Ok, I've actually bought some silver.
I have 3 ounces in the house, and 13 more on the way. All from e-bay. Some are in 1 troy ounce coins, and 8 oz are in mixed pre 1964 us coins.
I have set up a budget about how much I am going to spend each pay period on hard currency. If we need it, then I'll feel great because we had it when times were tough. If we never do, then great, my nephew will get it one day.
But, the more I see the market slide and watch our government print useless bills to pay debt, the more I think that this is going to be an important component of our security and supply.
Oh, I found this wonderful explanation of the credit crisis.
3 comments:
That was a pretty good video. Thanks.
okay... my main question about buying silver or gold is if the economy failed to the point that the dollar was worth nothing.. how would you cash in the silver? I mean would you spend it like coins or would there be dealers left to sell it to? or what? I have bought a few of the little troy ounce silver bars and have them stashed but I wouldn't know what to do with them if we didn't have ebay to trade on.
These silver coins wouldn't be traded in for any kind of currency, they would be the currency. you would take these to whatever market there was and buy what you needed with them.
During the collapse of the German economy, people had wheelbarrows full of deutchemarks to buy bread. If the dollar becomes worthless, nobody who has anything to sell will take anything but 'real money' which will be silver, gold, jewelry or trade goods (stuff you would sell).
Does that make sense?
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