What to do with gold I own
Posted by bigtuna001@reddit | preppers | View on Reddit | 204 comments
Relatively new pepper, 30M. My parents are kind of heavy into it. They always encouraged gold because they said when SHTF, the dollar will be useless. I believe that’s partially true but I can’t run my car or feed my two kids on gold coins. I have 7 1 oz gold coins. We are financially stable but our goals are to continue with basic prepping for Tuesday first, like a lost job, and then eventually for when the shelves are empty. By doing that, we are paying off debt with the snowball method and should be able to drop both of us to part time by 3/2026. It’s only two car loans that we are underwater on. Not really important to this conversation but other than a mortgage and student loans that we will have forever, it’s what’s stopping us from our dreams.
What is the current thoughts on gold coins? Is it worth holding onto or do you think it’s better to sell off cause it wont be worth much in financial depression, which I believe is coming in the next few years. Keep in mind I bought it for roughly 1400 an oz many years ago. Or do you think it’s better to sell off to pay off the debts that chain you down? The gold doesn’t make or break us, but does speed it up by a year.
Dummy_Wire@reddit
Savings in precious metals are nice, but when you aren’t in debt, and gold has great value right now. I’d use it to pay off even slightly worrisome debt without a second though.
And this is coming from another guy (like you) with 5-figures of precious metal holdings. If I was in your shoes, that gold would be gone and my car would be paid off, like, ASAP or sooner.
NorthernPrepz@reddit
Agree with all this, Just make sure you get as close to spot value as you can.
Also, there is an element of debt that can be “good” because inflation cuts both ways. I.e. my one car is paid off and has been for years. Our other loan was locked in at 0.99% over 5 years, when inflation was 5% +, you are making a positive return as the value of the debt goes down. Once the car is paid off I’m driving it into the ground.
Same if your house is a 30yr fixed rate locked in at low rates. You are probably better off “shorting the dollar” by keeping the mortgage there and saving the difference than paying it off faster. Just have to keep lifestyle creep in check.
Express_Platypus1673@reddit
People forget that inflation benefits the debtor and harms the creditor.
NorthernPrepz@reddit
Exactly. Im not saying go and load up on a bunch of credit card debt. But low rate fixed term borrowing on appreciating assets isn’t necessarily a problem.
zrad603@reddit
Gold is up 39% YoY, and the Fed is just starting the money printer up again now. Although "Past performance is not indicative of future results" if it's even close to current trend, and assuming 10% APR auto financing, you're losing a lot of money.
bigtuna001@reddit (OP)
Appreciate your comment! It does seem to make more sense, I just wanted to make sure I wasn’t thinking impractical.
Dummy_Wire@reddit
Yeah, I get it. My grandfather is big into precious metals too, and it was hard to get myself out of the Smaug-mindset of sitting on my shinny coins until doomsday like he encouraged.
Really though, he used his first batch of precious metals in 1972 towards buying his first house, and I plan to use mine soon towards buying my first house. They’re just a savings, with some niche, hypothetical utility, but in 99% of cases, they’re just a savings that people are hesitant to break into, but shouldn’t be. “Impractical” is paying interest you don’t have much more than having hypothetical end of the world money.
bigtuna001@reddit (OP)
You’re probably in the same boat as me! My dad is huge into them and it’s the fear that he would be pissed that I gave up on his mindset. You can say “it’s my life, I need to make decisions that affect my family the best” til the cows come home, but there’s slays that fear in the back of my head. Especially cause it’s not something that’s necessary, it’s just been an option I’ve rattled in my head for years now.
I’m torn between paying off that debt vs getting a whole home generator sooner than later. Both arent bad decisions but I don’t want to rush.
RonJohnJr@reddit
bigtuna001@reddit (OP)
5.79 and 5.95. Not bad but they are post Covid.
A 2020 blazer and a 21 Acadia. It’s my fault. I have a love for cool cars and kept trading in every teaser till I got a 45k truck I couldn’t afford. Now I can afford these two payments and I’m truly trying to not to trade in because I’m training mentally to get out of that cycle. Debt elimination is all mental I think.
1stNunyaBizness@reddit
Just remember the shit may hit very soon if it does you will need something just to get food.. You can't buy supplies with paid off debt. As long as you were in good standing I would hold onto something in case of emergency which could hit in the next month. I hope not🥺 I'm hoping Trump will fix this mess we are in..If he does his vice could be a good option for pres the following 8 years.. Maybe there is hope..🙃🤞
Kahlister@reddit
As someone who would NEVER pay for a new car, I love people like you - thanks to you decent used cars are available cheap for people like me. Helps to have a bit of mechanical knowledge though.
Anyway, you should definitely sell the gold and pay your debts. Crazy to pay high interest rates while holding onto an asset that, over long periods tends to merely keep pace with inflation (with a TON of volatility thrown in), particularly when its at a high right now.
A whole house generator is nice, but you will likely only "need" it once in awhile, whereas you'll pay interest on your debt monthly. Pay off the debt first. (And unless you have a critical medical need or something, you won't actually NEED NEED the generator anyway - it's more of a nice to have.)
Also, just saying, but if things hit the fan so bad that money isn't...well, money any more, then you'll need food a hell of a lot more than gold. Buy food first. Take care of food, water, medicine, and then shelter. Then guns/bullets. Then gold. Probably some other things in between there too. Gold has some utility, but it's minimal. The rest matters more.
RonJohnJr@reddit
Not all mental (after all, shit happens), but quite a lot of it is mental. Companies' marketing departments spend a lot on psychologists to figure out how to extract money from you, whether or not you have it.
bigtuna001@reddit (OP)
Yeah obviously but having the mental fortitude to not buy Chiquito’s/other BS at the gas station or at grocery store and cut off Amazon will sometimes add up to more than working an extra shift.
RonJohnJr@reddit
Didn't I just say that?
Why yes, I did!
bigtuna001@reddit (OP)
I may have misread your message. My fault!
RonJohnJr@reddit
I've done the same.
Saloncinx@reddit
7 1oz coins are at least like $18k i'd sell them and not think twice and get out of debt faster. Or get a whole home generator if you live in an area that has frequent outages.
Lonely-Still6109@reddit
And by paying off the debt, you'll pay less interest. So that is more savings, too. I would keep snowballing to pay off that mortgage sooner, too.
Adol214@reddit
Ask for multiple offer before selling.
In my area , offered price vary a lot.
PhReAkE-xb1@reddit
Great answer. I love how this reddit is like 50% logical fundamentals and the other half is "do you think 100,000 rounds of 9mm is enough?"
zultan_chivay@reddit
Agreed. Gold is for when you're in the black. It may hurt to sell it, but if interest on loans is hurting you it's not worth it. Food, amo and first aid will go longer if SHTF. Gold is for a bad downturn in the economy and mitigating losses not survival.
Gotterpsforsale@reddit
When internet is down and i cant use those funds i guess im SOL than
jv1100@reddit
I'd never sell an appreciating asset to pay off a depreciating asset unless I was in dire need.
