by OldGuy » 21 Nov 2017, 05:27
Precious metals, particularly Gold and Silver, have a long history as currency that has never been matched with any other kind of world currency. Paper and coin money printed or minted by any government or central bank is all called fiat currency. The only value is based on trust in the government behind that currency. If there is indeed a major economic crash, that currency may very well be completely worthless in an instant.
Crypto currency is relatively new and does not have a long and reliable history. Any electronic currency is subject to electronic crashes, hackers, cyber theft and who can really know what else. It currently seems to offer a significant investment potential, but it may very well crash with any number of world economic problems, including being declared illegal in some countries or even seized if a government deems it a threat to the economy.
Gold and silver should never be considered an investment, but rather, purchasing and holding precious metals is more of an insurance against any other major economic disaster. If you buy any, it should be stashed in a safe place where only you know where it is and how to access it. Someone with a metal detector can find it if you just bury it. Your hiding place has to be safer than just parked in some hole underground. If possible, find someplace safe that is not even in your own home. Do not put it in a bank safety deposit box. If there is a bank closure, you would not be able to access it when you really need it.
Never tell anyone you know you have any of it at all. It is an insurance against an economic crash, and if there is such a crash, even your best friends and family could be tempted to steal it from you. (I showed a friend one coin and was later robbed of all I had at that time. I mean it. Never tell anyone that you have any of it.)
No matter where you put your savings it is all at risk. Invest wisely for profit. Protect your assets with some insurance. Never put everything in one basket. Diversify according to your ability and hope we never have the big crash so many are predicting. No one can really know what will be worthless tomorrow.
At least buy some gold or silver to hold as insurance but probably not more than 5% of your total net worth. Do not buy gold or silver stock, but buy the actual metal you can hold. The stock can vanish along with the rest of the stock market in an economic crash.
Precious metals, particularly Gold and Silver, have a long history as currency that has never been matched with any other kind of world currency. Paper and coin money printed or minted by any government or central bank is all called fiat currency. The only value is based on trust in the government behind that currency. If there is indeed a major economic crash, that currency may very well be completely worthless in an instant.
Crypto currency is relatively new and does not have a long and reliable history. Any electronic currency is subject to electronic crashes, hackers, cyber theft and who can really know what else. It currently seems to offer a significant investment potential, but it may very well crash with any number of world economic problems, including being declared illegal in some countries or even seized if a government deems it a threat to the economy.
Gold and silver should never be considered an investment, but rather, purchasing and holding precious metals is more of an insurance against any other major economic disaster. If you buy any, it should be stashed in a safe place where only you know where it is and how to access it. Someone with a metal detector can find it if you just bury it. Your hiding place has to be safer than just parked in some hole underground. If possible, find someplace safe that is not even in your own home. Do not put it in a bank safety deposit box. If there is a bank closure, you would not be able to access it when you really need it.
Never tell anyone you know you have any of it at all. It is an insurance against an economic crash, and if there is such a crash, even your best friends and family could be tempted to steal it from you. (I showed a friend one coin and was later robbed of all I had at that time. I mean it. Never tell anyone that you have any of it.)
No matter where you put your savings it is all at risk. Invest wisely for profit. Protect your assets with some insurance. Never put everything in one basket. Diversify according to your ability and hope we never have the big crash so many are predicting. No one can really know what will be worthless tomorrow.
At least buy some gold or silver to hold as insurance but probably not more than 5% of your total net worth. Do not buy gold or silver stock, but buy the actual metal you can hold. The stock can vanish along with the rest of the stock market in an economic crash.
Last edited by
OldGuy on 21 Nov 2017, 05:40, edited 1 time in total.
