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Not cash in form of paper money or coins, but rather silver coins, preferrably 80% pure. These are sold by bags by main silver sellers such as Monex. The point
by joering2 8y ago
Not cash in form of paper money or coins, but rather silver coins, preferrably 80% pure. These are sold by bags by main silver sellers such as Monex.
The point being if economy goes to shit that beautiful $100 bill you can spend to feed your family with lobsters will be worth as much and only as much as the paper it was printed on (hint - close to zero). In such times we will revert back to hard currency - gold and coins. But don’t buy gold bullion - it will be hard to buy bread with a 15gr gold bullion bar and noone will care to give you change. Hence best are 80% silver bags as a form of daily purchasing power.
- germinalphrase 8y agoThe only scenario in which I can see my local grocery store accepting silver coins is in such a situation that my local grocery won’t continue to exist. I’m sure there are some $100 bills to be made by speculating on precious metals, but my local Kroger is never going to be cutting silver coins in half to make change.
- paulie_a 8y agoSilver is just as valuable as that piece of paper. It really has very little inherit value. Just because it's shiny doesn't make it truly valuable. gold is the same thing. Both have some limited manufacturering usages but at the end of the day they are shiny, similar to that very pretty piece of paper.
- turtlecloud 8y agosounds like the answer is bitcoin :) whatever we put our faith in has value, and I envision our future generation putting their faith behind BTC. Of course, the normies will prob use something else - prob another crypto backed by BTC.
- joering2 8y agoPlease no. I am talking about the times in which we go back to basics. You can't be able to freely travel, not to mention communicate, etc (this is the scenario OP draws as when the currency collapse); how can you think there will be sustainable high speed internet connecting miners to sustain a bitcoin blockchain.
- joering2 8y ago> Silver is just as valuable as that piece of paper. Honestly how can you say that? A piece of crude that comes from Earth (not government printer) that is in somewhat limited quantity, always kept its value, whether governments raised or fell. Here is a good read for you: http://www.mining.com/web/the-forgotten-history-and-potential-future-of-silver-as-money/ http://www.mining.com/web/the-forgotten-history-and-potentia...
- imtringued 8y agoThe absolute value is not what is important. These goods have a very useful property: their value remains stable. Even if silver or gold's real value is 1 cent per kilogram and therefore the price premium is something mind boggling like 1000:1 it still doesn't matter as long as this ratio remains the same over time. The reason why bitcoin and other crypto currencies are not usable as a substitute is because they have massive volatility.
- s73v3r_ 8y agoWhy would anyone be wanting silver coins for that bread?
- joering2 8y agobecause when government based fiat collapsed, we will go back to basic. Gold and silver is knows for thousands of years to be somewhat valuable assets, comparing to paper you carry in your wallet that only holds value when government says so. Unless you have other valuables, such as a nice watch or necklace silver in general will be a value you can exchange for first needs stuff such as bread, meat, water.
- s73v3r_ 8y agoBut why would I want silver coins in such a situation? I can't eat them, and I can't use them for any actual purpose.