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LeeAdams

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I'm new to prepping. I've read about the new laws in Arizona and Utah and how they accept gold and silver as legal tender. I'm considering switching to gold or silver or keeping my own reserve. Does anyone else do this already? Have you had any success or is it even recommended? Let me know.

-LA
 

jimLE

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howdy .... and welcome to the forum and family...there's quiet a few knowledgeable folks here that'll gladly tell ya what you need to know,or at least point ya in the right direction and/or give ya a good idea or 2..and by all means jump right on in with any replies you have on a topic.and start new topics if/when needed...
 

Gazrok

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My personal feeling is that come SHTF, nobody is going to trade you survival goods for your gold or silver...at least not until things are relatively stabilized. It's a good hedge for financial crisis type scenarios, but for any other, you'll end up with $5000 worth of gold being able to buy $500 worth of goods, if you are lucky, after things go south.

My advice is sure, go for it, but only if you can spare the dough. Otherwise, you're likely better off having that money go to actual preps (weapons, food, water, etc.) vs. precious metals.
 

Tyler

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Hello and welcome, there is actually a forum about your very question but I can't seem to remember where on the site it was and I don't have much time to look, when I find it I'll edit this message and add a link to it here
 

DrHenley

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A couple of old sayings:

"Don't put all your eggs in one basket."

"Always keep enough gold on hand to bribe the border guards."


Make sure you have the necessities of life taken care of first. Then acquire enough precious metals for them to be useful, but not so much that losing them (or having them lose their value) will ruin you. The same goes for keeping cash on hand.
 

Brent S

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Gaz and dr Henley are both giving sound advice. Prepping is using good common sense to cover as many possibilities as you can to protect yourself and your family. I say common sense as in use it to decide where to use your resources that you have to the best advantage you can. A good thing to do is make a list of things you consider important with prepping. Since most of us are not rich, we work on the most important things first, like water, food, shelter, and so on. I do think silver and gold are wise things to have, but not even near the top of the list. I prefer silver as gold is just too darned high now, but silver is still obtainable and has room to rise.
 

Mountain*Heart

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Apparently I really am not thinking along any of the same lines as others. Doing the gold or silver stock piling thing is out of my reach. Having some saved coins and cash on hand that might be usable in the first few days of SHTF but for after that I think all currency no matter what form or value will not be usable or worth a plug nickel, at least for a while. Without taking up to much storage space or funds I have tried to stock up on what I think might be barter things. My reasoning is that having no value to any kind of currency people at some point in time are going to need things that are not attainable anymore or little things that were not thought of to pack in a BOB. Items such as sewing needles, thread, buttons, hair accessories, TP, glue, towels, toothbrush, washcloths, tarps, pots, pans just simple stuff. Now I'm sure to some that sounds totally out in left field but when push comes to shove and things are needed people will find other ways of selling, buying, trading and most often during times such as we are prepping for good old fashioned bartering.
 

DannyboyDS

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Welcome to the forums, it's basic economics, supply and demand, when everyone is starving, there is no clean water, women want hygiene products and men want shaving razors, both would like some soap, etc, etc, etc. What would you be trading for? personally I would never part with anything in return for something I couldn't use and unless someone else was willing to part with something useful from some gold coins I would be even less likely to accept them as trade for something useful.

You are right to ask the question and sadly no one can give you a 100% sure answer, DrHenly said it quite well, don't put all your eggs in one basket.
 

Gazrok

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I have tried to stock up on what I think might be barter things
Sound strategy, as long as you can protect the stockpile though too, so have to consider that.

I kind of have a two-sided approach. One, is to have things stockpiled that I don't necessarily use, like Cigarettes. Also things that we sell in our tack shop, like leather goods. Second, is to produce things specifically for barter, such as grown tobacco products, distilled liquor, medicinal herbs, and excess produce.
 

Unknown

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Word of advice
When something catastrophic happens, I would recommend to not have gold or silver. It sounds like a good idea but it's not. I teach my peers to only pack what you can use. Packing silver and gold is only dead weight.

Remember this, if SHTF everyone will be trying to survive. The items you need to survive (food, water, shelter, weapons, ammunition, batteries and so forth) will be used at barter and trade items. They will be worth more than gold and silver.
 
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Brent S

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Sound strategy, as long as you can protect the stockpile though too, so have to consider that.

I kind of have a two-sided approach. One, is to have things stockpiled that I don't necessarily use, like Cigarettes. Also things that we sell in our tack shop, like leather goods. Second, is to produce things specifically for barter, such as grown tobacco products, distilled liquor, medicinal herbs, and excess produce.
i like the idea of producing these things much more than stockpiling, which is a limited supply.
 

Clyde

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I'm new to prepping. I've read about the new laws in Arizona and Utah and how they accept gold and silver as legal tender. I'm considering switching to gold or silver or keeping my own reserve. Does anyone else do this already? Have you had any success or is it even recommended? Let me know.

-LA
Welcome and thank you for taking time to join Doomsday Prepper Forums.com. Your presence here is much appreciated. We look forward to your posts, and hope you enjoy the community!

Please feel free to ask any questions you may have in the proper area, and I know you will get an answer, as he members on here are extremely knowledgeable and more than willing to help!

Thank you again for taking the time to join Doomsday Prepper Forums.com!

As for your questions, no I have not yet done this. I am not all that comfortable carrying gold and silver, not to mention lugging it around.
 

Brent S

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All you guys that think gold and silver are worthless, if you come across any, I'll gladly unburden you of it. I'll even pay shipping :D
Mt fathers favorite saying was "don't put all your eggs in 1 basket". I heard that so many times till I was sick of it! Of course now I'm a little (lot) older, I realize how important that is with prepping. I think covering as many possible scenarios is wise. I stated in another forum that I still put in a little to a 401k with each paycheck. I truly don't feel that it's a great investment as I don't think our economy is going to continue as it is. However, what if the impossible

happens and our govt. comes up with a way to stabilize things. Then I'll have a little extra income when I'm 62 in 12 yrs. This way I'm still using most of my resources now to prep with tangible things, but a small percentage is covering other bets. You know, my father was not a prepper in the typical sense, but he did save what he could, and is getting wiser every year I get older.
 

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