Glenn, I have to admit I don't understand all this financial stuff... mainly, how buying gold and silver will help us if the U.S. dollar collapses. If I bought a lot of silver, will I use the silver to pay my rent? To buy a loaf of bread? As I said, I just don't understand how to put it to use if our American money becomes useless.
Randy, I strongly suggest that you do research on this. It's a very important subject. Gold and silver is a means of preserving your wealth, while the dollar loses value every month. It's hard to know what is going to happen in the short term, but you definitely should prepare with plenty of food and other "prepper" stuff. You will want to have some things to barter with, but we will get through the crash. So what will you have left on the other side? If you only own dollars (401K, stocks, pension, treasuries) you will have lost a tremendous amount of wealth. If, however, you own gold and silver, most likely you will have preserved your wealth, and you probably will see it rise. There is no doubt that it is going to be a very painful period, but you don't want to lose everything. I suggest that you go to YouTube and listen to Peter Schiff, Mike Maloney and Alasdair Macleod.
Just what I want in an EOTW crisis is to have my bullion stored in Singapore or Switzerland. If the U.S. economy crashes, the rest of the world will go down with it. Unfortunately, we are the 800 pound gorilla in the world.
Hi Chuck. I don't believe this will be the EOTW crisis. Yes, the crash will be worldwide, but many countries will come out of this doing fine. The US will be hurt the worst because we are the reserve currency of the world, which is the only reason we are the 800 pound gorilla. I believe that foreign countries are going to stop taking the dollar and will dump it, which will contribute to hyperinflation and massive loss of purchasing power. The other countries, especially emerging markets, which have been held down by our debt load will be freed from our debt, and will do much better than we will. The USA will suffer the most, and on top of that, our country is turning Marxist. Even if the Marxists don't get in this election, the trend is clear. The US government may become very aggressive in seizing people's assets, and if this happens, I don't want my assets in the USA.
Glenn: What makes you think you will be able to expatriate them back to the U.S,? Deposited electronically to your bank account if over $5,000 is automatically flagged to the Treasury Department. Repeated amounts that look like they are designed to circumvent the $5,000 reporting trigger not only are also reportable but are a federal felony. Just had a lady sentenced locally for that very same offense. Don't know if she was actually guilty or not but she pled guilty in return for a plea deal. There is a difference. Sometimes people plead guilty when they really are not but cannot afford even the public defender. You don't get a free ride form the public defender if you have any assets. They take them just like a regular lawyer in return for representation.
If you are going to buy sterling grade silver, you are better off, in my opinion, buying regular quantities of about $2,000 in cash and taking delivery of it and stashing it at home or in a storage facility or worst case, burying it in your backyard. I wouldn't use a bank safety deposit box because they can be opened by court order or warrant. Search warrants are easier to obtain than gift cards at Starbucks or Target.
In addition to this. When the pandemic started, my bank quit letting people in for awhile. Now you can only get in the lobby to the safe deposit box by appt. What happens when you call a gold storage facility and no one answers? That is the problem I have with precious metal IRAs. I don't know if they really have the gold, or if someone could steal it. What happens when I call and nobody answers because they have gone out of business
Well, I think a combination of methods are good. If you want to store it in your backyard, that's fine. I like Goldmoney because you can transfer any amount that you want at any time. Plus, if you ever feel that you want to get out of dodge, you can leave the country without carrying pounds and pounds of silver with you.
Glenn, I have to admit I don't understand all this financial stuff... mainly, how buying gold and silver will help us if the U.S. dollar collapses. If I bought a lot of silver, will I use the silver to pay my rent? To buy a loaf of bread? As I said, I just don't understand how to put it to use if our American money becomes useless.
Randy, I strongly suggest that you do research on this. It's a very important subject. Gold and silver is a means of preserving your wealth, while the dollar loses value every month. It's hard to know what is going to happen in the short term, but you definitely should prepare with plenty of food and other "prepper" stuff. You will want to have some things to barter with, but we will get through the crash. So what will you have left on the other side? If you only own dollars (401K, stocks, pension, treasuries) you will have lost a tremendous amount of wealth. If, however, you own gold and silver, most likely you will have preserved your wealth, and you probably will see it rise. There is no doubt that it is going to be a very painful period, but you don't want to lose everything. I suggest that you go to YouTube and listen to Peter Schiff, Mike Maloney and Alasdair Macleod.
Glenn, thank you for your reply. I now better understand the purpose of investing in gold and silver in these troubling times.
Just what I want in an EOTW crisis is to have my bullion stored in Singapore or Switzerland. If the U.S. economy crashes, the rest of the world will go down with it. Unfortunately, we are the 800 pound gorilla in the world.
Hi Chuck. I don't believe this will be the EOTW crisis. Yes, the crash will be worldwide, but many countries will come out of this doing fine. The US will be hurt the worst because we are the reserve currency of the world, which is the only reason we are the 800 pound gorilla. I believe that foreign countries are going to stop taking the dollar and will dump it, which will contribute to hyperinflation and massive loss of purchasing power. The other countries, especially emerging markets, which have been held down by our debt load will be freed from our debt, and will do much better than we will. The USA will suffer the most, and on top of that, our country is turning Marxist. Even if the Marxists don't get in this election, the trend is clear. The US government may become very aggressive in seizing people's assets, and if this happens, I don't want my assets in the USA.
Glenn: What makes you think you will be able to expatriate them back to the U.S,? Deposited electronically to your bank account if over $5,000 is automatically flagged to the Treasury Department. Repeated amounts that look like they are designed to circumvent the $5,000 reporting trigger not only are also reportable but are a federal felony. Just had a lady sentenced locally for that very same offense. Don't know if she was actually guilty or not but she pled guilty in return for a plea deal. There is a difference. Sometimes people plead guilty when they really are not but cannot afford even the public defender. You don't get a free ride form the public defender if you have any assets. They take them just like a regular lawyer in return for representation.
If you are going to buy sterling grade silver, you are better off, in my opinion, buying regular quantities of about $2,000 in cash and taking delivery of it and stashing it at home or in a storage facility or worst case, burying it in your backyard. I wouldn't use a bank safety deposit box because they can be opened by court order or warrant. Search warrants are easier to obtain than gift cards at Starbucks or Target.
In addition to this. When the pandemic started, my bank quit letting people in for awhile. Now you can only get in the lobby to the safe deposit box by appt. What happens when you call a gold storage facility and no one answers? That is the problem I have with precious metal IRAs. I don't know if they really have the gold, or if someone could steal it. What happens when I call and nobody answers because they have gone out of business
Yes, owning physical gold or silver is better.
Well, I think a combination of methods are good. If you want to store it in your backyard, that's fine. I like Goldmoney because you can transfer any amount that you want at any time. Plus, if you ever feel that you want to get out of dodge, you can leave the country without carrying pounds and pounds of silver with you.