In Case Of Emergency......

Discussion in 'Bullion Investing' started by Randy Abercrombie, Feb 26, 2019.

  1. ToughCOINS

    ToughCOINS Dealer Member Moderator

    You'd probably be surprised at the number of collectors that have deeper pockets than the dealers do.
     
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  3. TheFinn

    TheFinn Well-Known Member

    I'm a member of a church that encourages its members to have a 72-hour emergency pack (a bug-out bag), along with a year supply of food, water, clothing and some cash and anything else that comes to mind. This is not for an "end of the world" scenario. It could be that you lost your job, or your neighbor lost their job. Or there was a fire, or earthquake, etc. It just gives you one less thing to worry about.

    PMs will help - at least they don't burn like FRNs.
     
    Randy Abercrombie likes this.
  4. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Having a supply of 1/10 OZ AGE, would
    Be a plus, just so you would have something
    To bargain with, in a major disaster paper
    Money would be next to worthless.
     
  5. baseball21

    baseball21 Well-Known Member

    False
     
  6. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Thanks for your opinion ;)
    You have yours and I have mine
    Just because you disagree doesn’t
    Make mine wrong or yours right !
     
  7. baseball21

    baseball21 Well-Known Member

    So where exactly were people bargaining with gold in the USA after a disaster?

    Misleading people who have good intentions is always my pet peeve
     
  8. Mr Roots

    Mr Roots Underneath The Bridge

    ....let’s just say it came down to trading PMs for necessities. My guess would be 1/10 ounce of gold wouldn’t be fractional enough for the avg trade, silver would work much better.

    Even now I can’t pay with $100 bill at Burger King.
     
  9. SLACKACTION

    SLACKACTION UNION REPRESENTATIVE

    The Spa down in Florida excepts 1/10 OZ AGE, says Mr. Craft.. if that's your 911.
     
    Randy Abercrombie likes this.
  10. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Take what you can get, i always say...LOL
     
  11. Sullysullinburg

    Sullysullinburg Well-Known Member

    So in this case, how much is a 1/10oz or gold worth?
     
  12. Clawcoins

    Clawcoins Well-Known Member

    Back a few years in 2003 with midwest black out I found out there were two things that had value: (1) cash & (2) gasoline.

    I'm pretty sure the bullion dealers were closed, as most of the non-food stores at that time.

    So it's totally dependent upon the "emergency".
    If you have PMs and need to convert it to cash quickly, well, you just might be out of luck dependent upon the type of emergency.

    That's why it doesn't bother me to have it in a SDB. You have to convert it to cash first anyways to use it. Thus the reason I have cash .. you don't have to convert that at all and it's immediately usable "as-is".

    Someone mentioned the $100. This is the exact reason I only store up to $50 bills. $100s go into the SDB as they are not accepted everywhere .. of course in an emergency they may? but if you have enough of the rest of the stuff you'd be fine.

    So you need to "define" the type of emergency,
    and the outlets/places for conversion and hope they are not affected by the identified emergency. Don't forget, times changes, ppl retire, places close, etc into your short or long term thinking.
     
    TopcatCoin and baseball21 like this.
  13. CamaroDMD

    CamaroDMD Supporter! Supporter

    I disagree with this. If we had a major disaster...something that wrecked our infrastructure for an extended period of time, precious metals wouldn't be of much value. Necessary supplies for life would be the currency. Food, water, medical supplies, ect.

    I spend a lot of time om firearm related forums and they always talk about "it hits the fan" type scenarios. You know, government is gone, populous in chaos, blue hats matching in...that sorta thing. In that world gold is useless.

    But, a personal emergency I think it would not be a problem. House burns down, major medical emergency...something along those lines. I don't think it would be hard to quickly convert a large amount of gold into cash. Even small time dealers would be able to at least work as a middle man.
     
    Clawcoins likes this.
  14. Clawcoins

    Clawcoins Well-Known Member

    ^^ yes, I agree !!

    and if your house burns down .. and your safe is inside. It might take a couple days for clearance to go in and recover your safe .. at least for your own personal safety with the insurance company/fire dept/city. And then you'd have to still convert it.

    I've needed money for emergencies. Having cash just eliminates that time it takes to convert PMs.

    I guess if you can wait a bit for conversion time, the emergency isn't an immediate emergency.
     
  15. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    i guess, this is a wait and see until the next major disaster, of course
    There are different types, earth quakes, floods etc, but i am talking
    More a long the lines of like nuclear war, where everything is wiped
    Out, a piece of paper in that instance would be worth the paper
    Its printed on !!
     
  16. CamaroDMD

    CamaroDMD Supporter! Supporter

    Cash on hand is important and very useful...but the original point of this thread was someone who has purchased PMs as an investment. So, they have a nice PM nest egg with the plans of keeping it that way as a long term investment...suddenly needing cash due to an emergency. How difficult would it be to convert into cash quickly. The amount was not disclosed...but lets say it was $100K plus. How hard would that be? In my opinion, it would not be that hard unless it was a "doomsday" type scenario in which gold/cash would not be that useful anyway.
     
  17. CamaroDMD

    CamaroDMD Supporter! Supporter

    And what good is gold? You can't eat it...you can't burn it for fuel or heat. Ir won't cure an infection. It's a pretty metal that someone eons ago decided should be of value.

    In that kind of scenario...nuclear war, major natural disaster, ect...people will need what they need to survive and that will become currency. Food, water, medical supplies, fuel, ammunition, ect.
     
  18. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Well, unless you have millions of dollars to burn your fire wont last very
    Long...LOL , most important here would be the tools for you to survive
    However there are many different situations to consider.
     
  19. CamaroDMD

    CamaroDMD Supporter! Supporter

    Oh...I wasn't saying paper money would be of any use either. I just like to read all the "Dale Gribbles of the World" on some of the gun board survival forums and they all believe gold is what will get them through when these things happen. I just don't believe it. Gold would be useless in my opinion...equally as useless as paper money.
     
  20. CoinCorgi

    CoinCorgi Derp, derp, derp!

    Gold, silver, cash. 1, 2 or 3 of these would be useful in one or more of the imaginary scenarios. Have all 3 ready and staged.
     
    mpcusa likes this.
  21. baseball21

    baseball21 Well-Known Member

    Exactly. Gold and silver will be absolutely useless. Basically everyone would be dead in a nuclear war anyway and the overwhelming majority of the population has no ability to feed itself without a grocery store.

    Alcohol and tobacco would be better to stock up on than gold or silver if nuclear war is what someone is worried about.

    Most people are incredibly naive and misinformed over just how bad some of these scenarios they bring up would actually be. If the governments of the world are destroyed people aren't going to go to the store and pay with gold or silver blah blah. Unless you live in a bunker in the middle of no where the overwhelming chances would be that you'll die during the nuclear war or be killed by someone for your stuff shortly after
     
    CamaroDMD likes this.
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