Quote:
Originally Posted by StuM
What sort of "emergency economic situation" ?
You can get money a lot easier and in many more places with Mastercard/Visa than you can trying to deal in gold/silver.
|
?? Why would anyone hold that much money in fiat?? 10% a year "holding fee" is pretty expensive....
Quote:
Would you know whom to sell it to in a strange place with a language barrier? How do you know you wouldn't get cheated on the value (what's the exchange rate for gold against Pesos?) How would you carry a small enough amount ashore (does it come in ingots, or what?) to sell for an amount of cash you could safely carry back to the boat?
|
You just
trade it for what you need.... and looking up the value is pretty simple. If they can use gold flakes in VENEZUELLA during an economic collapse, I'm pretty sure I'll be fine with a nice silver coin heh.
I have most my metals as 1/4th ounce silver coins. That's worth about 6 dollars each at spot right now.
But I also have a variety of gold wire / jewelry (since it's my hobby / investing strategy, along with semi-precious stones). That means in each amulet is about 5-10 dollars worth of gold. And for the 14k gold pieces, it's more like 50-70 dollars worth of gold. The very worse case scenario at material prices, those things are always worth that much.
Quote:
Seriously, You will never need cash. Everywhere, including the depths of Africa or the highlands of Papua New Guinea, you can use your card (take a couple). And if you have Internet you can wire transfer $$$ to a vender or a local bank.
|
Yea, banks are pretty good and reliable... if you ignore all of
history past 70 years ago....
Quote:
It’s funny when people think about changing gold into fiat currency during economic collapse, crashes etc. Do you really not realize that one can pay with gold for a bread instead a shopping bag full of worthless cash?
Do you not realize that gold is valued per weight? That a gold or silver eagle is stamped to contain one troy ounce of gold/silver?
|
They are very used to a world without crisis. Where everything works as it's supposed to...
But I know too much about our global economic system to feel so secure haha.
Quote:
Walk into a grocery shop, load up a trolley and try and pay the checkout person with gold
|
Yea, if you are speaking to a low level worker who just follows corporate guidelines, then of course they won't be able to handle any unusual situations.
They don't have permission to make any decisions related to business.....
Though in louisiana, utah, and
texas gold and silver are recognized as
legal tender. To be fair, not that many people will likely be cruising in Utah :P
Quote:
Take a variety of debit and credit cards. If the world economic order collapses, gold and silver will be as valuable as lead. As they say, you can't eat money.
|
That has no basis anywhere in the world at any point in recorded
history.....
So I'm not sure how you've come to that conclusion?
Quote:
If there’s a big problem, a kilo of gold is no good in Vanuatu
|
Depends how big of a problem I guess? I can't imagine anything short of a complete destruction level event across the globe would cause that scenario though...
Even if the world faces a large economic downturn, trade will still happen and the internet will still be working and life will be carrying on.
Haha planning for these types of
events people always seem to jump to the extreme of imagining a zombie apocalypse. Instead of just the much more boring loss of jobs and some businesses going under and prices rising with large consumer pullback while the value of what people have in their bank accounts keeps going down.
Heck, we are seeing it happening right now across the board as inflation is setting in. It isn't the end of the world...
I already have trouble with my US banks freezing my accounts randomly and forcing me to come into the local branch because they don't like the
pitch of my voice.... I sure wouldn't trust that system fully for years of cruising trusting that I will always have access to the money they owe me.
Let alone the idea of just keeping a lot of cash just sitting there being eaten away by inflation. A little fiat is fine, but anything over what you may need in the next couple months is a overkill IMO.