Posted on 12/12/2012 5:33:03 AM PST by DeaconBenjamin
Some dealers offer low prices with high shipping. Some offer higher prices with low shipping. Some only accept large orders (thousands of dollars). Delivery offers the risk that someone will recognize the name of the dealer sending you packages. I recommend local stores where feasible.
I wouldn’t call 6000 Euros “hoarding.”
How was the Reichsmark backed with gold? Could you exchange Reichsmarks for gold in a bank?
I do know they minted silver Reichsmarks which were in common circulation. I assumed that had a lot to do with people's willingness to attribute value to the Reichsmark.
I know that West Germany also produced and circulated silver 5 mark pieces until the 1970s.
The blogger from Argentina (ferfal?) has stated that when the economy collapsed there, exchanges in junk jewelry were more common and preferred to coins and bars. I don’t know if the same would hold true in the US, particularly since our use of silver coins was more recent than in Argentina.
I read of the experience of a young German woman whose family operated a store during the hyperinflation. Eventually they marked the prices in British pounds (rather than constantly reprice the goods) and put the current exchange rate for marks on a chalkboard near the cash register.
BRAVO! That is the right answer.
There are reputable places online to buy gold and silver. Ebay is not one of them. I have bought all of mine through an online broker and I am very satisfied.
I just came across this story this morning:
http://www.peakprosperity.com/forum/how-much-gold-and-silver-do-i-need/36682
I find that buying gold and silver online can be expensive, and you cannot get your hands on it as quickly as I would like. It takes time to get stuff processed and mailed to you.
I have not been able to find a decent dealer in my area. The storefront guys are pirates, and the coin dealers are as unhelpful as a gun store owner.
Storage is also an issue. If you are buying gold, you probably do not trust banks, so a safe deposit box might not be practical. So an in-home safe or storage option should be considered.
If you have any specific questions that you do not want published to the world, feel free to frepmail me.
my my...somebody’s getting teed off aren’t they?
It was sleight of hand. Initially, the Reichsmark was backed by the Rentenmark, which in turn was backed by gold. Then because of the depression, the backing was replaced with a peg to gold.
The Nazis then printed far more money than the peg would allow, to buy arms, then used wage and price controls to try to keep inflation under control. They also permitted the enlargement of the black market to take up the slack.
And as they invaded other countries, they tried to strip them of wealth as well. Added together, they were able to keep something of a lid on things.
You’re right, they are Englehard rounds. I talked to my brother in law about it, he was some MSD (Medium Swinging D*) at Englehard before the BASF buyout. They made blanks but weren’t sold to the public, they were sold to Mints.
“If you can’t pick it up and run with it, you don’t really own it.” Robert Heinlein.
From what I’ve been reading today, you’re more likely to get ripped off buying foreign coins or bullion.
You can buy directly from the U.S mint, but they seem to be premium prices, way over spot.
I found a site from a list provided by the U.S mint for reputable coin sellers, apmex ... who’s prices seemed reasonable ranging from 3% over spot to 7% for American Eagle series. Shipping and insurance is about $18 per $1000, they ship USMAIL to PO boxes, physical addresses for other shipping methods.
I’m just starting so I’m sticking with American Eagle Series and Englehard bullion.
you should have part of your assets in gold — perhaps 8 months worth of spending to be very safe.
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