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Financial Crisis / Silver protection


scubajunky

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HI All,

I see a lot online about the impending financial crisis and how Silver and Gold etc will preserve wealth and make you a fortune. Silver being ten times undervalued to reach historical averages etc.

So my confusion is. If the world economy crashes an financial markets implode as many are forecasting.

Silver and Gold hold value or become much more valuable in such a scenario but if the dollar and other currencies are becoming worthless do you exchange your silver for a worthless currency ? 

I'm interested to know peoples views.

 

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31 minutes ago, scubajunky said:

HI All,

I see a lot online about the impending financial crisis and how Silver and Gold etc will preserve wealth and make you a fortune. Silver being ten times undervalued to reach historical averages etc.

So my confusion is. If the world economy crashes an financial markets implode as many are forecasting.

Silver and Gold hold value or become much more valuable in such a scenario but if the dollar and other currencies are becoming worthless do you exchange your silver for a worthless currency ? 

I'm interested to know peoples views.

 

There is always people saying the end of the fiat system is near, Mike Maloney has been saying it for years.

If you collect silver/gold do it because its something you want to do, do it within your budget and have a plan for if the "system" does not fail. Forexample i stack for my pension or for my nephew/niece when i kick the bucket.

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35 minutes ago, scubajunky said:

HI All,

I see a lot online about the impending financial crisis and how Silver and Gold etc will preserve wealth and make you a fortune. Silver being ten times undervalued to reach historical averages etc.

So my confusion is. If the world economy crashes an financial markets implode as many are forecasting.

Silver and Gold hold value or become much more valuable in such a scenario but if the dollar and other currencies are becoming worthless do you exchange your silver for a worthless currency ? 

I'm interested to know peoples views.

 

did you know the number one currency during past "crashes" was cigarettes? like they do in prison. The germans did this and it worked out pretty well. If the system does start to crash the first thing I am doing is buying a shitload of cigs.

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13 minutes ago, scubajunky said:

Yes but the price gets driven up and you must convert it into profit. If the currency becomes worthless, what do you convert it into ?

I will be looking to stick mine into property as the prices should drop.

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Have two months food stocked up, a means to purify water, and enough cash for the same time period.

I've heard it said we only need two weeks, but better safe than sorry when your life might be at stake imho.

There is no point having anything else (silver, gold, anything) until you have these very simple basics covered.

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This impending financial crises has been talked about for around 8-10 years, and even if one does happen, it probably won't mean the crash of the whole system like some are predicting. MM has been talking about it for years and I remember Max Keiser having the whole 'Crash JP Morgan - buy silver" thing. I wonder how much money they made by driving the short term price to nearly £30 per oz? IMO if the system does crash and you need PMs for day to day purchases (very unlikely), then gold has more recognisable value to the general public than silver and small 1g bars would be the way to go. Don't get suckered into the end of the world predictions. I did and made some expensive mistakes along the way.

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28 minutes ago, Mark10110 said:

did you know the number one currency during past "crashes" was cigarettes? like they do in prison. The germans did this and it worked out pretty well. If the system does start to crash the first thing I am doing is buying a shitload of cigs.

Dont you mean Vape cartridges? 😋

 

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Listen to all the YouTube Videos then you think that the impending financial crisis going to happen tomorrow and you need purchase PM yesterday. I think US Dollar can continue with aid other central banks for a long time.

Will there be another financial crisis or black swan event? Yes.

When will this happen? No one knows.

The most important question to me when do I want to convert large proportion of my fiat currency into Gold to protect my purchasing power regardless of whatever happens in the future? Silver amazing and has lot more upside potential then Gold BUT only been staking for a month already have 300oz silver and it heavy and takes up a lot space.

Continue bear market in Gold I want to pull the trigger between $920 t0 $1000 dollar mark. Keeping eye price of PM on a daily basis. This level key as represent important Fibonacci retracement level taken six years to play out as well other technical analysis. 

