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Replies to Msg. #1248903
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 Msg. #  Subject Posted by    Board    Date   
57133 Re: Let's talk about GOLD or other precious metals
   [b] At today's prices, if I had a $2,500 krugerrand, I'm sure I could... 		nacl01   6TH POPE   24 Aug 2024
 4:49 PM
57103 Re: Let's talk about GOLD or other precious metals
   Decomposed > Silver dollars represent about $30 of value. If you're tr... 		Zimbler0   6TH POPE   24 Aug 2024
 3:00 AM

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Re: Let's talk about GOLD or other precious metals

By: De_Composed in 6TH POPE
Fri, 23 Aug 24 4:31 PM
Msg. 57069 of 60008
(This msg. is a reply to 57065 by De_Composed)
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micro:

Re: “Ya go to a store and give them a gold piece and are they going to have change for ya?” This question also warrants a response.

You're right. Gold coins probably won't be as helpful for making day-to-day purchases as, say, silver. And if it's a silver dollar, you may still have a problem. Silver dollars represent about $30 of value. If you're trying to buy a dozen eggs, a silver dollar won't be too convenient.

I have some sterling silverware for this reason. A typical sterling spoon represents about $10 of value. For anyone with a scale, sterling silverware should be easier to spend than coins. Perhaps instead of a dozen eggs, I'd have to buy FOUR dozen eggs. That wouldn't be the end of the world (pun intended!)

The exception is old dimes. They're just about perfect. A pre-1965 dime contains 2.25 grams of silver. At today's spot price for silver, its inherent worth is about $2.13 - just about right for a dozen eggs if eggs remain plentiful.

I sure wish I had some. Tulving used to sell sacks of "junk dimes" and it seemed as if nobody wanted them. Relative to every other coin Tulving sold, dimes were really cheap. I was dumb though, not realizing that they'd be about the best type of PM to have in the scenarios I find most likely. I was probably thinking about the difficulty of selling them back. At today's prices, if I had a $2,500 krugerrand, I'm sure I could find a buyer who would give me almost that much for it. But if I had $2,500 in 1960-something dimes, I might struggle to get much more than their face value for them - about $119. That would really suck!

Again, PM is mostly for after a crisis, not during or before. During the crisis, you might wish you instead had a garden, some sacks of rice or some cans of coffee. Those would provide more direct assistance to you and your family and could be helpful in a black market situation where you need to barter.

Finally, I'll note that there are some TEOTWAWKI situations in which mankind gets knocked back to the stone age. Recovery wouldn't come for generations if at all. If that happens, gold and silver will truly have no value as there would be no "after the crisis" to look forward to. But there's no point in worrying about that. If humanity ever gets hammered that way, I doubt very much that I'll be alive long enough to worry about my silverware, my ammunition or my dining room oxen. That's probably true for you too.