Peter Schiff: China, Russia buying gold because 'they can read the writing on the wall'

[MannyGlocks]

Kept in a hole in the backyard or ...?

 

[Stomper]

Troubling news in the world of finance: Peter Schiff: China, Russia buying gold because 'they can read the writing on the wall'.

They misread the Chinese characters on the wall. It didn't say "buy gold", it said "all you can eat lunch buffet at Wong's kitchen, M-F".

 

[Legion489]

Who ever has the gold makes the rules, because they use it to pay the people with guns! Ask any politico with armed guards! Remember Teddy Fat Boy Kennedy when he went into the Senate with his private body guard who had TWO ILLEGAL MACHINEGUNS with him? Oh that's right, nothing happened! Or Rosey O'Cow who said all gun owners should be thrown in prison and/or killed and then hired an armed guard for "her" child? The list goes on.

Look at post WWII Germany/Russia where people were selling gold and jewelry for a few potatoes or other food stuffs. Gold didn't seem to do them much good when there was no food.

 

[ma96782]

Watch out for fraud, scammers, etc.........

This is just a taste. Check your local TV guide for show times.

Aloha, Mark

 

[BSG 75]

Kept in a hole in the backyard or ...?

You should keep only a small amount of coins/bullion at home or where it readily accessible.

It isn't wise keeping a significant amount of coin/bullion at home because it makes you a target for theft. You probably also don't want to insure your home stash because you risk an information breach at the insurance company. You also don't want to keep it in a bank safety deposit box because access is limited and during a financial crisis the banks might be shut down to avoid a bank run. If you have more than a little coinage/bullion professional storage is probably the best option.

If you own a large amount you might consider diversifying your storage out of the country.

Bottom line, some "preppers" apparently obsess about preparing only for TEOTWAWKI SHTF apocalyptic scenarios as seen in FICTIONAL movies and TV shows like The Road Warrior, The Postman, The Road, and The Walking Dead by hoarding food, guns, and ammo, while scoffing at, sneering at, and not preparing at all for the far more likely scenario of a major financial crisis, which have actually happened in this country and other countries. If there is a major financial crisis worse than the Great Depression they are going to be up the creek without a paddle, and all those guns and all that ammo aren't going to do much good, unless you plan on becoming the next Bonnie and Clyde. People who only see things through the lens of usefulness in a TEOTWAWKI SHTF apocalyptic scenario will say "I don't need no shiny rocks, I need more guns n' ammo!" and are going to be hurting during the far more likely scenario of a major financial crisis. Prepare for both if you want, but don't prepare for only the unlikely while ignoring what is more likely to happen.

 

[Camelfilter]

You should keep only a small amount of coins/bullion at home or where it readily accessible.

It isn't wise keeping a significant amount of coin/bullion at home because it makes you a target for theft. You probably also don't want to insure your home stash because you risk an information breach at the insurance company. You also don't want to keep it in a bank safety deposit box because access is limited and during a financial crisis the banks might be shut down to avoid a bank run. If you have more than a little coinage/bullion professional storage is probably the best option.

If you own a large amount you might consider diversifying your storage out of the country.

Bottom line, some "preppers" apparently obsess about preparing only for TEOTWAWKI SHTF apocalyptic scenarios as seen in FICTIONAL movies and TV shows like The Road Warrior, The Postman, The Road, and The Walking Dead by hoarding food, guns, and ammo, while scoffing at, sneering at, and not preparing at all for the far more likely scenario of a major financial crisis, which have actually happened in this country and other countries. If there is a major financial crisis worse than the Great Depression they are going to be up the creek without a paddle, and all those guns and all that ammo aren't going to do much good, unless you plan on becoming the next Bonnie and Clyde. People who only see things through the lens of usefulness in a TEOTWAWKI SHTF apocalyptic scenario will say "I don't need no shiny rocks, I need more guns n' ammo!" and are going to be hurting during the far more likely scenario of a major financial crisis. Prepare for both if you want, but don't prepare for only the unlikely while ignoring what is more likely to happen.

Actually the prepper type you mention would likely fare pretty well in most circumstances.

Food, shelter & water.

The PMs are to to remain diversified a touch, perhaps still make a large purchase(s), and or be portable. Also a hedge for furthering future family well being.

Not having PM's, but still being prepared (water, food, shelter/security), is still excellent!

A "prepper" type only focusing on weapons, with the intention of stealing that which they want, is just a thief. In hard times, interesting things would happen to bad folks.

 

[dobeman]

Bought some food today using cash. Felt like a good transaction.

Wanna mess them sometime though... go to a place that says they don't take any bills larger than a 20. Pull out a fifty... gee, it's all I got.. and read aloud the part on the bill that says it is legal tender blah blah blah... and tell the place they are not observing the law in not accepting legal tender. Do this when you some time.

 

[Provincial]

One thing to keep in mind in the event of financial meltdown is that the government keeps expecting to collect taxes (especially property taxes) at the same (or greater) rate than prior to the problem. During the Great Depression, huge numbers of people were driven off their property by seizure for nonpayment of taxes. Even those who had no other debt.

The government will not accept barter for payment of taxes. Paying taxes with precious metals held overseas would be problematic.

Prepping must consider this.

 

[NW Backpacker]

Trust the goobermint. USA 2011: 3 minutes.
(warning - spooky music)

 

[NW Backpacker]

Trust the goobermint. Argentina 2002, USA 20XX? 7 minutes.
(there is no dialog in this so if you don't like the music, turn down the volume)

 

[NW Backpacker]

Trust the goobermint. Zimbabwe/ Rhodesia Year?

 

[Tarawa86]

Again, it's use would be for AFTER whatever happened. And perhaps for portability during. For "whenever" or "wherever" normalcy pops up again.

For example if the family had to relocate. The value would be for the future. Unlikely near term, think long term.

I agree, not much value during "whatever" calamity, other than the possibility of buying a neighboring ranch/farm out. As a simple example. Unlikely that, however could be possible, if they wanted portability as well.

Obviously heed the signs, if everyone else is picking up stakes, may be a good time to as well.

If you think you can hold out, then stay. Having extra land/stock would be useful near term (if you can work it), or also as a future investment hoping for a return to normalcy. Worst case just as a simple buffer zone.

It's an interesting thought experiment for sure, and I've been considering it for the last few days since this thread came up. While I'm not convinced I need to have a certain percentage of my assets in precious metals it definitely couldn't hurt to have maybe 10/20 pounds of silver ingots/coins around as a hedge. With the price of silver that's easily doable and from what I've been reading, silver would be the 'everyday' medium of exchange in general anyway? Anyone here purchase silver online and have some reputable sources to recommend?

 

[gmerkt]

Here's something else I've stocked up on just in case:



For surviving in place, obviously, not very portable. But good for barter in case the power goes off and stays off for a while. I've got lots more than shown in the picture. But in a case of emergency, I might have problems guarding it.

 

[cookie]

You can wipe your behind with dollar bill! Has any one tried to wipe their behind with a gold coin or bullion?

 

[GWS]

You can wipe your behind with dollar bill! Has any one tried to wipe their behind with a gold coin or bullion?

Nope, but I'm betting that you can find somebody to wipe your arse for you for a gold coin.