Preparedness with gold and silver coins

Discussion in 'Financial Cents' started by melbo, Feb 28, 2006.


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  1. melbo

    melbo Hunter Gatherer Administrator Founding Member

    Today's fiat money system is in joint peril with other paper assets during the upcoming world wide depression. Unlike the last depression, our Federal Reserve paper money is backed by nothing but air, hot government air, redeemable in like units. And nearly as cheap as air to give to the body economic, Rubin and Greenspan (Plunge Protection Team) will work like crazy to inflate the bursting economic bubble with huge quantities of this air. I would expect the discount rate to drop to near 0% enticing us to borrow more, refinance again and to help them float the market and the world on the sinking U.S.S. Titanic. But eventually this ploy will become unworkable as we find ourselves mortgaged to the hilt and questioning our ability to repay. Mass bankruptcy will follow and the good faith and credit of the U.S.A. will look to be in real trouble to the rest of the world. There will be a flight to quality, dollars around the world will be sold at any price as they go through a confidence crisis. This is the reason that the next depression will eventually end up being inflationary and not deflationary.

    Article orginally found here: http://www.welfarestate.com/nwo/prepare.htm

    Money then is a commodity (pretty printed paper, cheap metal slugs, barter items, and/or precious metal coins) that you can use in trade for other commodities you would like. You choose each day what you will trade your labor or stuff for, to use as money. You are wealthy only if you own and control the means to sustain life for yourself and possess items that can be traded with others. Paper assets are about to be destroyed in the upcoming months during the stock market crash. These overvalued pieces of pretty paper will not feed or take care of you because nobody will be willing to trade anything worth while for them. These include Stocks, Bonds and any other debt based paper asset like Federal Reserve Notes and your bank account valued in Federal Reserve Notes. Additionally copper-clad coins will eventually be viewed for what they are - Slugs - imitations of the real thing. What then will be used as money?


    Four Characteristics Of Money
    1.It must be divisible.
    2.It must have high value in relation to its volume and weight.
    3.There must be recognizability.
    4.It must have transportability.

    Gold and silver coins satisfy all these requirements.


    How much and what kind of money should I own?
    To prepare for the coming depression please consider the following:


    Newer Coins
    You will want to have on hand a significant amount of newer pennies, nickels and copper-clad dimes and quarters. This is for when limits on bank withdraws begin and cash is scarce. You do not want to use your gold and silver coins then, they are to be used when things start leveling out and the economy restarts. Most people will not initially know the value of gold and silver. Therefore, use the copper-clads until the populace gets educated. If you are on a budget start by collecting a few hundred dollars face value. A wealthy individual could have thousands of dollars face value of copper-clad coins tucked away.


    Paper Money
    You will want to start by having enough paper cash money on hand to cover at least one month's personal expenses: mortgage payments, car and truck, taxes, utilities, household supplies, etc. If you are well enough off I would recommend that you have much more. According to the experts you must have cash on hand, not in the bank, to satisfy your obligations or you may be forced to forfeit your assets. Also, as the stock market crashes and banks suspend withdraws, you will be able for a short time to buy pennies on the dollar. Additionally, banking services will be non-existent and checks, credit cards, etc. will be useless. An assortment of $1, $5, $10 and $20 bills is recommended (it may be difficult to get change for larger bills). The amount you feel comfortable storing is up to you. Keep the cash where you can easily get your hands on it. You may not have access to your safety deposit box because of an extended bank holiday.


    The Transition Period Between Fiat Money To Real Money
    Eventually the liquidity crises during and after the bank limits will pass and paper dollars will be devalued (they become worthless), the federal government will begin taking over the failed banks, they will make good on the FDIC and FSLIC government bank guaranty and other government commitments by printing new larger denomination paper money. $500, $1,000, $5,000 and then $10,000 bills will be reissued by the federal reserve in huge quantities, and/or they will circulate a new type of currency. Copper-clad coins, and small bills will become worthless, unless you have wheel-barrels full of them. Run-away Inflation. This will be a hyper-inflationary period for people holding paper assets, paper money and copper-clad coins. When you get wind of the coming currency devaluation dump your paper and copper-clad money for anything of real value. This is the time to already have your silver, gold and any other items you will want and to barter with. Government-controlled rationing will be setup and the Black Market will be in operation.


