Posted on 03/27/2020 6:43:36 AM PDT by C19fan
Collectors and investors appear to have flocked to gold coins as a safe haven buy amid stock market turbulence caused by coronavirus, with some at a behind closed doors auction this week selling for triple their estimate. More than 500 lots of coins dating from the Iron Age all the way through to 2008 went under the hammer at auction house Spink, selling from anything from £30 to £65,000. While the auction house told This is Money its estimates did tend to be more conservative to encourage bidding, many of the highest-selling lots dramatically exceeded their estimates in the online-only auction of more than 500 bidders.
(Excerpt) Read more at dailymail.co.uk ...
In a real SHTF scenario, the owner of a still, and the knowledge of how to operate it, which is able to turn any old fruit or food waste into barely passable vodka, is going to be the richest man around.
He will still need those SEALs, but they will be his security staff.
Nonsense. Just try and buy bullion coins right now. The premium is 150 to 200 over spot IF YOU CAN FIND THEM.
If silver becomes a bartering currency, every store clerk will know what the various types are worth. Private mint rounds might not be accepted, but the stuff with government mint marks will probably be known.
This would only happen in the event of a complete failure of the dollar and the electronic credit payment system.
And, it probably wouldn’t last very long, although it would seem a long time when you need essentials like food and fuel.
There’s a history of failed currencies being replaced and re-established after hyperinflations. It’s messy, and it only follows episodes of economic devastaion, but its been done. Some examples are Germany, Hungary, and several Latin American countries.
It's a little nuts out there... I always managed to get 1oz. silver rounds for about a buck and a half maybe two over spot... Can't find that now..!!
The gummint would catch on and start taxing you for every tree in your sight-line.
Just occurred to me... I have two safety deposit boxes at nearby bank... But the bank lobby is closed...
Don’t keep your gold at the bank! Don’t keep anything you may need, when SHTF, at the bank, for that matter ;-)
That’s what made think about it - it was my Dad’s, he passed last month - Indian head $2.50 & $5.00 coins... He felt safer with it in safe deposit boxes...
Not happening until the day the citizenry loses complete faith in government.
Exactly.
Regards,
I know.
I looked at AMPEX last night for grins, and they were $350 over spot for bullion. Story of my life, always too late.
Post-atomic war survivalist Pat Frank wrote in 1962 that “the day may come when a pound of tobacco is worth more than a pound of gold”.
As noted, silver is lagging though it has rebounded somewhat. Silver U.S. cartwheels go for about $25.00, at or slightly above their barter value.
Gold only makes sense if you’re a German in 1924 and can hop a train to Zurich and buy Swiss francs, which are accepted anywhere in inflation-ravaged Germany.
“normally yes, but in a SHTF meltdown I’d rather owe the bank money (which I don’t) than have them owe me my own money. “your” money in the bank isn’t yours. you didn’t deposit it for safe keeping, you loaned it to them. when the bank fails, you’re one of hundreds/thousands of creditors. get in line and good luck.”
Mortgage:
If you owe on your house and the entire system goes to crap, will they still foreclosed on the house. I think they did in the Great Depression, the note will just be sold to another company. If you still owe on the Mortgage somebody will collect.
Fanni Mae Mortgages:
Would Fannie Mae just go under, I do not’t think anyone would buy Mortgage notes from Fanni Mae. Would those just disappear.
Bank FDIC:
I know the banks are FDIC insured $250K. Wonder how that would work if the Federal Government goes completely broke. Our money would be like the Confederate dollars. Very scary thinking about the FDIC failing to do it’s job. I think this is where Gold/Silver comes in.
I am not really sure how this will play out after writing above.
Sort of.
If I owe $100k on my house and there is any kind of a SHTF situation there is going to be huge inflation long before anyone can come to collect on that debt. The salary of a mechanic could go to $100k per week.
I shrug and pay the mortgage off.
I would far rather have $1M in debt and a plot of hard assets I bought going into that debt than no debt and no assets when a crunch comes...
“If I owe $100k on my house and there is any kind of a SHTF situation there is going to be huge inflation long before anyone can come to collect on that debt. The salary of a mechanic could go to $100k per week.”
That is logical, did not think about the inflation. Your salary goes up but the mortgage is at fix rate.
I got a couple of hundred in cash laying around in case of a emergency because no one I know takes Gold as consideration:-)
You ask about about silver. Silver is screwed in a deflation. Silver is good to great during a real inflation and hyper inflation. When the stock market loses thousands of points you have a deflation.
The Gold price is up $100 since January 1st while silver is down about $6 since Jan 1st
gold silver charts here -— https://goldprice.org/
“I looked at AMPEX last night for grins, and they were $350 over spot for bullion. Story of my life, always too late.”
You must be shtting me! I am going to take a look........ I looked. APMEX is selling US Gov Minted gold coin at $180 above the gold price.
Thanks!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.