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45 minutes ago, mr-dead said:

I will be looking to stick mine into property as the prices should drop.

If there is a financial meltdown rather than a recession (extremely unlikely) and a loaf of bread costs more than a £100.

Good luck buying property or gold etc.  Who is going to want to part with their property or gold for cash that is worthless.

Mortgage amount of £100,000 would be worth a thousand loafs of bread.  Could be worth 500 loafs of bread a month later.

Be mortgage free in a few months.

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Just now, RoughDog said:

If there is a financial meltdown rather than a recession (extremely unlikely) and a loaf of bread costs more than a £100.

Good luck buying property or gold etc.  Who is going to want to part with their property or gold for cash that is worthless.

Mortgage amount of £100,000 would be worth a thousand loafs of bread.  Could be worth 500 loafs of bread a month later.

Be mortgage free in a few months.

Depends what the interest rates are running at.  I am sure people in Venezuela are not currently all kicking back with their properties paid off in full

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1 minute ago, mr-dead said:

Depends what the interest rates are running at.  I am sure people in Venezuela are not currently all kicking back with their properties paid off in full

True but if it is a fixed rate mortgage, the mortgage would be worthless.  Sure those crafty banks would do something like collapse with everyone's money.

Not going to happen more likely to see nessy.

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You've been given some good advice above and I'll echo some of that. I think it is important when getting involved in this to have a clear idea of why you are getting involved in it and what your plan is long term. Personally I am in for the long run. I am someone who likes to spend money and realizing this I decided a while ago if I am going to spend I might as well spend on something that will still be worth money down the road. So I buy silver.

My plan is for the long term but I think history has made clear that the economy is not as stable at times as we'd like. If currency was to fall off a cliff and silver shoot through the roof I would look to sell and then put that money in to something like property or whatever else winds up dropping in value as a result of the currency crashing. I don't personally believe that the currency or markets will go down completely but I do think we'll see another financial crisis at some point in the future. What goes up must come down and vice-versa.

Being in the UK we might well see some of this happen here in the near future if Brexit goes worst case scenario. If there is no deal and companies leave the UK resulting in run away job losses the economy will get hit hard. The pound will drop in value and house prices will tumble down due to demand disappearing. It would be a good time to have savings tied up in Silver vs £s

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some like to think of pm's as an international currency, unaffected

by local currency problems. pm's are accepted as trade for local

currency in many places in the world, hence the perceived safe

haven status(gold). some strategies are to swap local currency

into international currency during a local currency crisis. when the

local currency shows signs of stabilising then swap back in order

to make local investments.

 

HH

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Regarding a currency collapse you would need to work out equivalent value of the asset you are interested in - gold ounce to house price measured in currency for example. If you can still sell your gold and buy a house quickly, perhaps at auction, then do that. If its full on meltdown, then you exchange directly, gold for property using a solicitor or equivalent perhaps? It would be interesting to know what they do in Venezuela.

2 minutes ago, scubajunky said:

Ok, but realistically I cannot buy 60k of precious metals.

Agreed, look to stocks, bonds, property as well, diversify. 

By the sounds of things on the thread, mortgages and bread makers both appear to be good diversification too. I suppose debt is the best thing to own in Venezuela style currency collapse which is manifest as hyperinflation, so long as you are quick to exchange your other assets to pay off the debt units before they consolidate the currency as they have done. 

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36 minutes ago, scubajunky said:

Ok, but realistically I cannot buy 60k of precious metals.

 

how much you allocate to any single investment depends

on your understanding of the risks involved and how much

risk you are willing to take. (this includes holding cash).

imo investments that save you money in food, heating,

electricity, transport are worth considering assuming they

are realistically viable. there is still time to read more and

come up with better strategies as this world is forever

changing, and so should your strategies to deal with an

uncertain future. many of the best strategies are unique to

the individuals that use them.

 

HH

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