How much do you need to do fine in a collapse - precious metals alone?

[Guest]

I'm relatively new and I'm wondering if anyone has some ballpark estimate of what I would need to survive in a financial crises if it were to happen.

I don't know if anyone will know or have any kind of estimate, but I'm wondering if anyone has any idea on this alone.

-----

I figure I didn't reach the age to be able to collect precious metals soon enough and I have some debt myself I have to take care of first and won't be able to just buy precious metals, but I'm wondering if anyone has done any math on this alone.

precious metals / cash - maybe it's just a video online to as well.

 

 

[AurumArgenti]

I enjoyed this channel . 

 

[KevjustKev]

Does it not depend on where you live? If the UK, EU and most parts of the 'First World' you are going to be alright, not as good as you once were but you are not going to be starving. Most South American and most SE Asian countries the same. If your country has a stable government things will not be great, but again not starving. 

The US on the other hand...

[Martlet]

Financial collapse itself is ill-defined, in a piece of string sense, let alone how much you might need to survive.  In most countries where there has financial collapse, people still go to work, get by, it passes in months.  The objective of precious metals in this scenario would be best seen as carrying wealth through the problems, so you have if the other side undiluted. 

[KitboyE17]

When we devalued the £ back in the dark days of a socialist government - we got by. Everything was more expensive. But we got by. We had to cut back on a few things. But we got by. As the mum in the Railway Children said - Peter. It’s bread with jam or butter nowadays. Not both. 
 

When we crashed in the 80s. We got by. The interest rates crippled the mortgage payments. But we got by. 
 

When we crashed in 2008. We got by. The cost of food and gas went very high. But we got by. 
 

It’s impossible to predict what will happen and how much you will need to get by. But take these suggestions to help:

1. Cut your debts as quick as possible. Don’t build up on credit card debt or bank loans. 
2. Save up a minimum of 6 months salary as an emergency fund. Keep some as cash at home, the rest as ready access cash in the bank/building society. 
3. Have a few ounces of PM’s easy to hand for quick liquidation. 
 

And then, relax and don’t stress about it and enjoy life. 

[Oldun]

Depends on how old you are......if a true collapse happens, health and fitness will mean more....and then kindness  to look after those less fortunate....which to be honest should be the norm anyway....

[coppernut]

1 hour ago, KitboyE17 said:

When we devalued the £ back in the dark days of a socialist government - we got by. Everything was more expensive. But we got by. We had to cut back on a few things. But we got by. As the mum in the Railway Children said - Peter. It’s bread with jam or butter nowadays. Not both. 
 

When we crashed in the 80s. We got by. The interest rates crippled the mortgage payments. But we got by. 
 

When we crashed in 2008. We got by. The cost of food and gas went very high. But we got by. 
 

It’s impossible to predict what will happen and how much you will need to get by. But take these suggestions to help:

1. Cut your debts as quick as possible. Don’t build up on credit card debt or bank loans. 
2. Save up a minimum of 6 months salary as an emergency fund. Keep some as cash at home, the rest as ready access cash in the bank/building society. 
3. Have a few ounces of PM’s easy to hand for quick liquidation. 
 

And then, relax and don’t stress about it and enjoy life. 

 

Very well said &

@KitboyE17

[AurumArgenti]

One thing to consider is that bank's have the power to limit the access you have to your fiat in a emergency situation.

Banks can and do fail so don't put to much faith in the system.

 

[vand]

A 20% allocation to a portfolio has historically been enough to retain and quite possibly increase its true purchasing power.

No guarantees, of course. Even the Permanent Portfolio suffered a drop in the financial crisis, although of course much less than other aggressive portfolios.

 

What do you mean you don't have a diversified portfolio?

[Guest]

23 hours ago, tallthinkev said:

Does it not depend on where you live? If the UK, EU and most parts of the 'First World' you are going to be alright, not as good as you once were but you are not going to be starving. Most South American and most SE Asian countries the same. If your country has a stable government things will not be great, but again not starving. 

The US on the other hand...

somewhat it would depend, but for the most part the US and UK aren't too far off from each other. I wasn't looking for exact specifications either just an idea.

 

19 hours ago, AurumArgenti said:

One thing to consider is that bank's have the power to limit the access you have to your fiat in a emergency situation.

Banks can and do fail so don't put to much faith in the system.

 

This is why I'm in precious metals at least somewhat myself. I also don't use a bank, but the idea still works.

  

21 hours ago, Oldun said:

Depends on how old you are......if a true collapse happens, health and fitness will mean more....and then kindness  to look after those less fortunate....which to be honest should be the norm anyway....

I'm young myself and for the most part physically capable myself of most stuff (I'm still young myself - 25-35 (well say) so I can get by on that somewhat myself at least). This is very important, but you also have to apply it as well. Maybe it's traveling long distances to hunt for a buck or something like that.

 

 

[bluemoon]

Unfortunately, internet gurus have created a false narrative of PMs being invaluable in a SHTF situation. As others have said, you need food, cooperation with neighbours, shelter etc. PMs are embellished as useful because these content creators need their PMs content to sound interesting. Bartering food and utilities would be far more useful in a financial collapse, most Joe Publics wouldn't even know what to do with a silver round.

[Guest]

1 hour ago, bluemoon said:

Unfortunately, internet gurus have created a false narrative of PMs being invaluable in a SHTF situation. As others have said, you need food, cooperation with neighbours, shelter etc. PMs are embellished as useful because these content creators need their PMs content to sound interesting. Bartering food and utilities would be far more useful in a financial collapse, most Joe Publics wouldn't even know what to do with a silver round.

This is very true as well. I diversify myself with other stuff. The next time I go to the store I want to pick up 5 canned foods (starting my collection - came to this decision a couple weeks ago myself) to put in the basement and collect canned foods over time just in case.

[StackerCollector]

Precious metals are for me an insurance against the possible scenario of a crash/ hyperinflation. So if it does happen I at least do not lose everything.

But this is what could happen:

I am sitting on 500 ounces at the moment - next target is 1,000. Who knows how long the crisis might last?!