Off-Da-Ricta@reddit
when i was young i asked my grandpa if i should 'invest' in gold.
he told me bluntly that by the time things get bad enough for you to need gold and silver people will just rob you and take what they need.
in my mid 30s now and i cant seem to find any fault in that logic.
cash out and turn it into things your can use. or eat.
just my 2c
Helassaid@reddit
This was always my argument. "But what if SHTF? The dollar will be worthless!" Unless you're living in the Emberverse during Dies the Fire, and you've got a palisade wall of heavy timber and earthworks to live behind with a few dozen like minded people, by the time the S H's the F hard enough to tank the US dollar you've already been living the first two Mad Max movies.
thesauciest-tea@reddit
It really depends on the crisis. SHTF yea beans and bullets but a de-dollarization and hyperinflation situation gold will set you up nice. Stocks will keep your net worth on paper good but you can only cash out of stocks with fiat. If the govt choses the monetary repression route you want nothing in fiat. Really gold is about saving outside of the fiat system not about SHTF.
Helassaid@reddit
By the time we hit a “de-dollarization and hyperinflation” scenario, the global markets would have already been in free fall. The U.S. dollar is the world reserve currency. Every country, whether directly or indirectly, relies on the stability of the U.S. dollar and U.S. markets.
Gold is still fiat, just not government fiat. If you have enough wealth for it to matter to the government, you’re not hiding it from them.
Realistically gold is fine to keep as an investment, but it absolutely is not a panacea for economic turmoil and is really no better than actual cash in the short term. Now if you can hold that gold for 50-100 years, then we’re talking about some definite increase in value. You’d probably still do better with stocks though.
Citysurvivor@reddit
And to be honest, your group could probably agree upon a "currency" by then, or just barter food/gasoline/liquor etc. Only real advantage gold has is that it's portable, doesn't tarnish or expire, that sort of thing.
zrad603@reddit
Buy lead, the other precious metal.
-Spinal-@reddit
I’m one of those people who saw gold being used rather than a local currency. I spent time in West Africa, we are military coups are common. It’s “normal” for people smugglers to ask for hard currency (USD, EUR, CHF, etc) or gold in return to getting you past a border when SHTF..
GGAllinzGhost@reddit
One of the many reasons to hold onto precious metals like grim death.
Ingawolfie@reddit
My grandmother was a Lithuanian refugee. When her country was collapsing she traded gold for passage on a ship out of the country. The currency collapsed quickly. I have SOME silver and gold.
GGAllinzGhost@reddit
in my mid 30s now and i cant seem to find any fault in that logic.
Look again.
blackhuey@reddit
Exactly. What use is gold and silver to people who want food, shelter and safety?
Dingbupp@reddit
What about a hyper inflation scenario? Gold isn’t valuable in a post economy world, but if the economy is imploding but society lasts, see Venezuela, gold is a hedge against inflation and valuable.
bigtuna001@reddit (OP)
That is hilarious I love his mindset. He’s not wrong.
vinca_minor@reddit
Yeah, cash out and use it to pay down the debt
ProbablyABore@reddit
Since Dec 2001 gold has went up in value by $2400/oz far out pacing any stock option, inflation, or pretty much anything else you want to compare it against. To put it simply, that's an increase of 865% in 23 years, which is nearly unheard of outside of getting in on the ground floor of an investment that takes off like a Facebook, Twitter, Google, etc.
Also, there's no signs of it stopping. If it continues its rise, and there's no reason to think it won't, you could be sitting on north of 180k by 2047 just by leaving it alone.
Look, people been talking about true shtf, complete societal breakdown since the Depression. It's a very low likelihood of that happening anywhere in the near future. Take your time, build your wealth and prep, and enjoy life. Save those gold coins for a real rainy day.
AstronomerOk4273@reddit
Look at what those coins were worth this time last year. Look at what’s happening around the world and ask your self what will they be worth a year from now ? If you can afford your debt keep the shiny for a time in need
infiltrateoppose@reddit
Sell the gold now - it's relatively high, and is a scam.
Able-Aide-8130@reddit
I'm starting to think the same way. Diamonds are the same. Nobody gives a crud about diamonds and if SHTF, they're worthless. People want goods or skills, not a rock they can't do anything with.
zrad603@reddit
Gold has been money since the beginning of human history. Diamonds only became "valuable" due to clever marketing that started 1947.
TooTiredMovieGuy@reddit
It's incredibly unlikely that paper money will lose value in a SHTF situation. Why? We have been conditioned our entire lives to believe that a slip of paper with $1 printed on it is worth $1.
What that slip of paper will be able to buy you will vary, but it will still be worth something.
zrad603@reddit
https://upload.wikimedia.org/wikipedia/commons/3/3e/Zimbabwe_%24100_trillion_2009_Obverse.jpg
Eredani@reddit
Fiat currencies only have value as long as people think they have value. The dollar is not backed up by anything... we all just happen to agree it's worth something.
To your point, it might be worth something... like people trading wheel barrows of bank notes for a loaf of bread in the Weimar Republic. During that time, you could buy the entire bakery for a gold coin.
TooTiredMovieGuy@reddit
Like I said, what you can buy with a dollar will vary. But generations of everyone everyone agreeing the dollar is worth something isn't going to just vanish overnight.
Bank notes go back to the 1600's, and lines of credit go even further back. People were trading papers for wheat futures in the middle ages, and using them like currency.
A gold coin might be worth "a lot" in a SHTF situation, but the economic reality is that you're going be making a lot of smaller purchases and trades, and you're better off with smaller denominations.
Sure, keep some gold coins, but don't expect them to become the currency standard.
RKEdwards3@reddit
It’s backed by oil, and to a small amount our gold reserves, so you are wrong
Eredani@reddit
The dollar has not been backed by gold since 1971 and has never been backed by oil.
RKEdwards3@reddit
Why is it called the petrol dollar then?
Eredani@reddit
Thar was an arrangement with OPEC in 1974 that is completely outdated. Oil was priced in dollars, but dollars were never backed by oil.
Bellegante@reddit
If the dollar is useless, gold will also be useless.
Gold is useful because if the dollar starts going downhill it's a better store of value than the dollar.. but only if someone is willing to give you currency for it.
If there's no functioning currency in your area, why would anyone give you anything for gold? They'd have to be leaving for an area where the gold could be exchanged for currency, or betting that currency would exist again where they are.
So, yes, sell it! Pay those loans, then you can get into a situation where you are building up resources you can use.
zrad603@reddit
You know you can trade goods and services directly for Gold or Silver right? You don't need to trade gold for toilet paper to just to go buy eggs.
Heck, prior to 1965 we used to trade in silver every day. Coins prior to 1965 were 90% silver. A dime from 1964 is worth \~$2.50 today just because of the silver content.
GGAllinzGhost@reddit
Bear in mind that all the folks here telling you to sell it are people who don't have gold. It's human nature to try to bring everyone down to where they are. Listen to your parents, not these asset-less goobernuts.
GGAllinzGhost@reddit
Stick in back in the drawer. Your parents are smart. Be smart, too
PerformanceDouble924@reddit
Pay off the debt.
Sniurbb@reddit
When shtf gold will be worthless... I need food, water and supplies. Wtf is gold gonna do, weigh me down? It's a flawed logic. What they mean is, when the US dollar turns to shit, oil is expensive and ore is insanely regulated and tariffed, gold will be worth a lot... by the way, that's NOW.
Own-Blueberry-8616@reddit
I would hold! It’s always going to increase in value
ocat_defadus@reddit
Gold is supposed to act as a "store" of value, not as something that increases in value.
