Gold as a long term investment

[BudT]

Don't forget silver too.

Suppose chit hits the fan and our currency becomes worthless. Merchants will only take precious metals. You go to the store to buy a loaf of bread and let's say that because of the climate of the economy that loaf of bread is $20. How you going to pay with gold? With silver you can hand them an old worn out Washington quarter (or such) and be on your way.

Just my thoughts though. If you do invest in silver just buy worn coins that have no collector value. You'll be wanting them for the melt value only.

https://www.ngccoin.com/price-guide/...lt-values.aspx

Silver coin=constitutional currency. Real money just like any real gold or copper coins U.S. minted. Today's fiat currency is not only sorta worthless but in my opinion not even legal. Gold coin could be used for larger purchases silver and copper coin for smaller stuff. For instance 20 double eagles for that 10 acres of land in a situation.

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Depends on what the guy next doors wife looks like.

[BudT]

Whats a Indian garden? the 3 sisters? Having lived in southern Idaho you know water is a big deal it's a desert. Moving to a area that has more water would be good unless it's to much water ask Allen about that one. Garden without water ain't working garden with to much water ain't working. I garden here and do well enough for long enough and much better here than in the part of MT I used to live in to many hail storms and way to short a season. But great hunting and fishing, plenty of fire wood to with the bad forest management thats been going on for the last 50 years or so, lotsa dead trees to burn in the stove.

[BudT]

I don't know but the local coin dealers said there was a heck of a shortage of coins and many are still short. One dealer told me that the buy/sell premium was way off it's normal because of a shortage of product. I have been a coin collector most of my life and I do have a collection except for a quantity of gold. Until recent the only gold coin I had ever bought was back when it was 800 or so for a 1 ounce California Grizzly bear coin. Since that I never messed with the stuff and now have some urge to collect some U.S. gold coins in enough quantity to help in the future of the oldest daughter and her kids or maybe if they have some their kids. I don't sell coins and not a lot of other stuff either. I don't sell gifts either I don't feel it's right although I have re-gifted a few things over the years. Almost all the coins I have collected came out of the wild or were bought from a reputable dealer, I don't want "humped" stuff. We already garden and can and I have plenty of ammo, components guns and parts. And yes TP.

[BudT]

Even during the depression people made money but they had money, cash money and most of it was coin. Great grand parents, grand parents and mom as well as other members of my family taught me some very strict lessons. First one was "don't trust banks, 2 was don't trust banks and the next was don't trust the government they are all crooks. Silver and gold always had value and would buy things when paper wouldn't. I was told that a friend of my grand fathers bought a house for 50 gold double eagles in the depression, not a bad deal huh. A home paid for for 50 gold coins is a place to live.

[BudT]

Everything is at inflated prices today. Getting away from the large (500,000 and larger) cities is a good idea you have to weigh these things out and size isn't always the only measure to use. As far as getting dollar for dollar for it I'm of the mind that getting what you want or need is far more important.

[BudT]

Yes, maybe but there is also supposed to be a report of a certain amount of gold or silver sold by a dealer. I simply don't know of any that do that unless it's a heck of a lot of money changing hands 10,000.00 and over. I don't believe it is a set amount but based on what someone thinks is happening, sort of like in the banks.If they suspect something it can be a small amount of cash, I don't bank at a bank and haven't for years. Credit unions are probably under some of the same rules as banks but I do know they are not under all of the same rules. How many people do you know that reported on themselves on the amount they sold stuff for? I personally don't know of any even though it was required to and was considered income to a state or the feds. Dis I tell ya I don't trust banks LOL, and I really don't.

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Thanks for all the great ideas and info everyone. Maybe buy 10-20 or even 30 1 oz gold American coins to put away to pass on when I pass on. This was never intended to be a SHTF thing but it kind of went there to so hey it's all good.

[Johnny P]

Buy them because you like them.

[dryheat]

Liberty quarters were worn out when I was a kid(1957) but I always liked them. But I don't have that collector$ kind of gene. I did pick up coke bottles and turned them in for a whole .10 cents. Of course all those old folks who did collect silver coins never got to collect on them because the neighbor kids or their kids knew about them and bought candy with them.

[Allen]

Liberty quarters were worn out when I was a kid(1957) but I always liked them. But I don't have that collector$ kind of gene. I did pick up coke bottles and turned them in for a whole .10 cents. Of course all those old folks who did collect silver coins never got to collect on them because the neighbor kids or their kids knew about them and bought candy with them.

+1

The Liberty quarter was not a good design (structurally). The dates and fine detail wore off quickly. I too like them with the big eagle on the back but never saw a nice one in circulation.

If the old folks had known what was going to happen sooner after 1964 they would have hoarded more silver for the future generation like Bud is thinking of doing now with gold. What I remember about the 50's was we were in a recession and money was tight. Back then there was no unemployment compensation to fall back on that I know of and no welfare so people had to work and were constantly afraid of losing their jobs. Still, I feel most everyone has at least a few pre-1965 coins in their closets.

[BudT]

https://americanfoundingprinciples.com/constitutional-currency/

This is money as defined by the Constitution and this is the coin I have referred to. HTH

[Allen]

https://americanfoundingprinciples.c...onal-currency/

This is money as defined by the Constitution and this is the coin I have referred to. HTH

My only reservation about using gold for large purchases or for saving is that now days you will need documentation that your coins or bar bullion are real. You would want proof too and not just from a local coin dealer who could be mistaken himself.

I think when it comes to high dollar items like this that can easily be faked most assume it is.

[dryheat]

Yup. If you want to go back to the 1880's then you need to be up on the eighteen eighties.

[dogtag]

The old cash registers had a black marble shelf which was for testing gold and silver.
Silver had a distinctive ringing sound. Not sure how they tested gold
In the Robin Hood movie the Sheriff tested it with his teeth.

[Allen]

The old cash registers had a black marble shelf which was for testing gold and silver.
Silver had a distinctive ringing sound. Not sure how they tested gold
In the Robin Hood movie the Sheriff tested it with his teeth.

From what I see on Pawn Stars an acid test is done on gold. The problem with that is a hole has to be drilled to make sure the item isn't merely plated. Not everyone would be in favor of that or could do it. The same is done with silver but not needed with recognized worn coins.

[Johnny P]

A simple abrasive stone and acid are the easiest test for gold plated. Every pawn shop uses it, and take about 30 seconds for results.

The Russians became famous for faking gold coins, but they were making small denomination coins using real gold. The collector value of the coins far exceeded the actual gold content.