    Silver Coin
    Now the importance of having gold and silver coin is evident after seeing the stock market crash scenario and the destruction of paper assets. The only money that is real is that which has intrinsic value. Currency like gold and silver money will be the only real store of money value. The wealthy individuals to emerge from the coming stock market crash and depression will be the ones who have preserved their wealth during the destruction of paper assets. Face it, After having a roof over your head, food to eat and clothes to wear, you will be wealthy only if you have things of real value to others and if you can turn that into opportunity for yourself. Barter any commodity that you can but the two commodities historically that always become real money and a reserve of value are gold and silver.
    You will want now to buy as much silver as you can, while the rest of the world is chasing after paper assets. Today, silver is a good value compared to how it will appreciate. Although you will want to acquire gold, silver is better suited for small exchanges and will be used more for the day to day purchases. Get plenty of Junk Silver, pre-1964 dimes, quarters and half dollars by the bag ($1000. face value), 1/2 bag or smaller amounts. You are basically getting old U.S. silver coins that have been picked through to remove the rare pieces. The price is currently about 5 times the face value. Old silver dollars are much more expensive costing about 10.00 per dollar. Your best value for silver dollars is to get newly-minted US silver dollars, the US mint has been minting new silver dollars since 1986 and they are about $10.00 each and contain 1 troy ounce of 99.9% silver, This is a much larger amount of silver than what is in old silver dollars .714 troy oz..

    All these coins are a specific amount of silver recognized by the whole world as to their size and weight. U.S. coins are better than other coins or bullion because of their recognizability, so don't get anything but U.S. gold and silver coins.


    Gold Coin
    1/10 oz. gold coins should be used for barter on small items but larger than that for which you would barter for with your silver. 1 oz. coins are for the storage of the remainder of your wealth. The best value in U.S. gold coins are the ones being minted by the U.S. Government. US gold coins are currently minted, ranging from about $40.00 for the 1/10 oz. coins to about $305.00 for the 1 oz. coins. There are also 1/4 oz. and 1/2 oz. coins but I prefer either the 1/10 oz. or the 1 oz. coins. The 1/4 oz. coins are improperly valued at $10 and should be $12.50 because of their weight and the 1/2 coin is not a good value because of its increased commission. The 1/10 oz. coin is valued at $5.00 and would be an easy way to buy something worth a fraction less than 1 oz. of gold. The 1 oz. coin is the best way to store large quantities of gold and is the most cost effective method. Each coin contains the stated amount of pure gold in troy ounces plus a small amount of hardening metal to strengthen the coin, each coin weighs slightly more than its stated value.

    After socking away new copper-clad coins, paper money and silver coin, you will want to buy with the balance of your money as much gold coin as possible. You will preserve your wealth through the coming paper asset destruction and will emerge as a rich individual.


    My Advice.
    If you are financially able to put up gold and silver, you should have different types of gold and silver holdings. I would suggest starting your holdings with Junk Silver and newer US gold eagles then progress to silver and gold bullion coins. Silver and Gold besides being the historical standard for money are also barter commodities. You will want to have the right types of silver or gold coin to transact business. And depending on the situation and who you are working with will depend which silver or gold coin you will use. Some people familiarize with the old Junk Silver coins and would rather trade for them than for bullion coins. Some people will see your US gold eagles and feel secure that they can count on that coin to be what it says it is and will be more willing to make a trade with you.

    During shortages and government controlled rationing a store keeper may have a limited supply of a desperately needed item like medicine that he can only sell at the government set price. Who will get this item? The person next to you with a 50 dollar bill of questionable value or will you with a 50 dollar gold piece that satisfies the government set price for the store keeper and at the same time the store keeper recognizes that your coin has a much higher intrinsic value. Of course you will get the medicine. But if you only had a bullion coin or a coin from another country you may not.

    Bullion coins are more affordable and after getting Junk Silver and newer US gold eagles I would put up plenty of bullion coins, if you have the means to do so. The bullion coins will preserve your wealth through to the other side of the collapse of paper assets and you will have the means to get going financially. Old Junk Silver coins are usually for dealing with the natives for small transactions during and after the upcoming paper asset collapse. Deciding what to store all depends on your situation, will you have the desired money medium for the opportunity you are pursuing? I suggest you get all of these types of silver and gold coins, the amount of each you get is up to you, but have a least a little of each type.

