A discussion on wealth preservation: gold, foreign currency...

No, I have no gold, no silver either. But, ALL companies keep records of these transactions/purchases. Hell, they're probably available electronically since all companies use computers these days.

"When the dollar is dumped by everyone gold and silver will skyrocket in price. Gold will not be a medium for trade it will pretty much only be used for transfer of wealth, to transfer land and other large purchases. Using gold for everyday purchase will just signal to everyone you have a lot wealth."

I totally agree on all three points which is why gold is necessary long-term. I am concerned with Wealth Preservation and ensuring it is there when things stabilizes. I am not concerned with it on a day-to-day basis as food, ammo, and medical supplies etc. would be the currency of the day until some sort of normalcy. And, normalcy will occur, history has shown this and people will want and move toward it. The trick is staying alive until that happens and having something to build your future with when it happens so - one needs to preserve their wealth in a form of hard currency otherwise all one has is a bunch of paper which will devalue to the point toilet paper.

For what it is worth, I've been looking outside of the box and it's crazy but I am going to throw it out here and take my blows... Russia. Banks are stable and it is not USA friendly and does not allow them to look into customer accounts. It sells and stores gold. It's currency is currently in the toilet due to sanctions and oil prices (which I think are connected) while the dollar is high. It's economy is pretty much based on minerals, timber, oil and gas and its gas is a necessary commodity for Europe. It is not a big trading partner with the USA so they probably will not get slammed as hard as some countries. I know, crazy... I am going to look into it further...

One last thing, I was in Central Asia in 2008 when the financial crisis hit... That entire region to include Russia and some others didn't even burp because they have few trading/financial connections with the USA. A economic collapse will obviously be worse but some countries will survive it much better than others.

 

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wrong , Ive seen old grannys buy gold & know its never on CC or banked . looks fat coming in , leaves old weighed down !!!
North West mint