1/29/15 at 11:14 am
Posted on 1/29/15 at 11:04 am to Wishnitwas1998
quote:
If the govt goes to confiscating currency they aren't going to give a shite about any precedent set by Eisenhower or anyone else for that matter
Yeah right now any wealth you have that is not something physical you can stand next to and protect really does not exist in a technical sense. All of your 401k, money market, savings etc. is residing on servers, if a cyber attack brings down one of the huge investment banks (Goldman Sachs/Wells Fargo/BOA) it'll be a true game changer and all the folly directed at the preppers will give them every right to say I told you so, on the other hand if it never happens the preppers will live on no damage done.
Oh and back to the government confiscating currency..........they'll need some inside help to find mine.
Posted on 1/29/15 at 11:12 am to JoeMoTiger
I tend to agree with the sentiment that if shite truly hits the fan all you need to worry about is surviving and the key to that would be having plenty of bullets/guns and an isolated place to go that could provide you protection from the idiotic population and with food or wildlife you could kill for food. Luckily for me I am good on both
This post was edited on 1/29/15 at 11:13 am
Posted on 1/29/15 at 1:41 pm to Wishnitwas1998
quote:
If the govt goes to confiscating currency they aren't going to give a shite about any precedent set by Eisenhower or anyone else for that matter
Well they don't really give a shite about currency as silver certificate dollars haven't been issued since 1964... They will be wanton need for silver and gold bullion and in mass quantities.
Presidents and Congress really don't like overturning their Iconic proteges legislation either as they fear somebody down the line might do the same to them.President Roosevelt’s 1933 Executive Order 6102. Safe.
They will confiscate junk gold / silver jewelry long before they start melting down government minted coins.
Posted on 1/29/15 at 2:38 pm to DawgSmoke
quote:
Well it actually happened in the 80's in Argentina their currency collapsed because of over printing and the government devalued it by 80% on top of this they mandated a withdrawal amount equal to $250 for some time after... Killed their middle class still to this day. Gold and silver coins are self valued and not based on fiat currency fluctuations. I might buy bread at face value on the coin but beats a stack of $100 dollar bills for the same loaf.
In a total collapse I could melt them and make bullets!
Our fiat currency will never collapse. And gold and silver are merely commodities. In the digital age they'll never be currency ever again.
Posted on 1/29/15 at 2:42 pm to TeLeFaWx
quote:
Our fiat currency will never collapse. And gold and silver are merely commodities. In the digital age they'll never be currency ever again.
I've got some bitcoin to sell you, I'll get you a really good deal. It's the future, man.
Posted on 1/29/15 at 2:44 pm to cokebottleag
quote:
I've got some bitcoin to sell you, I'll get you a really good deal. It's the future, man.
Bitcoin is also a commodity. It's down below $300. Might not be a bad buy.
Posted on 1/29/15 at 3:05 pm to TeLeFaWx
quote:
Our fiat currency will never collapse.
Never? Hitler went to a lot of trouble in hopes of erecting a thousand-year empire. Even with the greatest propaganda machine in history at his disposal he didn't insult the intelligence of his people by claiming it would last FOREVER. Nothing under God (if there is One) lasts forever.
quote:
And gold and silver are merely commodities. In the digital age they'll never be currency ever again.
What many of us are discussing is the collapse of the digital age. In a true economic collapse there may not be anyone running the generators. Ergo no electricity. Ergo no digital anything.
If nothing else gold, silver, copper, and aluminum, be it from coin or whatnot, could be melted down to make bullets, knives, hoes, and plowshears. In other words there is a context in which a penny would be infinitely more valuable than 10,000,000 Ben Franklins. (After you've wiped your arse with them and then used them to start fires the fiat bills would be gone forever. [And in this case FOREVER really does apply]).
Granted, your answer was more in line with the OP than have been many of ours I think.
Posted on 1/29/15 at 3:35 pm to derSturm37
quote:
Never? Hitler went to a lot of trouble in hopes of erecting a thousand-year empire. Even with the greatest propaganda machine in history at his disposal he didn't insult the intelligence of his people by claiming it would last FOREVER. Nothing under God (if there is One) lasts forever.
Meh. Empires fall, but power never ceases, it just changes hands. And money is power. We are at a point where money is digital. Your direct deposit from your paycheck is just as real as getting cash for it. And the Bible has been around for a while. Money will outlast religion, IMO.
quote:
What many of us are discussing is the collapse of the digital age. In a true economic collapse there may not be anyone running the generators. Ergo no electricity. Ergo no digital anything.
That world will never exist. Water will still run down stream. The wind will still blow. Coal will still burn. The sun will still shine. Electricity isn't going anywhere.
quote:
If nothing else gold, silver, copper, and aluminum, be it from coin or whatnot, could be melted down to make bullets, knives, hoes, and plowshears. In other words there is a context in which a penny would be infinitely more valuable than 10,000,000 Ben Franklins. (After you've wiped your arse with them and then used them to start fires the fiat bills would be gone forever. [And in this case FOREVER really does apply]).
Yeah. Melted down. Like a commodity.
quote:
Granted, your answer was more in line with the OP than have been many of ours I think.
I'm not a dystopian guy. Not scared of zombies and not scared of the world collapsing.
Posted on 1/29/15 at 3:55 pm to TeLeFaWx
quote:
Our fiat currency will never collapse. And gold and silver are merely commodities. In the digital age they'll never be currency ever again.
