Posted on 03/07/2009 12:07:33 PM PST by dennisw
With prices setting new records, the worried wealthy are piling up ingots in home safes. NEWSWEEK goes shopping for precious metal.
On the day I held the gold bar in my hand, it was worth $100,000. My companionan established, accomplished, affluent businessman of retirement agehad bought it as a hedge against the sinking Dow and his fear that Obama's stimulus package will inevitably trigger wild inflation. We had picked it up in the basement of an HSBC bank branch in midtown Manhattan. When I handed it back to him, he put it in his briefcase. We went upstairs, past guards, through metal doors. Out on the street, we said goodbye and I watched him go, a tall, thin man carrying a $100,000 briefcase. He doesn't want me to tell you his nameor anything about himbecause he's keeping the gold in a safe in his basement. His friends, are doing the same thing. "There is an increase in the number of wise, reasonable, well-read, well-intentioned people who are buying some gold and putting it aside," says Dennis Gartman, editor of The Gartman Letter, a daily analysis of financial news.
John Wynocker, a hydraulics inspector, lives in Cincinnati and has been buying gold and silver coins and bars for 15 years, but since the passage of Obama's stimulus bill, he has been motivated to buy more. He is hiding the precious metal in places where not even he can find it, he jokes. Are you burying it? I ask. "Perhaps," he says. "Our country is so far in debt, it's staggering. I'd like to retire someday. What else am I going to do to protect myself?"
the number of Americans who are taking delivery of gold coins and bars is rising.
The last time gold sales spiked so dramatically was Y2K,
(Excerpt) Read more at newsweek.com ...
Beans an bullets are better than bullion these days IMO......
Albeit a lot of folks are stashing cash and coin in places other than banks. Zero confidence in Precedent Zero and his socialist agenda.
I’m investing in antibiotics.
1000 a piece is a bargin. 3000 an ounce in less than 6 months the way things are going.
I understand they make great door stops.
Glad he’s wealthy enough to purchase them, but one would think bars would be difficult to trade and transport. If times get that bad, smaller more manageable valuables would make for easier and quicker bartering.
Better to buy smaller amounts and scrap silver dollars.
Even gold coins can attract unwanted attention from home invasion crews
When you are worth some millions and are buying 100oz gold bars like this guy you will bury them and forget about them until after the storm passes. Maybe bury them for five or more years. This guy is stashing away other things like silver for real world purchases when TSHTF
It will take lead to keep your gold.
Heard that whiskey & tobacco are good for bartering, but I’ve never purchased either. Conviction thing.
You can’t eat it. I’ll stock up on food, it’s getting more expensive by the day.
I agree but premiums on gold coins are a rip off today. Gold bars trade much closer to the gold price. If you are in for the long haul then 100oz gold bars are OK. I wish I had even just one
Me neither but if this admin keeps going as it is, I may have to reconsider it not for barter but for myself.
In dire times, if you go with 1 lb of gold you will be killed for it. You probably want to buy enough guns, camping supplies and gas to reach a remote location if $#%$%$% hits the fan.
The one that you own, and are the only depositor.
Think piggy
Whats normal?
Gold has never been worth zero.
Huge numbers of stocks have gone from great highs to worth pennies or zero.
The Government is currently printing money and as they release more and more into the economy they will be devaluing the current dollars you hold.
Short oh hoarding guns and ammo gold is the next best thing if you can afford to get any.
I agree and the poorer you are the more true it is.
In escape and evasion kits issued to us in the military we carried very thin gold wafers, smaller than a dime but for the reason you mention about 10 of them. Total weight may have been an ounce of gold for the 10 of em. Used to bribe and barter.....
Personally I believe if the SHTF scenario were upon us a box of .22 long rifle would be more valuable than a ounce of gold coin to most.
Just my opinion of course......
The answer is: That’s not going to happen.
If in 1900 your grandfather had a choice: $100,000 in Gold or investing in a stock index fund, which would have done better?
one tenth ounce gold coins would be nice when the SHTF. But the premium on them is an insult. Even such small gold will attract unwanted attention during lawless chaos. Junk silver coins are better
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