what should we do with our $?
- Thread starter g201x
- Start date
hazek
Member
- Joined
- Nov 9, 2007
- Messages
- 4,688
Gold is money.
But before you buy anything I suggest you search this forum and the web for articles and videos and get familiarized with the metal. It's important that you understand why it's money and what it means if you buy some before you go out there and actually do it.
But before you buy anything I suggest you search this forum and the web for articles and videos and get familiarized with the metal. It's important that you understand why it's money and what it means if you buy some before you go out there and actually do it.
hazek
Member
- Joined
- Nov 9, 2007
- Messages
- 4,688
I would start here: http://mises.org/media.aspx?action=search&q=gold
hazek
Member
- Joined
- Nov 9, 2007
- Messages
- 4,688
And then continue with http://www.tomwoods.com/learn-austrian-economics/
Be prepared for an economic catastrophe first. Look up the survival web sites for lists of things to have on hand. If you have nothing, first make sure you have enough food and water to last a week without going out of the house. And be sure you can defend what you have if the police are no longer available.
True. Thanks for the help, guys.
I think what I'm most worried about is storing the gold in a safe place where no one can get to it.
Pauls' Revere
Member
- Joined
- Nov 15, 2007
- Messages
- 11,347
I purchased silver cuff links.
juvanya
Member
- Joined
- Jan 15, 2011
- Messages
- 799
If youre lucky, the FDIC will reimburse you...eventually. If not, you have some nice bank statements to look at.
Silver. Start with some junk (90% silver dimes) and a few rounds. Ebay. Check the reputation to ensure they have over 100 ratings, mostly seller ratings.
nothing, the FDIC insures your monopoly money up to 250k
nothing, the FDIC insures your monopoly money up to 250k
nothing, the FDIC insures your monopoly money up to 250k
Mark37snj
Member
- Joined
- Sep 11, 2007
- Messages
- 1,962
Im converting mine to Canadian Dollars. It will be a safe heaven for when the US dollar go busts. You goto an appropriate bank with US dollars and say give me Canadian dollars just as if your going on vacation. After the US Dollar collapses and bottoms out, you go back to said bank and cash in your Canadian Dollars for US Dollars.
justinc.1089
Member
- Joined
- Sep 12, 2007
- Messages
- 2,402
I put half of my savings money into silver today, more or less. I kept a good bit of dollars just in case I need some cash quick for some reason, but I would really feel more comfortable with all my savings in silver right now at the moment.
Austrian Econ Disciple
Member
- Joined
- Sep 18, 2009
- Messages
- 8,264
Put it in something that will hold value -- Weapons, Ammo, Food/Agriculture, Precious Metals (Gold/Silver), Land/Properties, etc. The last thing you want to be stuck with is a bank account full of paper money that can't buy you a roll of toilet paper which you worked and saved your whole life for. That will hurt when all that time is stolen from you by criminals in all 50 Capitols, DC, and the Federal Reserve. Now, it is advisable to have at least some of your savings left in dollars just in case you find you may need it for say -- living expenses for a few months. Other than that, diversify. Get real assets. Whatever you have more knowledge in and can gain an advantage over others is where you should put your money. If that's commodities then go there. If its farming, do that. If it's finance (stocks, futures, options, etc.) do that. As a safety net though it's my opinion to at least hold 10-15% of your savings in Gold/Silver. Whatever ratio of Gold/Silver you think is better then go for that. Personally, I go 65% Silver/35% Gold, and since I know more about commodities & companies who produce them more than most I stay in that area. That and I have no confidence in the dollar so I hold very little of them.
In the past year my portfolio rose about 125%. It's not Jim Rogers or Marc Faber good, but I don't have the millions they do
PS: Do not keep anything in the banks. The banks and the Government are intertwined and if history is any indicator whether it be Argentina, Europe, or the US is that Governments do one thing well -- STEAL. FDR confiscated all the gold from the people in the banks. They give Bank Holidays where you can't get your money out meanwhile they devalue it to garbage. Keep your assets as far away from the Banks and Government as you can, especially since if you leave it in the bank you are LOSING money. Inflation is much much higher than the interest they give you (which if you get lucky you *may* find a bank with 1-2%).
In the past year my portfolio rose about 125%. It's not Jim Rogers or Marc Faber good, but I don't have the millions they do
PS: Do not keep anything in the banks. The banks and the Government are intertwined and if history is any indicator whether it be Argentina, Europe, or the US is that Governments do one thing well -- STEAL. FDR confiscated all the gold from the people in the banks. They give Bank Holidays where you can't get your money out meanwhile they devalue it to garbage. Keep your assets as far away from the Banks and Government as you can, especially since if you leave it in the bank you are LOSING money. Inflation is much much higher than the interest they give you (which if you get lucky you *may* find a bank with 1-2%).
Last edited:
jclay2
Member
- Joined
- Nov 30, 2007
- Messages
- 4,045
Keep as little in fiat as possible. There is no practical away to totally eliminate fiat from your life, but you can minimize the amount you need. My advice would be to keep 3 months expenses in cash/money market and the rest in assets like gold,silver, other commodities, companies with impecable balance sheets and a decent dividends, etc.
nobody's_hero
Member
- Joined
- Jan 23, 2008
- Messages
- 10,909
When I closed out my savings account and spent the $300 I had in it on 12 silver dollars, my mother thought I was crazy. Now she's buying up walking liberty halves and morgan/peace dollars a little bit here and there after getting her weekly paycheck. I still have money in a bank checking account so I can pay bills (and do things like donate to Ron Paul with my credit/debit cards, of course). But as for savings accounts, don't bother, I say.
Silver has gone up ~ 35% since last November (3-4 months ago), when I bought my silver. I could have left that money in a savings account and received 0.00000000000000025% interest on it. I paid $25 a coin for the silver dollars, which was over spot price, of course. The melt value of those coins yesterday was ~$312. And that $12 still dwarfs the pennies I would have received in interest on savings, so I'd say it was a good deal. I just envy the people who got into PMs when silver was $8/oz.
Frankly, if you're saving in this economy for the interest, you're about 100 years too late on knowing what a savings account is supposed to do (earn you money for 'loaning' to a bank via savings accounts).
Silver has gone up ~ 35% since last November (3-4 months ago), when I bought my silver. I could have left that money in a savings account and received 0.00000000000000025% interest on it. I paid $25 a coin for the silver dollars, which was over spot price, of course. The melt value of those coins yesterday was ~$312. And that $12 still dwarfs the pennies I would have received in interest on savings, so I'd say it was a good deal. I just envy the people who got into PMs when silver was $8/oz.
Frankly, if you're saving in this economy for the interest, you're about 100 years too late on knowing what a savings account is supposed to do (earn you money for 'loaning' to a bank via savings accounts).
Last edited:
justinc.1089
Member
- Joined
- Sep 12, 2007
- Messages
- 2,402
Would you mind elaborating a little on that? Do you mean you think if someone saves up a sizeable chunk of precious metal they will be in a much better financial position to purchase land compared to people that don't have a sizeable chunk of precious metal?
Similar threads