Own-Blueberry-8616@reddit
It outperforms Fiat Currency, I would keep it BRICS is going to make the Dollar plummet
ocat_defadus@reddit
Would you like to make a specific proposition there? Going to when? By how much?
I'd love to see your numbers for what period you want to compare fiat to your precious, goldbug. Because the periods I've checked? Beats keeping money as cash in the mattress, doesn't beat anything any grownup keeps their money in.
Captain_Pink_Pants@reddit
I've never understood why people hoard precious metal as a hedge against shtf... its value is as arbitrary as any fiat currency. You can't eat it. You can't burn it for heat. Neither can anyone else. I'd stock up on tools, durable goods, necessary consumables, non perishable food, livestock, and seeds.
External-Speed-2499@reddit
My financial planner says that the trouble with gold is when the SHTF nobody will be able to pay you for it and it will be as useless as cash. He advised stocking up on whiskey for trading for essentials. Also burying that whiskey in several different places.
pickerdude@reddit
If SHTF i doubt the debt collectors would be worried about your cars. And someone said to buy Crypto......That is the stupidest advice ever !! If our power grid is compromised, your phone/ internet would be worthless. How would you be able to use your crypto ?
Burningmetalmaniac@reddit
My thoughts would be weigh the rate of return vs the interest rate on the loans, and go from there, but I would at least keep 10% of whatever shtf assets you have as gold or silver just in case… gold is still going up pretty steady, but personally I would put at least some of it into silver in the next few years as that seems to be the one that will grow more with the demand for computers, Ai, etc. I would always keep some in spendable denominations of precious metals just in case, but for me and my family, I would be at around 10k current cash value in metals, and use the rest where it benefits the most. Just my 2¢
Floridaguy555@reddit
In a true SHTF scenario, no banking system, no institution..you may trade a single coin for a tank of gas..
sousatactical@reddit
Look for spendable gold like Gold Backs - verifiedgoldbacks dot com They are laminated currency with gold embedded in them in different spendable denominations. Every “bill” has more than the listed weight of gold in it. These are functional gold, and an affordable way for many to stock it.
TheGOODSh-tCo@reddit
They sell gold in credit card sized cards, with perforated edges that you can break up into 1 gram pieces. I always thought this would be the route with gold.
Instant coffee is probably worth more than gold in a real SHTF scenario
aed38@reddit
Gold is more a hedge against financial collapse (depression, hyperinflation, etc.) than SHTF. In SHTF most people won't want your gold. The will want clean water, sugar, wheat, honey, alcohol, bullets, etc. I wouldn't be surprised if a a couple pounds of sugar trades for a 1 oz gold coin.
If you think a depression is coming, then I wouldn't sell any gold. Otherwise, I would sell about about half your coins and pay off some of the debt.
I like gold and silver, but people have a misconception that it will help you in SHTF. I won't help much.
Able-Aide-8130@reddit
I reckon a bottle of bourbon will hold more value in a real SHTF situation than a gold coin.
aed38@reddit
You can't go wrong with Bourbon or whiskey, but IMO the best alcohol is 151 or higher Everclear.
If you trade most of your extra alcohol / food for gold during SHTF you'll come out on the other side a very rich person.
shakebakelizard@reddit
Pay off debt. We are unlikely to ever get an abrupt “crash”…it’s more likely to be a slow decline but the dollar will never be worthless. Prepare for other, more likely scenarios.
RedYamOnthego@reddit
I would keep the gold coins. Maybe buy one more a year, or get your parents to give the kids one a year on their birthdays. Gold is just pretty cool!
Since you are talking about going part time in two years, I don't think it's going to make or break you. Depressions come and go, but gold keeps rising in price, even though they've been predicting the gold bubble will burst for at least the last 30 years. If s doesn't htf, it's a solid investment, I think.
But if shtf, it's better to be prepped in other ways. People will still use cash, if only out of habit. Best to have a clean source of water, clean food, a safe place to poo and a warm/cool place to shelter. If you have those things, then you can do the fun preps. A home gym, gold coins, a bookcase that slides aside to reveal a secret chamber . . . . Lol, not saying all three of those things are on the same level; it'll depend on the person, location and situation.
MetaPlayer01@reddit
I think it is a fine goal to get financially independent. But, tbh, this forum might actually encourage debt. When the SHTF, the banks are the first casualties. Who will collect that money or collect the security of the loan? I personally think it is as good a goal to be financially independent as it is to be prepped. My non-certified advice for financial prepping is diversifying your assets. Prepare for if things continue as they are (the most likely scenario) like 401k and Roth IRAs. Buying your own home will always be the number one wealth builder for middle class people, until the SHTF. SHTF land you can farm and subsist on will be the best form of wealth. Gold and silver will be good to have if SHTF. Not only in post apocalyptic scenarios but those assets tend to hold value even if it is just war time, governments falling, etc.
GoatResponsible8948@reddit
I’ve never understood gold. Do you think people are going to scrape off a little bit of it for a 5 gallon gas can? Or take a shaving for 100 rounds of 9mm? And once you get a “shaving”, what are you doing with that? You know it was good because it came from a minted bar/coin, but the next person doesn’t know that.
The crazy thing is, buying Legos is better. It’s more profitable (Lego’s appreciation has been bigger than gold, that’s an easy google search). It’s easily recognizable as true or counterfeit. And God forbid the S hits the F, you’ve got something your kids can play with and keep them entertained.
Sell that gold, get yourself out of those auto loans, and ride those vehicles until the wheels fall off. And maybe keep an eye out for some Lego sales at Walmart. Oh- avoid the “Friends” (girly) legos. They sell like crap. The special brands usually sell well (Star Wars, Harry Potter, etc). Us preppers might be a little crazy but those fanboys pay stupid amounts of money for their toys.
Mobely@reddit
In what emergency situation would gold have value? There is no easy way to test real vs fake gold. You need very pure nitric acid mixed with pure sulfuric acid.
Gold has little practical uses. If there is no water, no one is going to be wishing they could make really nice hdmi connectors.
So there’d need to be a specific situation where money has no value but someone can still order aqua regia on Amazon and get same day delivery.
babyCuckquean@reddit
Dentistry.
chrisfs143@reddit
I've never understood why people think gold will have any value in a shtf situation..
I mean mres, .22 ammo, bean, toilet paper all have an intrinsic value..
Shiny brick of useless stuff thats maybe a good paperweight? Yeah not so much...
babyCuckquean@reddit
Because historically, it has held value even when half the world was attacking the other half of the world and vice versa. There is always someone banking on buying peoples assets when theyre down on their luck. Its one way to travel through different countries without it being crystal clear where youre from. And it has A LOT of practical uses.
justsomedude1776@reddit
As far as apocalypse currency, as in cash, coins, metal, whatever, that you can trade for goods and services, i truly believe after the first 6-12 months when most of the unprepared masses have gone to starvation or disease, the new currency is going to be common ammunition. "I'll trade you 10 rounds of 9mm HST for those 4 cans of ham" or "I'll give you 25 rounds for 20lbs of the potatoes you grew."
It's going to be 9mm, 5.56, .45, .380, 30-30, and other extremely common calibers with 9mm and 5.56 holding the most value. The other currently will be food, medications, medical supplies, and pre-collapse items. Someone without ammo and 6 lifestraws will give you a lifestraw for a box of ammo. Maybe even a few rounds, depending on how desperate.