    You only want enough cash on hand to sustain yourself in the event of bank withdraw limitations, and until world wide dollar confidence crashes and the world dumps dollars on the market in a race to get any value they can from it. Other than a pile of small bills to see you through a crisis, cash is a bad thing to hold because of possible hyper-inflation and the fact that it is backed by practically nothing. Obviously the bulk of your investment money placed in a good fund tied to the performance of the stock market is the best place to be right now. But I predict the stock market is going to make a major 50% plus correction starting late this summer, mostly because of deteriorating world economic structures. If you are a savvy investor then stay in high yielding funds until the beginning of the next crash, but be sure you get out at least a day before the bulls run for the doors. This will not be a temporary dip like the one last year was. Remember, Gold and Silver are your wealth preservation instruments and will save your wealth through the coming paper asset destruction. Get gold and silver now while it is cheap, I believe you will not see prices this low later on.


    Forces which cause gold and silver to rise in value.
    Bank Failures
    Rising inflation or the expectation of rising inflation
    Devaluation of the dollar
    Other currency-related crises
    Increased Industrial and Investment demand for gold
    Price increase in other commodities
    Stock and bond market collapse
    A New World War
    International tensions

    Gold serves as an increased hedge, though volatile in the short-term, against the erosion of the purchasing power of paper money. This is why you want to hold your portable gold coins for 3 -7 years on the average. However, if a deal or situation presents itself that is extremely advantageous such as gold appreciating in value to quadruple or more what you paid for it--consider selling.

    Just before the peak of another depression, gold, it is estimated to possibly go to $3000 - $6000 an ounce. And if the president bans gold altogether; then places the U.S. back on the Gold Standard--it is felt he will in many of the bearish financial newsletters, gold will go to $50,000 an ounce! The appreciation in gold is held by numerous other bearish financial advisors.

    As for Silver, its "price is closely connected to the same factors related to the value of gold. However, because of the low supply of available silver, it may become as valuable as Gold.


    Why is now a good time to buy gold and silver?
    Why is Gold currently so low? Because, central banks have secretly been, for over ten years, lending their hoards of gold into the market to investors. Much of the gold said to be in vaults around the world has been leased out to earn interest. Investors lease the gold from the vaults and then turn around and sell the gold to the market, gambling that gold with drop even further. And, with gold going down, they buy it back at a lower price. Then, the investors replace the gold they sold with cheaper gold and make a huge profit.

    What this all does is drive the price of gold further down as the central banks lease increasing amounts of it out, flooding the market with supply. They are not dumb! They know what they are doing: causing gold to drop in value and price before the big gold panic in late 1999 and they can make a killing too. They will soak up all the available gold as investors try to replace their leased gold. They will then be sitting upon the entire market available hoard of gold that has run way up in value.

    Now, here's the difficulty: The amount of gold leased into the market is the highest it has ever been in history! What does this mean? Simply, the worlds central bankers know that a gold panic is imminent. It will be impossible for all of the gold loans to be replaced. Leasers of gold will panic to find gold to fulfill their contracts, the shrinking supply caused by everyone paying off their gold lease contracts will cause the price of gold to skyrocket. There will be a full-blown gold panic. And what does a gold panic mean; it means that world currencies may devalue even more as gold skyrockets in price--that's what it means. Because there'll be a rush to gold.
    Silver has also gone through a similar investment scheme as gold and will certainly skyrocket in value along side gold.
    You have three things working to drive the price of gold up:

    1.Increasing Gold Lease Contracts
    2.Increasing Consumer Demand
    3.Gold Investors Needing Gold


    IMF
    "By the IMF's [International Monetary Fund] own documentation, the international banking community is trying to create a new global currency that will be backed by gold valued at between $3,000 to $5,000 per ounce."
    --The Economic Outlook; Vol. 7. #1. January 1998.


    Deflation
    "To avoid outright economic collapse-Asian governments are devaluing currencies. Currency devaluation is a hidden form of hyper-inflation--the last desperate act before outright economic collapse. How do you protect yourself from currency devaluation? Gold & Silver."

    --The Economic Outlook; Vol. 7. #1. January 1998.
     
  2. prepareordie

    prepareordie Monkey+++

    Skeptical about Gold and Silver for Preparedness

    Melbo - was that article you sited written by someone selling gold and silver? It sure sounds like it to me.

    First I think their definition of money is off.