Our currency has devalued 95% since the central banking system was enacted in 1913 so, crashing might be a bit of a reach.
I'm hedging against inflation and investing in precious metals gets the job done. Having some backup funds insuring my familys preservation in an emergency is smart.
Hell ive been in hurricanes in south florida where after the carnage you want something gold is king paper is second.
Posted on 1/29/15 at 4:05 pm to DownSouthJukin
quote:
I've invested in food and bullets.
Loaded ammo in common calibers is actually a better investment than gold.
22LR has quadrupled in price since Obama took office ... if you can find it.
7.62 x51 and x39 quadrupled at one time, it's back down to about 150% these days.
5.56 x 45 doubled, then fell back some to about 150% these days.
Things you can actually own and hold, they are an important part of your portfolio. Ammo is, in essence, a precious metal not yet corrupted by the commodity markets (with the exception of copper, brass and lead) but rather driven by simple supply and demand.
Posted on 1/29/15 at 4:06 pm to TeLeFaWx
quote:
money is power
Absolutely. And the only "real" value to fiat currency are the guns and gunners of its respective government. If you refuse to accept its value then we will arrest you. If you resist arrest then we will kill you.
quote:
Money will outlast religion
No doubt. It's damned sure more important to survival and the continuance of the species.
quote:
Electricity isn't going anywhere
Disagree. I've been without it for days after a hurricane. Pop off a few nuclear bombs and millions will be without it for months. Wage a prolonged war and millions will be without it for years. Eventually it will return, yes. (Like money electricity is more important than religion. In fact, in some regards it's almost more important than money!) A situation by which electricity is compromised globally for a duration sufficient to kill the internet as we know it (including digital money) is NOT implausible.
quote:.
I'm not a dystopian guy. Not scared of zombies and not scared of the world collapsing.
I'm not afraid of zombies, either. I'm not afraid of the world collapsing. I'm not afraid of my washing machine dying tomorrow, but I like to keep enough money in the bank in case it does.
Posted on 1/29/15 at 4:14 pm to derSturm37
quote:
I'm with this guy. Quite unlikely there occurs a period in which U.S. paper money is worthless but silver will get one groceries. Far better to keep gallons of pennies. Any coin can be melted down to make ammunition.
Ummmmm ....
I've got a swage that presses pennies to make jackets for my cast boolits. Could you be talking about that by chance?
Because if anyone is counting on melting pennies to make bullets ... you're gonna die.
Posted on 1/29/15 at 4:46 pm to scrooster
quote:
Ummmmm ....
I've got a swage that presses pennies to make jackets for my cast boolits. Could you be talking about that by chance?
Because if anyone is counting on melting pennies to make bullets ... you're gonna die.
Wasn't waxing metallurgic. Just making a point. What are you saying? Copper is too soft? It would expand too much in the barrel causing a backfire? Wha?
You could damned sure cut them up and put them into a shotgun shell, right?
Posted on 1/29/15 at 5:02 pm to derSturm37
quote:
Wasn't waxing metallurgic. Just making a point. What are you saying? Copper is too soft? It would expand too much in the barrel causing a backfire? Wha?
You could damned sure cut them up and put them into a shotgun shell, right?
Copper is too hard ... solid copper bullets are pressed from wire at about 12 tons psi.
Even jacketing cast boolits with swaged pennies is falling out of favor in lieu of modern powder coatings.
Pennies have very little copper in them anymore, as nickle has very little nickle and dimes and quarters have almost no silver value.
You could, conceivably load stacked dimes in a shotshell, but yes, pennies you would have to cut-up and they would only be good to maybe ten yards. After that they would fly around to who knows where. You'd be better off cutting-up nails in a pinch probably.
And no, not worried about expanding in a barrel causing a backfire.
Posted on 1/29/15 at 5:06 pm to scrooster
Yep you want your pennies 1982 and lower, even the coin star at publix kicks them out along with silver coins and wheat pennies as the weight's different from modern coins.
Posted on 1/29/15 at 7:35 pm to DawgSmoke
quote:
I'm hedging against inflation and investing in precious metals gets the job done. Having some backup funds insuring my familys preservation in an emergency is smart.
Not a bad investment but that's how it should be viewed, a commodity you're investing in.
Posted on 1/30/15 at 12:01 am to TeLeFaWx
OP - I have collected coins for 30 years. NEVER have I heard about the "special" pre-'33 silver coins.
A silver coin is a silver coin. It is worth what someone will pay.
Go post your BS on Certified Coin Exchange or Coinflation or even Ebay and you will be a called a fool.
A silver coin is a silver coin. It is worth what someone will pay.
Go post your BS on Certified Coin Exchange or Coinflation or even Ebay and you will be a called a fool.
Posted on 1/30/15 at 7:51 am to matthew25
quote:
OP - I have collected coins for 30 years. NEVER have I heard about the "special" pre-'33 silver coins.
A silver coin is a silver coin. It is worth what someone will pay.
Go post your BS on Certified Coin Exchange or Coinflation or even Ebay and you will be a called a fool.
You're right 100% on the pre 33 silver US minted coins it should have been gold. Thanks for letting me know I don't wish to be anymore foolish than necessary.
In all fairness I started this thread with the intentions on trying to gather how people feel about the economy and what, if anything they were doing about it. If some accuracy was missing on the legalistic side I apologize.
This post was edited on 1/30/15 at 7:57 am
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