For those left that don't want to try and forcibly take what you have (or lack the ability or resolve even if they wanted to), In a true TEOTWAWKI situation, I see a bartering currently with ammo and survival supplies being what's commonly traded with.
Gold is good for regular collapse. Depression, war, and economic collapse, where society still continues. In that event, yes, your gold will hold value.
7 Oz of gold? For the price you can get for it, it may be worth paying off debts. But if you don't need to use it now, I suspect gold will be worth even more after January/ a few months into 2025, depending on how that all shakes down.
vercertorix@reddit
As long as there isn’t a SHTF even, gold is fine to have if you can actually get market value for it because it appreciates. In SHTF, gold is not as good as people think. In SHTF, supplies are what make you rich. Most people don’t know the value of gold offhand so trading with it is awkward, some people may not believe it’s real, it’s worthless to them at the time, while you may need what they have, so the only way they’re going to trade with you for it, is if they can spare what you want without it causing them trouble, and they are still going to overcharge you for whatever it is, because they really don’t need gold, but it could potentially be a financial windfall if things start going back to normal.
TheSensiblePrepper@reddit
I hold Silver and Gold. I also have no debt at all. I am the rare exception in that.
Precious Metals are a store of value. 1oz of Gold today has the same buying as it did 80 years ago. Its value moves with inflation. That's the idea.
Let's say, just as an example, that the US Dollar completely collapsed. Everything goes to shit financially. Someone, somewhere, would be willing to take my Silver and Gold in exchange for tangible goods. Just look at what happened with Germany after WWII.
So should you sell your gold now? That depends. Do you need the money at this moment? Is the amount of value lost by converting it into a Fiat Currency, more than the interest you owe on the loan? That is for you and a potential Financial Advisor to determine.
Unless I was desperate for the cash, I won't sell my precious metals. That's just me.
616c@reddit
he rise in cost is due purely to speculation, trying to drive the price up so early buyers can sell.
I was monitoring gold when it was <400/toz. Many kilos every month in Au and Pt.
Your jewelry does not have (intrinsicly) a 4x value compared to 20 years ago.
If you melt down 1 kg of 22 karat gold, it's worth 1kg of 22 karat gold.
The currency you pay for it is a spot price you're willing to pay because you have no other source.
There are many days that manufacturers will draw down from their vault reserves instead of buying at the day's rate.
If you are starving, are you willing to trade one ton of rice for a 1oz gold coin?
TheSensiblePrepper@reddit
I think you and I have two very different ideas on how Gold works as a true currency.
With one exception, I don't deal in jewelry. I have coins. Specifically modern Canadian Maple Leaf coins.
616c@reddit
I was in manufacturing, the main user of gold for its intrinsic properties.
Value as currency is speculation and trust.
There are many scenarios where the speculative value of gold could yield savings or profit. But that requires that most of the world continues to operate as it is, trusting there is a market.
The organizations who actually use gold would pay less $/toz if the speculators stop driving the price up artificially.
In a SHTF scenario, gold coins would be wirth pennies on the dollar because manufacturers would no longer exist to consume the gold.
So, for SHTF, I'd rather have a ton of rice versus a 1oz gold coin. For barter and consumption.
But, if planning for Tuesday, speculating on any tradable thing might be best done electronically so you don't have to protect and ship valuable goods.
How would you plan in spending polished gold coins if yiur local currency is devalued?
TheSensiblePrepper@reddit
I agree but that assumes that SHTF for everyone around the World. No matter how bad things get in one place, it rarely affects the entire planet at the same time.
I wouldn't keep it local anymore.
babyCuckquean@reddit
Also how is manufacturing still operating normally after the shtf in that scenario?
616c@reddit
That's what I see as viable. Not for global SHTF, but moving from one currencty to another. But why a physical coin? It's fairly easy to store balances in toz or kg with a dealer that sells physical gold. But, that assumes trust in the vault maintainer.
TheSensiblePrepper@reddit
That's exactly it. I have some gold in a vault but nowhere near me or anywhere that would be affected by most SHTF situations. I would still need to get to it though. So I have other currencies and gold for that reason.
GlitteringExcuse5524@reddit
Thank you for your insights; they really got me thinking. Currently, I’m working in North Carolina, where many stores and gas stations operate on a cash-only basis due to persistent internet connectivity issues. Local ATMs are frequently unable to dispense cash, creating a significant challenge.
In my line of work, I often find myself in some of the hardest-hit disaster areas, and I can't shake the feeling that a major crisis is on the horizon. In these situations, relying on plastic simply won't cut it—especially in parts of North Carolina where credit and debit cards are practically useless.
Having witnessed the ups and downs of the economy over the years, I have serious doubts about the government's ability to manage future crises effectively. At my age, I’ve seen better times, and the current trends are deeply concerning.
I’m not naive; I have investments and even dabble in a little crypto. However, I keep my eyes wide open. That's why I hold gold and silver in small amounts—valuable, tangible assets that can serve as currency in uncertain times. It’s all about being prepared for whatever may come our way.
TheSensiblePrepper@reddit
Anyone that asks me "should I buy silver and/or gold?" My answer is always the same.
Are you debt free other than things like a mortgage and vehicles? Do you have at least 3 months of food and basic needs on hand? Do you have at least 3 months of cash on hand for bills if you lost your job tomorrow?
If you can't answer yes to all those questions, you don't need Precision Metals.
Tangible goods and food are what everyone should have before a piece of metal you can't eat and are banking that someone will take.
GlitteringExcuse5524@reddit
I am going to be one of those sad people who will depend on others. I can garden, and I will have an initial supply of my dried food, but there is going to be a time when I need meat. I am not a hunter or butcher. I will need someone to supply me with meat.
babyCuckquean@reddit
Tinned ham, chicken, tuna are all easily stored long term and dont cost a lot in the small tins. I highly recommend having them to add protein to meals, at least enough for a few meals each week.
TheSensiblePrepper@reddit
And I am sure you can find someone to barter your produce for meat. Otherwise, you can learn to hunt and process game. It isn't hard, it is just a skill you need to learn.
bigtuna001@reddit (OP)
That’s kind of where I’m at. I’m not desperate for the money. We have a plan that is doable and not making us eat rice and beans every month, but I like faster progress and working extra shifts isn’t an option cause we take turns home school and want to avoid daycare.
I guess I just wanted to know what the current thoughts are on gold and if it’s still a rational investment.
OtherwiseAlbatross14@reddit
If you wouldn't take out a loan to buy gold, you should use the gold you have to pay off your loans.
TheSensiblePrepper@reddit
Depending on your situation, I wouldn't buy more but I also wouldn't sell what I have.
I just looked and 1oz of Gold is at $2,680. So you almost doubled your investment from when you originally bought the gold if you see it as an investment....but I don't.
bigtuna001@reddit (OP)
I appreciate your input! I agree, not an investment, but definitely a valuable asset. I’d rather have it than not.
YYCADM21@reddit
When currency becomes useless, so does gold. Our currency is Based on gold reserves. The most likely reason for collapse of currency would be a worldwide collapse of commerce and banking, at which time paper money will be useful only as fire starter, and gold will be useful as shiny doorstops, and nothing more.
