IS IT WISE TO COLLECT GOLD/SILVER COINS CIRCULATED?

This economy is frightening, and I have to wonder if all goes South with paper money, is gold or silver a wise replacement? I am not referring to us mint perfect coins, I am referencing gold and silver coins from circulation.
Does anyone else have this concern, Feb. 2017?

 

Log in or Sign up to hide this ad.

In a total collapse type situation, i don't think gold and silver are going to matter that much, you can't eat it, and i wouldn't trade my food away for it. In a hard times but not total collapse situation, they would be useful, as they would probably hold their value vs paper dollars (or euros, rubles, whatever).

 

You will find a small group here, ME included, that buys 90% as an alternative to paper money as a way of preserving the buying power of our savings. One would be foolish to insist on uncirculated silver coins; the premium you pay would eventually evaporate if the price of silver goes up.

Incidentally, speaking of a "wise replacement," what are your alternatives?? Land? BIC lighters? Toilet paper? Canned food? Ammo? What you believe are viable alternatives goes a long way in answering your original question.

 

For atcarroll - there will always be entrepreneurs who prepare for the collapse by stockpiling essentials, trading them for gold and silver, and hoping to be exceedingly rich afterwards. This is even more likely in a country where many are legally-armed.

Any collapse is not likely to last long because millions will die of starvation or lack of prescription medications. Life in our dear country, the one I fought for, will take decades to recover, and the unprepared will suffer the most, as will their children; sad but true. Our government is thoroughly bankrupt, both morally and financially, and when the next black swan alights, you're on your own. I won't be here to see it; we should be able to kick the can 4 or 5 more years, but shaky years.

When push comes to shove, literally, who do you think will get priority service - those with PMs, or those with paper money?

 

On average, over time, yes, metals should hold their value better than paper money. But they also don't grow or pay interest. Of course, neither do savings accounts these days.

Amen. But conversely, if I have the chance to buy uncirculated coins (or more collectible coins like Barbers) around the same price as common circulated silver, I'll do so -- because when the price of silver falls, those numismatic premiums re-emerge. Sometimes.

 

Of the things you listed, there's only one which they aren't making more of...

 

Having some silver in different sizes would be a good idea but think, what will people want, medications, spices, sugar, saltt, bleach, food, you could barter and after the smoke clears there will people who will trade for metals. One good thing is candy, life sucks people will want to give candy to their kids

 

Collect away

Sent from my C6740N using Tapatalk

 

What you choose to collect is basically your choice. I'm sure a lot of us if we knew the price of gold was going to jump up so high, We would've bought a lot more of it back in 1999 at $290 an ounce. Then dumped a lot of it when it was up to 1700 and ounce. I'm sure there's a few members out there that took the opportunity to do so. Back then I was just into collecting and the gold and silver I purchased basically was from the mint. Some theorists speculate gold is going to drop down to Lowe's of around 200 and ounce. And others speculate it's going to go through the roof again. So what you choose to collect is your choice.
I remember a time way back when, the most prized possession in the old two-seater, was the Sears and Roebuck catalog. You had reading material and finish the job material. In the beginning precious metals will probably be able to trade. But as the economy declines, actually paper will be more valuable than precious metals. As in gold and silver. You have to have something to finish your business with. And to start a fire with, one thing people still do even today, where no money is involved. Is bartering
oh well I've said enough RMD again. USMC60

 

The US economy is in fantastic shape compared with the pre-collapse state of all other countries that have historically suffered a complete collapse in their paper money.

Going from very rich to merely rich may seem like the end of days to some. A little perspective shows this to be nonsense. You are bankrupt if you have liabilities and no assets or means of earning anything.
Every home, every mile of highway, every acre of productive farmland, every oil or gas well, every physically and mentally capable citizen is a real asset, add all these up and you are going to need a new 'illion' word to follow million, billion and trillion.

I'd not be at all surprised if there were enough people in the US who could stump up a million each to find a handy trillion or two from their personal assets, without any great hardship.

There may be some agenda that is served by claiming the sky is falling, but there is no practical reason for hoarding PMs in the hope they will make you solvent when all others are broke.

Saving as an inflation hedge makes sense, saving so you are not caught short in a personal emergency makes sense but saving silver coins in the expectation that some day you may be routinely spending them is as realistic as collecting unicorn horns.

 

We'll meet here in a year and see how your economic "theory" is working out.

 

I don't think there will be any benefit to hoarding precious metals for the possibility of an economic collapse unless this collapse is related to werewolves. Nobody will be trading staples like ammo, food and clothes for precious metals. If your goal is protection from a (highly unlikely) complete social/economical collapse of unforeseen proportions, go invest in guns and ammo... maybe a saltpeter mine. ...salt sounds useful... maybe, a silo of salt?

 

Ok great answers. I believe I will continue to collect only the coins I like the look of, such as artwork the designers drew. No sky falling for now.
Thank you for the education.

 

The US dollar is still preferred by most other countries and it's stronger now than it has been in a long time. Trump is very pro business and the economy will continue to respond positively.

Does that mean avoid precious metals? Absolutely not. Collect what you want. However, prepping for a financial collapse might be a bit much. A lot of the bullion videos online are pushing an agenda on the economically ignorant.

Who has the most to lose in a collapse? It's the people in power with the most wealth tied up in the dollar. They won't allow their wealth to "poof" and will do what's necessary to keep it in place. They are the influencers and policy makers anyway. Take advantage of this just like they do.

 

Thank you for serving our Country. That's a service that all Americans are grateful for.

 

Let's see now. Stock market is at an all time high, unemployment is low, and inflation is low. Pretty scary. Main thing that needs improving is median income and that can be done by redistributing wealth (not likely) or improving productivity (takes work, but possible).

If you're expecting an apocalypse, best thing is a well-stocked farm far from the ravening hoards. If you're expecting hyperinflation ala Zimbabwe or Weimar Republic, then silver might be useful. Should be in small bits and widely recognized ... something like 90% silver dimes.

Cal

 

That's one way to look at it I guess, there's a lot of farmers that would tell you different. You're absolutely right the rich keep getting richer. Having worked in the construction field all my career. America's primary inner structure basically is just starting to fall apart. Everything's been fixes and patches.. But you're right the rich keep getting richer our economy is doing great and yet falling apart at the same time.

 

Somewhere in between is the right answer. Since I have zero debts, and no dependents, I am willing to gamble that the price of silver (%) will exceed the rate of inflation (%), annually, for the rest of my life.

The problem is not cash on hand in this country. The immediate problem is the bond market and the accompanying contraction of credit, and not far down the road, the maturity and probable default of a substantial portion of outstanding derivatives, currently with a nominal value* of $28 quadrillion. Default of only 5% causes global chaos, and takes us down with everyone else.

*Bank of International Settlements, 3Q 2016