    What Is Money? from Investopedia
    "Before the development of a medium of exchange, people would barter to obtain the goods and services they needed. This is basically how it worked: two individuals each possessing a commodity the other wanted or needed would enter into an agreement to trade their goods.

    This early form of barter, however, does not provide the transferability and divisibility that makes trading efficient. For instance, if you have cows but need bananas, you must find someone who not only has bananas but also the desire for meat. What if you find someone who has the need for meat but no bananas and can only offer you bunnies? To get your meat, he or she must find someone who has bananas and wants bunnies ...

    The lack of transferability of bartering for goods, as you can see, is tiring, confusing and inefficient. But that is not where the problems end: even if you find someone with whom to trade meat for bananas, you may not think a bunch of them is worth a whole cow. You would then have to devise a way to divide your cow (a messy business) and determine how many bananas you are willing to take for certain parts of your cow.

    To solve these problems came commodity money, which is a kind of currency based on the value of an underlying commodity. Colonialists, for example, used beaver pelts and dried corn as currency for transactions. These kinds of commodities were chosen for a number of reasons. They were widely desired and therefore valuable, but they were also durable, portable and easily stored.

    Another example of commodity money is the U.S. currency before 1971, which was backed by gold. Foreign governments were able to take their U.S. currency and exchange it for gold with the U.S. Federal Reserve. If we think about this relationship between money and gold, we can gain some insight into how money gains its value: like the beaver pelts and dried corn, gold is valuable purely because people want it.

    It is not necessarily useful - after all, you can't eat it, and it won't keep you warm at night, but the majority of people think it is beautiful, and they know others think it is beautiful. Gold is something you can safely believe is valuable. Before 1971, gold therefore served as a physical token of what is valuable based on people's perception.

    Impressions Create Everything
    The second type of money is fiat money, which does away with the need to represent a physical commodity and takes on its worth the same way gold did: by means of people's perception and faith. Fiat money was introduced because gold is a scarce resource and economies growing quickly couldn't always mine enough gold to back their money requirement. For a booming economy, the need for gold to give money value is extremely inefficient, especially when, as we already established, value is really created through people's perception.

    Fiat money, then becomes the token of people's apprehension of worth - the basis for why money is created. An economy that is growing is apparently doing a good job of producing other things that are valuable to itself and to other economies. Generally, the stronger the economy, the stronger its money will be perceived (and sought after) and vice versa. But, remember, this perception, although abstract, must somehow be backed by how well the economy can produce concrete things and services that people want.

    That is why simply printing new money will not create wealth for a country. Money is created by a kind of a perpetual interaction between concrete things, our intangible desire for them, and our abstract faith in what has value: money is valuable because we want it, but we want it only because it can get us a desired product or service." End of Article

    So "money" is nothing more than a medium of exchange. Even as I write this the medium of exchange is changing from one of paper notes to electronic bits or credits. Is there anything wrong with that? I say no - its just evolution of an idea or concept. During the fur trade era the Hudson's bay company handed out copper or brass tokens in exchange for hides. There was no official money to be had in these areas. Each token had the worth of what one hide could buy at any Hudson's Bay trading post. These tokens had no commodity value but a future value. Also long as HBC stood to their end of the deal it lasted. And it did until government money became plentiful in these areas. The official money replaced the token not because it had more value because it was more universally accepted. The tokens were only good at the posts.

    So the medium does not have to have value in an of itself to used to as an exchange. It does not have to be a commodity itself. There is nothing wrong with fiat money. There is no difference in it and gold/silver from a medium of exchange standpoint. Both have value only because people perceive them to have value.


    So lets say this "upcoming world wide depression" ( I assume upcoming means more than the 7-8 years that this article was written) does finally come about. What evidence do you have that gold and silver will retain any value. Why? Because it had perceived value in the past? If its just a world wide depression then there won't be enough gold and silver to go around so I don't think it will be a good medium of exchange. Its too heavy. Also there is the problem with purity. How will I know yours is real. How will I store it and keep it safe. And who will determine what it is worth. And why would I exchange my bread for your gold/silver - I can't eat it. Even in the last depression the medium of exchange was paper notes.

    So I don't believe buying up gold and silver is a good way to prepare for anything. Especially now with prices so high. I think the money people are exchanging for it can be better exchanged for other things.

    Last thing - if gold/silver is going to go up so high in the future why are some many people selling it now?

    So what am I missing?