I do not understand why people seem convinced that the banking system could completely collapse and precious metals; gold, silver, platinum, would somehow still retain value. They are all, intrinsically, worthless. We like to look at them. there are uses in a technologically rich environment, but in a complete societal collapse, they will be worthless. Cash them in and buy hard goods while their value is high
Davisaurus_@reddit
Gold bugs always say money will be useless .. so will gold. I'm hardly going to sell you my eggs for a nugget of gold. What the hell am I going to do with it? Find some sucker to give me a pound of venison for it? Wouldn't it be so simpler for me to just trade my eggs for the venison?
I cannot envision a single scenario where money becomes useless, yet you can still somehow use gold.
We sold our gold, it was only around $500 in French coins. We used the money to buy a bunch of cordless power tools, extra batteries, and a solar charger. They have been far more useful than the coins.
RonJohnJr@reddit
Absolutely not. The very reason that money was invented was because bartering is a big fat hassle.
For example, what if what you need is wool and sheepskins, but all that anyone near you has is venison and wheat? You've got to travel 3 or 4 days to town for the wool and sheepskins. By then, your eggs have either spoiled or broken. Thus, you sell you eggs for money to the person with the wheat, then take the money to town and buy the wool and sheepskins.
https://en.wikipedia.org/wiki/History_of_money
Davisaurus_@reddit
Sigh...
I don't need venisen. It would only be something would trade for if I felt like it.
There is little, if anything, I would absolutely need to survive. And I would have zero interest in accepting gold in trade for anything.
The history of money is different than gold. Originally it was clay chits, that were basically IOUs for grain storage. Gold had nothing to do with anything until kings and rulers got into the taxation business. It is a useless mineral.
babyCuckquean@reddit
Gold is used in the machine you are using to reddit, i guarantee it. Its used a lot in electronics. Theres more gold in a tonne of e-waste than there is in a tonne of the stuff they dig up to find new gold.
Gold is used to treat rheumatoid arthritis and other auto immune conditions, and has been used by dentists for the last 1000 years.
Is used in space - a LOT - most parts of every space vehicle use gold - to reflect radiation and heat, to lubricate mechanical parts, and extensively in the circuitry too.
Gold is infused into the glass in skyscrapers & astronauts helmets too.
Gold is antibacterial, doesnt tarnish, conducts electricity, is highly malleable, portable, stable and most importantly to most people its shiny.
It was the value behind the US dollar and virtually every other paper currency until the mid 1900s. Theyre currently planning to use it to back BRICS currency, and thats half the effing world. Besides that its been made into coins for trading, and or held as almost sacred by civilisations across the globe for basically ever by modern humans.
The statement "gold is useless" is incredibly ignorant and short sighted.
RonJohnJr@reddit
Did you not read where I wrote "For example"?
deltronethirty@reddit
The only plausible, total collapse, SHTF use case scenario for gold is DENTAL INSURANCE!
Dentists will be a cornerstone in the apocalypse. They need that gold for crowns.
OldWarrior@reddit
Gold has been a medium of exchange for thousands of years. In most SHTF scenarios, gold will still serve that purpose. Humans being humans, that shiny precious metal will always be coveted.
SeaWeedSkis@reddit
I love this. Yours is the first comment I've ever seen that provides a practical use for gold. I've heard of using silver as a water disinfectant, but wasn't aware of a use for gold.
I'm still disinclined to own either in a form other than small amounts of jewelry, but I like knowledge.
Anaeta@reddit
Only when everyone is worrying about their immediate survival. Once things are stable enough that people can start worrying about the future, currency is inevitably going to arise, and precious metals have a very strong record for that.
quangberry-jr@reddit
In fact, they have damn near the only strong record for that. Basically all of human history until 1971, give or take
TellyDemos@reddit
Hold on to them. Gold never loses value, they may not feed your kids but they can provide resources to feed your kids.
Highly-Aggressive@reddit
Sell it for bitcoin assp
pcvcolin@reddit
Buy precious metals (guns and bullets) and bitcoin. And don't forget land.
babyCuckquean@reddit
Do you have to sell them all, to make a difference?
You could keep two, to stay true to your Dads hopes n dreams for you, and sell 5 to get your debt down and save yourself shit tonnes in interest.
Just DONT UPGRADE AGAIN, whatever you do. Thats just nonsensical, keeping yourself on the hamster wheel of debt and pointless interest payments.
justinm410@reddit
If preppers really believe the dollar is going to zero, why wouldn't you take out loans on rental properties? You'd have a bare essentials asset with a loan equivalent to the price of a cup of coffee.
Creative-Aioli3389@reddit
Gold and silver are at historic highs and other precious metals are also really high. But the dollar is unusually strong right now compared to the euro and Canadian dollar, and pretty darned strong against the yuan, seems like arbitrage would be a much better bet if you don't trust the stock market to keep growing.
BuyDaveaBeer@reddit
Can't eat or drink gold😉🍻. Use it to pay down that debt.
TB2BLAZER@reddit
I get the idea of gold but that would only work years after a true survival situation. The most valuable commodity shortly after SHTF is ammo, food, and water. When people are starving and dying of thirst they will start taking by force. Depending on your location you may need a little or a lot of ammo to hold off people who don't give a shit about gold but would off you in a heartbeat for just the thought of food.
Laddie17@reddit
I would suggest getting stamped silver blanks to use for any medium (barter, trade equivalency, etc) of exchange… the market value of a 1oz silver blank as a currency tool is more efficient and reasonable, in an end of times scenario. Silver is currently (10/15/24), $31.60 USD vs gold $2678.60 USD. When the SHTF arrives…you’ll be able to determine the value of things (commodities, fuels, goods and services, etc) more accurately when you use your silver coins. If you’re currently paying $3.50 for a gallon of premium gasoline, now…the value of that gallon will only increase because of the existential uncertainty of future availability of that same gallon of gasoline. It will become as expensive as what the market will bear to pay. You’re the market. What will you pay for it, then? If you’re going to have gold coins to use for your medium of exchange…you will have a harder time (psychologically) of getting $2678.00 USD worth of something for your 1 gold coin vs getting something of value for a silver coin or two or three…a loaf of bread is still a loaf of bread…today a new refrigerator may cost $2678.00 USD… there’s your 1 gold coin equivalency comparison.
https://www.investopedia.com/insights/what-is-money/
Hope this makes sense and helps your decision process. 👀🙂
analogliving71@reddit
well if those coins are pure gold then you have over $18k right now by their gold value
bigtuna001@reddit (OP)
Yes this is why I was asking cause it’s a large chunk of value without much of a current use.
analogliving71@reddit
think about it another way. in end of world times are you willing to barter it or do you have a more pressing need for it now?
Upvotes_TikTok@reddit
But the use of gold or silver is not end of the world times but end of the country you live in times. Gold, historically is best when leaving a warzone to start a new life without being as poor. Vietnamese used gold to start anew in the US in the 70s, Those leaving Nazi Germany in the 30s. If everything everywhere goes to shit, gold is useless.
chubby_hubby1984@reddit
Here's the deal with precious metals, You can't eat them, you can't protect anything with them, simply having an abundance could get you killed for them, IF & WHEN physical & digital currency are worthless, society will have ZERO use or reason for precious metals or gems, food, shelter, water & security are gonna be the needs of the surviving population & ammo, guns, knives, & tradeable skills will ultimately become the new currency.
formyburn101010@reddit
Keep your insurance policy right where it is.
