Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
I'm a proponent of "junk" silver. This is basically pre-1965 US coins. They're not 100% silver but they have several advantages.
Problem with gold in general and silver bars in particular is they're too valuable for common exchange and they're also not something that most people are going to want unless they have the means to verify that they're not counterfeit. Great for storing wealth, but that doesn't help you to buy food, fuel, or exchange for other things. Gold eagles are the most likely to be recognized and accepted, but it won't be long in SHTF before those are counterfeited.
Everyone recognizes US currency, and the pre-65 cutoff and the different feel and appearance of the silver coins makes them pretty usable for exchange.
Best thing is you can get into it with very little investment. Can even buy a bag of coins on ebay if you don't have local coin shops.
I don't know if I'd got with junk silver for 100% of my stash, but it's a great start and likely will be one of the first things you liquidate in a pinch. Just make sure your family knows what they are and don't end up spending it at face value in the meantime.
A one oz silver round is only worth $20- $25. Not at all too valuable for everyday use. They can be cut in half or quarters if needed as well. 1/2 oz rounds are readily available too. Gold is another story, and is the exact reason I'm mostly silver.