    Regards, prepareordie
     
  3. melbo

    melbo Hunter Gatherer Administrator Founding Member

    http://www.welfarestate.com/nwo/prepare.htm

    Everyone has their own opinions on Ag/Au
    I am a believer in PMs and will continue to trade my paper for them. I made some pretty decent $$ the past 24 hours.

    I find the greatest resistance to PMs from those that have none. Even your most Conservative Financial planner will recomend 10% of your Portfolio in PM. Why, as a hedge. If they recomend 10% as a hedge, I'm a bit more into preparing a hedge than the average shmo. I look at more like 50%

    I buy Silver for more reasons than a total collapse.

    But, in SHTF, Mabe I don't need your Bread or Shoes right now, but you need my Bear Grease. How will we keep track of the 'OU? Money. You can try to give me a bead or a shiny piece of bone but I'll prolly give my Lard to the guy who has a piece of silver over that. Money is merely a battery for an amount of labor.

    I also do not expect any longterm Collapse to knock us back to the Dark ages forever. We will see 2-3 yrs of bad times and then start to rebuild. I'll be one silver and gold collecting dude during that time. I have more than I need to stay alive and am also stockpiling things that you may need. Water Filters, Seeds, etc.

    When the Sun finally comes back out. I want to be a little ahead of where I was before
     
  4. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    Well said. The medium does NOT need to be metal. In the fur trade era, "stuff" was traded based on plews, or beaver pelts, which generally had a value approximately constant over years. We have hashed this from a number of angles here in monkeyville, and the general consensus is that pm has little value during TEOTWAKI, but surely must during recovery from the bad times
     
  5. TnAndy

    TnAndy Senior Member Founding Member

    "So "money" is nothing more than a medium of exchange. "


    Nope....that only meets one of the definitions.....another quality money MUST possess is a "store of value".
    The above author states that paper money was valued in the last depression.....and misses the point you could take a dollar to the Treasury and get a dollar's worth of silver......

    Take any fiat money not redeemable for gold or silver and see what happens to it. It looses value over time....thus is NOT a store of value. You can not keep it long term without losing.

    The FRN has lost 90+%of it's worth since inception in 1913.....and currently losing 4-8% per year depending on whose yardstick you use to measure.

    The federal "greenback" of the War of Northern Agression days did the same.

    The Continential dollar, an unbacked fiat, was not "worth a Continential" in the end.

    The German Riechmark of the 20's went to nothing.....

    The Iraqi Dinar isn't worth toliet paper these days....

    The French Assignat of the late 18th century was inflated away to nothing.

    Politicians/bankers simply CAN NOT resist the temptation to print their way to good times....THAT is why fiat must be irrevokably tied to a commodity that is relatively rare and cannot be created out of thin air.


    Bottom line: this guy is a shill for the fiat creators.
     
  6. melbo

    melbo Hunter Gatherer Administrator Founding Member

    Good point Andy in that we were still on the GOLD standard during the Depression...

    I think somewhere in our Constitution it mentions that it was to be bad juju to get away from the Gold standard. Gold/Silver was the store of wealth as each certifivcate was just that, a certificate for an oz of either
     
  7. prepareordie

    prepareordie Monkey+++

    TnAndy - I think we are saying the same thing.... possessing a "store of value" is implied in the definition of "medium of exchange". Are you saying the only thing that can store value is a commodity?

    yes fiat paper notes can loose value over time if there is inflation. But so does gold and silver. Neither has been a good hedge against inflation and have lost value over time. And all those currencies you sited did not loose value because that were not back by gold they lost value because of the systems supporting them failed. There was no faith in the systems.

    So who ever controls the commodity controls the world? I am sure about one thing pegging your fiat to a commodity that is relatively rare and cannot be created out of thin air is the quickest way to slow or stall GDP in any economy.

    I am not sure you are talking about me or Investopedia. But neither are. I am just trying to understand different peoples opinions about things.

    Only time will decide the outcome of this discussion. Lets talk again in 20 years.

    Regards, prepareordie
     
  8. Infidel

    Infidel Guest

    http://en.wikipedia.org/wiki/Medium_of_exchange
     
  9. Bear

    Bear Monkey+++ Site Supporter+++ Founding Member Iron Monkey

    "Bear grease" ?????????????...... That's worth way more than silly silver or gold Melbo...... [winkthumb]

    Ummm.... but only if you already have your "stash" of silver and gold..... [raspberry]

    Good thread.... Paper... I.O.U.'s.... Verbal promises... not worth much IMHO.... in some cases... even when times are good....