Gotterpsforsale@reddit
Gold and silver and obviously prep yourself with other stuff. I have a few gadgets buried in a faraday bag in a pelican case for when SHTF
tempest1523@reddit
If it doesn’t make or break you I would just keep it and pretend you don’t have it. Same principle with having a savings, yes it could help pay off debt sooner but there is a reason why you keep a couple months savings… for emergencies. If it’s not needed then you shouldn’t be touching it, you put it there for a reason. Same with the gold. I could understand if you needed it… but you aren’t there
Odd-Afternoon-589@reddit
Maybe I’m ignorant, but in a shtf situation isn’t gold just as worthless as fiat? As OP says, you can’t eat it or run your generator on it. I guess I could see trading a really nice piece of gold jewelry for its intangible/artistic value, but what value would anyone find with bars and coins in a really, really bad situation?
fckufkcuurcoolimout@reddit
You're not ignorant. All these people thinking that if the economy completely collapses they will be able to trade precious metal holdings for things they actually need to survive at a rate of exchange that represents the previous valuation of those metals at the time of the collapse are absolutely dreaming.
jdub75@reddit
You have tons of debt and gold that doubled in value. Sell the gold & pay off/down debt. Look at who is pushing precious metals, the most, and I will tell you probably all you need to know as far as holding it. It’s kind of a bunch of charlatans and right wing wackos
Fantastic_Jacket_331@reddit
What about cigarettes? Most smokers would sell their soul for one once the supply chain stops
malichev@reddit
The SHTF will happen it's a matter of when, when we go back to trade and barter system any currency will be useless including precious metals. If a farmer with chickens encounters a guy with gold coins and a guy with loafs of bread you know who he's going to trade with. You can't eat money and metals. Pay off all debt. Invest in yourself. Buy and learn survival as much as possible. Learn skills. Don't hoarde precious metals for the SHTF time.
Dingbupp@reddit
Lots of comments are saying gold is worthless as a prep are assuming it’s a prep for SHTF. It’s a prep for the economy, a hedge against inflation. Imagine a scenario with hyper inflation in your country, gold will allow you to store some of your wealth or even convert it to another currency if you want. It’s not for mad max type scenarios, it’s for a scenario like which Venezuela and many other countries have found themselves in
EconomistPlus3522@reddit
I would hold the gold coins.
If you think they are worthless because you cant eat them you can sell them to me for a dollar each :)
ExperienceOk6917@reddit
Hold the gold, forget about it. Plan to give it to your kids.
Why are trying to go to part time? 30M is prime of your life/earning potential.
JiuJitsuLife124@reddit
I have gold and silver. It always has value. And as society comes back, it will be very valuable. But in the short term it may not. I believe ammo will be valuable currency. Supposedly and it could be just a myth (but I like it) - a shot of whiskey gets its name because cowboys used to pay for a shot with a round of ammo. A shot is at least $5 right? Imagine a round of ammo is worth $5. That’s what I’m thinking it will be.
bigtuna001@reddit (OP)
I agree. I think neither are a bad decision but which one is better for my developing family is what I’m trying to find out.
JiuJitsuLife124@reddit
That is a great question. And I want to say even thought it’s Reddit. I have little knowledge or intelligence. So take what I say with a grain of salt.
Ammo for survival to the rebuild. Gold for the rebuild. So what are your weaknesses? Can you survive six months with no power or supplies? If not, ammo. If you have a farm and can self sustain, then good will get you well established in the rebuild. I suspect the rebuild phase will be as dangerous as the survival phase.
dnhs47@reddit
This has always been my concern with gold - what to do with it? As you say, can’t eat it, pay a bill with it, or burn it to stay warm.
Plus, if paper dollars are worthless (a wild thought experiment in today’s reality, but I’ll play along), and people are bartering using.22 cartridges, what is an ounce of gold worth? A horse? A house? It’s too valuable to be useful for most trades or purchases.
If it’s a hard-asset investment, then you keep it for 20 years and supposedly make a profit. Assuming the country is still operating and there’s still a market for a hard asset to valuable to use for most transactions.
As a result, I’ve never bought gold. I’ve paid off my debts and acquired other preps with more practical uses in the real “hasn’t hit the fan” world.
Just my $0.02, worth 0.000755 ounces from that gold coin.
whiskeyriver0987@reddit
Sell it and buy something usefull.
ZCaptainR@reddit
Auto debt is only second to credit card debt in horrible debt to have.
Never finance a car, unless you absolutely have to
Never trade in, always sell outright, then pay cash for the new vehicle
The first two years of auto loan debt you are paying mostly interest, like any amortized debt.
NEVER let the loan company add the interest in up front, then divide by the number of months, that will instantly put you upside down. Always have a loan that the interest is for that month, is paid that month.
Read the loan contract, all of it, every word before you sign
and above all NEVER, NEVER refinance a car loan, it's a fools move.
So, take your gold, pay down the highest interest debt you have as soon as possible.
BestUnion5883@reddit
Probably better to keep that to yourself, Especially for prepping purposes. but good on you for the keeping gold.
A--G--T@reddit
Cash or highly desirable items (coffee, liquor, cigarettes) can be used for trade in a long-term disaster.
I don't see what holding gold coins will buy you, when the SHTF. It seems like you'd only be able to sell them at a loss, under duress, and to someone with enough money to indicate they are above whatever shit is hitting the fan.
apoletta@reddit
Why all or nothing? Is 1/2 an option?
NW_Forester@reddit
I have been buying gold and silver for the last 23 years, but its a shitty investment. I'd be far ahead if I had invested that money into S&P 500. But I love krugerands and junk silver.
jandmhaj@reddit
My living-off-the-grid friend always told me that the currency when SHTF will be beans and bullets. If you have plenty of both, you can survive long enough to use some as trade for the other things you might want.
tlbs101@reddit
Batteries, bullets, and booze were the 3 currencies mentioned by the Serbian civil War survivalist in his writings. I suppose beans could be added to the list of “B’s”.
Fun_String5853@reddit
Why not sale some of it but not all?
BallsOutKrunked@reddit
For me, a couple / few grand in metal is enough for me to consider myself prepper diversified. People spend more than that on some pretty dumb shit so even if you really hate metals it's better than plenty of nonsense people buy.
My metals have appreciated handsomely, but at my income level $18k is a bit much. Likewise for some guy at half my income he might see my few grand of metals as too much, so it's relative.
Absolutely subjective but I guess I'd say 1% of your income should be in metals, total. Like if you're making 100k a year, $1 total (not every year) in metals. Completely subjective but it's what I do.
PristineMembership52@reddit
Here's a thought you may not have considered. Gold coinage can not be insured.
Also, jewelry CAN be insured against loss, even say... a solid gold ring or a bracelet made from the same alloy as the coin that may have added value over coinage.
Get a fireproof safe and hide it well if you want to collect bullion.
certifiedintelligent@reddit
You need to go to r/personalfinance, not here.
Rocksteady2R@reddit
Holding gold is... ... is fine, if the rest of yoru finances are in order, as others have said.
In any financial portfolio, a valuable characteristic is diversity of the holdings. little bit of real estate. little bit stocks, little bit bonds, etc, etc, right? ALL of that comes before sitting on a few ounces of near-pointless gold.
