In Case Of Emergency......

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

  1. LA_Geezer

    LA_Geezer Well-Known Member

    My little brother got me into buying PMs shortly before he passed away. Unfortunately there are no dealers locally who could appreciate my collection of vintage coins, and there are only a few gold/silver buyers here who would welcome the opportunity to pay 10¢ on the dollar to my widow for my thousands of ASEs. I can see them rubbing their hands together for the prospect in my mind's eye. Consequently I've given up on this aspect and confined my endeavors to enjoying vintage American coins that will be passed on to my daughter and her husband. They can deal with the potential buyers.
     
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  3. myownprivy

    myownprivy Well-Known Member

    It greatly depends on the coin shop. In a personal emergency where you need money quickly, it shouldn't be a problem. My coin shops regularly have tens of thousands of dollars on hand and I have witnessed them offer cash or checks for large purchases. However, another shop has one of the dumbest policies where they won't buy unless you are selling over a certain number of ounces at a time. (However, this is the exception, not the rule).

    In a broader emergency (in your community, state, nation, world) it would be difficult to sell when you want because we would all be in the same emergency. If dealers are flooded with people wanting to sell, they might be pickier about what they buy or not be able to buy because they have already purchased so much in a short period of time. Think about the economics for the dealer in a situation like this from their perspective. They need to sell as much as they need to buy, and any emergency could either deplete or bloat their inventory. Based on that, you might not be able to sell your stuff as quickly as you'd like, or if you do, might not get as much for it as you would like.
     
  4. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I think we can go with Gold filled Ding Dongs as well..LOL
     
  5. myownprivy

    myownprivy Well-Known Member

    You maniacs have no interest in responding to the topic, do you? Instead you fantasize about a doomsday scenario and try to imagine how people will pay for things.

    This thread is about how easy or hard it might be to sell your bullion in an emergency. Yet, you people want to talk about nuclear war, bottle caps, and prepping. Come on!
     
    Randy Abercrombie likes this.
  6. CamaroDMD

    CamaroDMD Supporter! Supporter

    There have been multiple answers to the original question...including two by me.

     
    -jeffB likes this.
  7. Vess1

    Vess1 CT SP VIP

    The posts in this thread make me laugh. All these people telling you that gold and silver would be worthless, will gladly accept fiat, printed, currency paper right now to trade for anything and everything. Who's to say silver and gold wouldn't be recognized as a new solid currency in some scenarios? You're willing to recognize printed paper right now? Some of you are willing to go down with the ship, clinching your fiat paper like it's the holy grail. lol

    Now I don't believe a doomsday scenario where PMs are the new currency is likely but there may come a situation where something of recognized value may need to be exchanged for something else of recognized value in order to obtain something else. Similar to how cash works today. If people lose their faith in the cash, which has happened throughout history.

    Luckily, it doesn't take a doomsday scenario for PMs to have value right now. If I had something for sale I'm willing to accept cash or bullion. Others will too. You can take bullion to a coin show and use it the same as cash. I've done it many times. The bullion value goes up and down. The value of the cash steadily goes down with inflation. I enjoy the function of bullion in non-crisis scenarios.
     
  8. baseball21

    baseball21 Well-Known Member

    Money is backed by the power of the government aka military power of the issuing country. PMs are a luxury, without stability and the governments they mean nothing.
     
    CamaroDMD likes this.
  9. Sullysullinburg

    Sullysullinburg Well-Known Member

    I would qualify a doomsday as an emergency. In a doomsday it could be difficult to sell PMs. Not sure how this doesn’t answer the question or help further the discussion.
     
  10. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I think its time to put this thread to bed !!
     
    Randy Abercrombie likes this.
  11. crazyd

    crazyd Member

    As others said depends on emergency. I dont have a huge amount of PM. I figure maybe two months of basic expenses. I also have a month of food and basic emergency supplies. I think of some of "regular" (but notable) emergencies I have seen where PM would have helped some 1) Great recession in 2008 2) Sudden unexpected loss of job/employment until you find your next job 3) Major medical illness 4) Loss of family member and funeral expenses 5) Flood and costs to rebuild (insurance deductables) 6) and more. But the really big huge disaster movie scenarios ? dont know.
     
  12. Jq997

    Jq997 New Member

    I think folks here are not looking at scenarios we have seen in other countries related to a slow, and then suddenly out of control financial and currency collapse. Venezuela is the obvious current example. Extreme inflation, a lack of production and supply. Would people with excess goods to sell be happy to see PMs as a medium of exchange rather than Bolivars? You bet they would.

    Precious metals as an emergency hedge are there as a hedge and replacement for the collapse of a currency. If you think this is impossible in a more developed country then hoarding precious metals is irrational and unnecessary. However, currency crisis scenarios are not crazy zombie apocalypse nuclear fallout scenarios. They are regular events of history and in the daily news.
     
    coinsareus10 likes this.
  13. -jeffB

    -jeffB Greshams LEO Supporter

    Not, though, with a global reserve currency. Especially not with the global reserve currency. And if any effort to displace the dollar from that perch gains purchase, there will be quite a lot of time to see it happening and get ready.
     
    Kentucky, baseball21 and CamaroDMD like this.
  14. Garlicus

    Garlicus Debt is dumb, cash is king.

    Freeze dried water....lol.

     
  15. myownprivy

    myownprivy Well-Known Member

    Am I wrong to assume many of the posters here are already near their 60s? Assume American financial collapse does happen in 10, 20, 30 years. You're in your late 60s, 70s, 80s, or 90s at that point. What are you going to do? It doesn't matter how much gold and silver you have, how many guns you have, how great your survival gear is. You will be hobbled by your age and your crippled bodies. You will run over by younger people to steal your stuff. Nothing you can do can make you young and fit again.

    If you understand that reality then you must today put all of your efforts into helping the American system prosper. You must put your faith into the police to protect victims. You must put your faith into social security and medicare to keep you able to afford housing, groceries, and healthcare in your retirement. You must put your faith in politicians who will steadily guide our country in a turbulent world rather than start unnecessary conflicts that could hasten our economic decline; politicians who will use their power carefully to uphold international law and keep America and our interests safe.

    These are your best bets to keeping you alive in your own age. Prep by supporting the government and our system. That's your best bet!
     
  16. SLACKACTION

    SLACKACTION UNION REPRESENTATIVE

    NO WAY...… Go ahead trying running over this hobbled age...come steal my stuff.. I fill your behind full of buckshot... too much doom and gloom... get real.. the world been going on and will continue FAITH IN POLITCIANS is not happening anytime soon...….. crippled bodies all hobbled up my arse.. don't judge a book by its cover..
     
  17. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    You think someone would have something better to do with there time...LOL
     
  18. masterswimmer

    masterswimmer Active Member

    He gets my vote for best comedy routine. I'll offer the first seated ovation.
     
    SLACKACTION likes this.
  19. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Freeze Dried water who new !...LOL
     
    SLACKACTION likes this.
  20. CamaroDMD

    CamaroDMD Supporter! Supporter

    I’ve been to Klamath Falls. They don’t.
     
    SLACKACTION likes this.
  21. twoshadows

    twoshadows New Member

    I, being one very fortunate coin collector, was asked to retire to be an associate dealer in a local shop. A year later I was asked to help set up another shop in a different city and to run it. My hobby turned into a dream and I have found that most items that come into our shop, if we want it, the cash will be there one way or another. In the past 6 months I have seen coins I haven't held personally in years and a few NEVER. I worked all my life to finally find my dream! Now I just need to figure out how I can live another 20 years! lol
     
    -jeffB and Randy Abercrombie like this.
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