    This shiney stuff... "my precious".... is just part of the everyday "living well" planning that you should be DOING ALL THE TIME.... instead of just talking about it..... (I secretly think most people don't ever do anything with the excuse that prepping is for hard core, silly, survivalists... when in reality they are missing the fact that most of this stuff is just up to date, prudent investing in today's times).... even when things are good it will only make it better to say "it's getting done!".... or better yet.... that "its mostly done!".... the rest is all gravy.... and then the fun really starts..... IMHO.... :D

    But... never mind.... Party on!.... [touchdown] [touchdown] [touchdown]


    Oh yeah.... the only time its actually "done".... is when you're dead [LMAO]
     
  10. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    True. And one of the things that stood in the way of getting out of the depression was the inability of the existing M1 to expand. With certificates backed by metal, there was no way to expand the economy, simply because promissory notes could not be redeemed in metal, there just wasn't enough hard stuff to fullfill the demand for credit. Credit drives the economy today (as it did during the recovery) for the right or the wrong of it. What is grinding me now is that the amount of fiat certificates being printed is being held close. Knowing what it is allows predictions of the amount and rate inflation. Without it, there is no way to tell. To the extent that printed certificates of a medium of exchange goes, unless the rate of inflation is pretty well tied down, the value in trade can fluctuate invisibly (unless there are other measures that I don't know) If the certificates were backed by metal (or for that matter, lamb thigh bones) the value would be fixed, even if the value in trade varies. Whether thigh bones or gold, the rate of production is known. That last is critically important to realize. There is really only one thing that is no longer in production, that being land, and any one with the eyes to see the real estate ads sees the increase in value there, again a matter of supply and demand. The supply is totally inelastic, thus the demand rules the value independently. See my sig line. [gone]
     
  11. sunny_popali

    sunny_popali Monkey++

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  12. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    Coming soon: Digital Credits....just like in Buck Rogers (w/Erin Grey)
     
  13. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    Hm. A slight whiff of frying mixed meats --. That is a link I think I won't clik.
     
  14. Jonas Parker

    Jonas Parker Hooligan

    For all of you watching the plunge in gold and silver prices in the last two days, I only have one thing to say: BUY! "Helicopter Ben" can't keep manipulating the markets forever...
     
  15. franks71vw

    franks71vw Monkey+++

    Yeah I was seeing how it keeps dropping just wondering but what to buy!!! I was looking at the silver eagles but they are at 80 bucks for a coin wtf is that what else can i get?
     
  16. Jonas Parker

    Jonas Parker Hooligan

    Go to your local coin store and ask! All US dimes, quarters, half-dollars and silver dollars minted in 1964 or before are 90% Silver. "War nickels" minted from 1942 through 1945 contain 35% silver. Even silver eagles should be selling for about $20.00 or less.

    If you PM me with your e-mail address, I'll send you a couple of Excel spreadsheets as attachments that will show the melt value of each coin at current spot prices and the amount of silver each coin contains.
     
  17. misty

    misty Monkey+++

    When it comes down to it something is only worth what someone else will give you for it. We invest in supplies for the farm here, items to keep the family comfortable in times of hardship and things to make this place safer.


    This is what bothers me the most:
    http://users.rcn.com/mgfree/Economics/goldHistory.html The government will not hesitate to confiscate what they want. I am very distrustful of our government. Paranoid maybe but then 20 years ago I would never have imagined the state of affairs we are in today was even possible. Just my opinions and fears.
     
  18. Jonas Parker

    Jonas Parker Hooligan

    Misty, in 1933 when gold was confiscated, many folks who had gold coins kept them in bank safe-deposit boxes. Once FDR declared the confiscation, you couldn't get into your safe-deposit box without a Federal Agent standing there watching. Remember also, that coinage (othre than pennies and nickels) was still 90% Silver through 1964.

    Folks back in the 30's trusted the government much more than they do now. I doubt that if gold and/or silver coin confiscation was announced today there would be much compliance at all. Or, "cheat me once, shame on you - cheat me twice, shame on me!"
     
  19. nightshade7206

    nightshade7206 Monkey+++

    Thanks for all the info and opinions. So does this mean I should cash out my kids college funds and re-invest them into silver and gold?
     
  20. man2008

    man2008 Monkey++

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