If you'd amassed $100k in gold, however, then fine, call that a slice of your financial portfolio, because - at that scale - it will start to hold its value over time and be the bedrock holdings it is supposed to be.
If you're buying and selling gold - that's fine - that's just commerce and you skim your profits off the top as you buy low, sell high. but that all requires a stable main market, and isnt' really shtf functional, as you seem to be aware.
and if you're in at 1400, current spot is 2261, so you're not looking too bad.
All this is carries over to the far more accessible silver. Treat it as commerce, or treat it as portfolio divestment, but know why you keep it around.
The-Pollinator@reddit
Devisea treasurehunt, with a map and clues, and give some away. What fun!
YesAndAlsoThat@reddit
Pay off loans first. That's your Tuesday. Gold does not increase value, even if it does retain value... But your debt carries interest that is a downward drag.
Paying debt practically gives you positive returns relative to your trajectory with the debt. That's more than gold can do.
Keep in mind that gold in emergency situations will also not fetch market value, thus making it even less valuable in shtf... More like useful in rapid economic rot/inflation.
bigtuna001@reddit (OP)
Can you explain what you mean by it won’t fetch market value in an emergency situation?
civildefense@reddit
try to liquidate it there is going to be loss
YesAndAlsoThat@reddit
If you buy $100 of gold, dont expect it to fetch $100 of gas in a natural disaster. The other side would be thinking "gas is valuable. So I should sell it for a very high price. Additionally, gold is not useful right now I have to survive until shtf is over to capture its value... Therefore. Maybe I'll count the value of the gold at 50%, counted toward the now-extra-high price of fuel.
Of course. Maybe they can trade the gold for other things too... But then it's value is just as a semi backed currency... With no value tied to the dollar as it was originally until shtf is over.
bigtuna001@reddit (OP)
I think I see the logic in that. I’m wondering if it’s true though in a local emergency, such as a hurricane, or only in a nationwide emergency.
tearjerkingpornoflic@reddit
In an emergency when you are starving would you rather have food or gold? I forget which survival movie it was but they were using tons of cash to start a fire. If things are really down to survival money is an abstract. There was an AMA a long time ago on here with a guy that survived the Serbian war. He said Bic lighters and alcohol were much more valuable than any money for trade.
ItsFuckingScience@reddit
If there was a massive disaster in your area. Grid down, local services down etc
Are you gonna be exchanging the food, generator, water you have currently for gold coins?
RonJohnJr@reddit
How many people in Florida and Western NC are currently engaging in commerce using gold or silver coins? I'd bet more than a dollar that it's precious few.
But how many are currently engaging in commerce using paper USD currency because the power's out? LOTS.
DefinitelyADumbass23@reddit
I think it depends how much the proverbial shit has hit the fan. Will everything be back to normal in a couple weeks and I can I sell it to JM Bullion for near spot? Or is whatever this is the new normal?
TiberiusDrexelus@reddit
gold is up 80% over the past 5 years FYI, it absolutely does increase in value
the return OP experienced by holding that gold likely far exceeds the interest on any loans he has
SurFud@reddit
Where I live, the bullion dealers want fifteen percent and won't budge. Pisses me off. It really opened my eyes about saving gold and silver. But then, I guess it's no different than stocks and investments. Perhaps owning practical material things like a generator is the answer. Tough decision.
hellhound_wrangler@reddit
I'm always kind of curious about how precious metal collectors envision trade going. In a localized disaster or even early stages of a collapse (stores are open, staffed by employees, doing cash transactions, things haven't fully dissolved), do you assume cashiers will take gold?
If I were a cashier at a gas station, I wouldn't. I'm only showing up to this crappy, stressful job in a disaster because I think the situation is temporary and things will go back to normal and I'll still need a job. I probably won't know shit about the exact market value of precious metals. I might, if I think you're a sweet, addled old guy fill your tank/buy your groceries out of pocket (20-40 bucks) in exchange for the coin because I'm willing to lose that much and no more if you're a cpnman or a nut. But I'm sure as hell not gonna wipe out my register making change, or let you wander off with a big-ticket item in exchange for shiny pirate booty - I'm thinking I'll be on the hook for that when everything goes back to normal (remember, I'm only there in the first place because I assume everything is going back to normal).
If you're thinking it'll be useful after total collapse once things start to rebuild with new currency, OK, that's fair, but I'd prioritize gold savings much lower - after you have your homestead paid off and your property taxes paid up a few years in advance, kind of thing - the stuff you need to have and not lose to foreclosure to survive a slow total collapse.
Forkboy2@reddit
Can you sell the gold without paying capital gains tax? If so, sell it, pay off high interest rate debt, then start buying gold again a little bit every year. But look at fractional coins, like 1/10 oz.
Also, keep in mind that a large reason for having some of your wealth in gold for SHTF is to maintain that wealth until things get back to normal. Most SHTF situations will be temporary and gold should retain much of it's value no matter what happens, which cannot be said for cash or mutual funds that exist only on your monthly statement.
JAFO-@reddit
If the shit hits the fan and money has no worth with civilization in tatters how is gold going to do anything?
Having skills to repair and create may have value.
Being able to fix infrastructure has value.
thisisintheway@reddit
I prefer pre-65 silver coins. It’s difficult to unload a 1oz gold coin to a regular person due to the prevalence of fakes. Nobody is faking generic mercury dimes and their small value allow them to be traded for basic goods if SHTF.
DunaldDoc@reddit
Keep the gold coins. Hi value easy to carry & hide. Never cash them into paper money. Sell one at a time only to cover emergency. Make it a life goal to acquire 100 I-oz gold coins. That’s the beginning of Generational Wealth
Liber_Vir@reddit
Where gold comes in handy is for regional SHTF, like we just experienced. All the local machines and stuff down, power out, everything cash only, and all your money's in the bank. Find a pawn shop and turn an ounce into cash, immediately.
RKEdwards3@reddit
There’s no open pawnshops operating when everything is underwater or destroyed. I’m coming up this weekend on my 3rd trip boots on the ground in WNC and no one is going to pawn shops… IF you can find one open and that has power.
RKEdwards3@reddit
Gold and silver has been completely useless in the southeast during these disasters, except as a way to retain wealth and trade it for cash… which you can only do outside of the disaster zones.
Seems cash would help you more NOW than gold would in the future.
Pay the debts down. Get rid of those, and move faster towards your goals. Gold is only good for one thing… retaining value past a certain threshold in the economy. On the backside of that, gold is devalued and undermined.
Blunted1978@reddit
Gold or raw material like gold silver copper are always good to hold but the bigger point is to not tell anyone
Unlivingpanther@reddit
Best precious metal in a collapse would be brass, copper and lead assembled and in the correct dimensions for whether your location is more natoish or Warsaw pactish. You'll be able to trade that for anything if the major currencies collapse.
PrestigiousJump5622@reddit
I read somewhere on a preppers group of a non smoker hoarding cartons of cigarettes, makes alot more sense when you realize the trading benefits to it. I know more people whom would rather have ciggy puffs than gold 🤷
onedelta89@reddit
I'd sell the cars with loans before I sold the gold. The cars are depreciating daily while the car loan accrues interest. The gold is appreciating in value.
NotAnotherRedditAcc2@reddit
The food in my refrigerator is depreciating rapidly - I expect a 100% loss in value in a matter of just a few weeks. Should I sell before it's too late?
Value as an investment isn't the only measure of value.
onedelta89@reddit
Cheaper food depreciates less than expensive food. just like cars.
bigtuna001@reddit (OP)
I’m underwater because I sold off more expensive cars to have cheaper ones. I’m making up for poor decisions.
vespers191@reddit
Seven gold coins, means that you can buy seven things in the post-apocalypse. Or do you expect to barter one of these things and get change in an economy that no longer exists?
bigtuna001@reddit (OP)
Or one really big thing!
pf_burner_acct@reddit
If you're serious about building wealth, owning productive companies > shiny rocks over the long term.
"Here, you own stakes in the 500 largest companies in the US. Approximately one-third of their collective revenues are sourced overseas. Many will pay you quarterly. Their value will track with inflation because their revenues are based on the value of a dollar (or currency), and they will charge more as the value of a dollar inflates away, thus their revenue will increase, thus their stock price will rise to keep pace."
...or...
"Here is a shiny rock. You need to keep it in a safe and it will produce nothing. While it does have some industrial utility, you do not possess the ability to convert it into a material that can be used in any of the applications for which it can be used. It pays you nothing. It's worth what someone will pay since there's no real way to objectively assess future value. Just speculation."
This is a no brainer.
But, emotionally, I like how shiny rocks feel. The weight of a legit silver dollar in your pocket is a great feeling. They account for 0.08% (rounded up) of out total net worth, though. They're trinkets.
bigtuna001@reddit (OP)
You can’t best the feel of gold in your hands. Other than maybe the title to your car or home.
I agree. It’s likely time to sell it.
ocat_defadus@reddit
See, in and of itself that says something, but not something good. There's something not strictly pragmatic there that needs to be interrogated. I had some gold I bought in the form of a gold coin that I held onto for a while and sold to a goldbug recently. He eagerly bought it for like 30% over the spot price of gold. Why would anyone pay a premium for a gold coin with no collectible value if they just want gold in their hands? Because it feels so good to them to have gold in their hands that they're not rationally thinking about it as a store of value. It's security and safety, and perhaps the amount of that sense cathected into the gold itself is not accurate. If you just want gold, buy scrap gold at spot, right? But people don't want gold. They want the goldbug's sense of gold. If it's actually a store of value, then it shouldn't lose any value in the process. You shouldn't be buying gold for more than you could sell it for in a pinch. If you are, you're paying an enormous conversion fee for what? And so on.
Hoyle33@reddit
Gold and silver is meant to retain value if a new currency should be introduced. So many other things will happen before that, so personally I would sell it and pay off any debt, or even just buy more supplies
datguy2011@reddit
Imo in a doomsday shtf collapse, gold and dollars will only have value to people who are already set up with goods and are thinking about "when things go back to normal". So if day sure gold would be great to have for after the crash and during the recovery
jms21y@reddit
sell the gold, apply the funds toward highest interest debt.
reddit-suks1@reddit
Gold is for large purchases when the fiat collapses. Silver is for daily purchases when the fiat collapses. I'd certainly keep the gold. Imagine purchasing a house or a car or something big. I would start stacking silver, from reputable mints like US or maybe Canada.
AmbitiousPay1559@reddit
Im no expert prepper. But I have mentioned this before. Gold will have value only if the buyer believes in it. so it depends on what kind of SHTF it is. For example , let's say you are invaded and you are trying to escape. You can leverage your way out through selling gold for freedom to the oppressor. That's how the Jews did it , via diamond , during holocaust.
But in case the SHTF scenario is collective doom. Gold will be meaningless. Nobody can eat gold. Things like cigarettes , alcohol , essential drugs etc will be value. So yes, gold is a good avenue to have.
Prep for different scenarios , not just one scenario. Prep for most likely scenario.
anthro28@reddit
Convert 25% of it to silver in smaller denominations, send another 25% to a cash emergency fund, and invest the other 50% in good gear, fancy booze, and some treasury bonds.
okconputrr6@reddit
Eat it
FatherOfGreyhounds@reddit
Gold is a dead asset. It holds pace with interest, but that is it (over time - you can cherry pick a period where it is better, but long term, it does not appreciate well). I would sell it and use that money to pay down the highest interest debt you have.
OGCarlisle@reddit
gold is up 20% YTD
burner118373@reddit
And VOO is up 23%. Keeps up with the market
thebaine@reddit
This is the ideal time to sell gold and pay off 5.7% debts.
AdditionalAd9794@reddit
Presumably, unless you've taken on debt recently it's not really a concern. I feel like the majority of existing mortgage rates are below 3%
bigtuna001@reddit (OP)
Most is lower interest, 5.7% loan that’ll be payed off in 2 years. I don’t think it’s a dead asset, it has its place for a very specific situation, it’s just an unlikely situation. It’s not an investment, more like insurance in my opinion. Just wanted to know if it’s rational insurance.
ShaneE11183386@reddit
1st rule you don't tell the internet what you have
2nd rule the gold is for AFTER shtf and everything is rebuilt
Use small silver for DURING a shtf scenario
burner118373@reddit
I had silver. Paid my loans off, got myself comfy with retirement and stocking away ~year of living expenses. Then I bought a watch with the rest of the silver. It’s still a store of value but I can also easily travel with it. Can still “cash out” if needed. But I’d sell probably all but one, split the cash between retirement accounts and loans, depending on your loan rate
Ok-Construction3793@reddit
If SHTF, you need food, water, shelter and ammo. Look at recent disasters for guidance. No one was asking for gold. They were looting cases of water. Should you have some gold/silver? IMO, yes, but not as part of a survival strategy.
DisastrousLab1309@reddit
FTFY
If you really think about SHTF and not just some temporary inconvenience like in flood or hurricane (I don’t) then gold, jewelry or fancy electronics will get you buy resources, but not at an earlier price.
A 1000l of fuel will easily multiply in purchasing power but that isn’t something you can hoard long term.
ommnian@reddit
Personally, I'm working to become as indepedent of the grid, and outside sources for our family as possible. We put in solar (with batteries) last year, which was supposed to 'pay for itself' within \~15+ years. But... the way energy prices keep increasing, I suspect it will have done so within closer to 5-8. (Two years ago, electric around here was 10cents/kwh. It's now well over 20cents, and only increasing!!)
Money is all well and good, but if we can live in our house bill-free (outside of luxeries like the internet, streaming services, etc), that's about as good of a prep against hard times as it comes.
bigtuna001@reddit (OP)
Love it! We love in a rural town but still in a small development in that town. Back is to corn fields that won’t be built. Next goal for me is a generator. I already 2 months of food. I’d like to get a small gas tank of a few hundred gallons as well for my cars.
Completely agree though!
Kradget@reddit
My question is always "What do you plan to buy with it?"
Those arguments usually rely on the notion of trade, but like... There's better stuff to trade.
If you're looking for something to just freeze value, gold is fine. If you're looking for something people may want in a dire moment, like for a bribe or emergency funds, gold is fine. But both of those assume you're swapping it in an emergency for something you actually need, which I think doesn't fit with the rest of your approach.
I'd probably sell at least some of it, if I were you. Don't hold possible apocalypse money "in case the world ends" at the expense of practical considerations for highly likely situations (like money will still have value in five years).
RlCKJAMESBlTCH@reddit
I think they suck 😂