got gold in your bug out bag?

TedTheLed · Aug 25, 2006

so what to do in the event paper money (and credit cards of course) become worthless? what has high intrinsic value and is easy for most people to recognize the value of? Ounces of gold are cheaper than tenths of ounces but what if you need something that's worth less than $6-7-800 ? you don't want to hand over a Krugerand for a tank of gas -- (at least I hope thats not what a tankfull will cost..)

(Moderator note: Hot linked pics not allowed IAW CPF Rules.)

these are 1/10 ounce US gold bullion eagles, they cost $70 each.
the cost of gold right now is $622 an ounce.
you can also get silver coins -- possibly another good idea.

this place seems to be a good place to do business, free shipping and insurance on orders over $2000;
http://www.golddealer.com/index.asp

come to think of it, batteries and reasonably priced flashlights would probably be worth their weight in, well, silver, at least, don't ya think?

any thoughts, advice?

Sub_Umbra · Aug 25, 2006

I've always liked old 'scrap' silver US coins. They have a few cool wrinkles in emergencies and less dramatic hard times.

ledlurker · Aug 25, 2006

In the 90's I got 200 silver dollars for $3 each. I was going to use them to make some christmas gift which never materialized. Now they might be worth, oh maybee $2000 or more

chesterqw · Aug 26, 2006

WOW. you should melt them and make a light out of them.

TedTheLed · Aug 26, 2006

ledly, just the bullion price of silver dollars is around $13...
check this list, in near perfect condition, some of the Morgans are worth far more: http://www.golddealer.com/morgan.html

Mike Painter · Aug 26, 2006

Such currency, even if they did not steal it from you, would only be of little value for a short while if things went that bad.
Gold has no more intrinsic value than diamonds or feathers or sea shells.
People put the value on it and you can't eat gold.
When I lived on the Baja coast we traded lobster for hamburger and both sides thought they were the winners, but they hadn't lived on lobster for a couple of months.

Bogie · Aug 26, 2006

I buy most of my PM's from www.APMEX.com I keep in my BOB $500 in Cash (small bills nothing bigger than a 20,$ 20 in 90% Silver, and 5 Silver American Eagles. Gold & Larger Silver Stash is split between home,my Brothers place (10 min from me) & my buddies house (20 min)

TedTheLed · Aug 26, 2006

Mike I understand what you are saying -- whatever is used as money depends on what the crowd agrees it's worth, but I disagree about gold having no more intrinsic value than feathers, shells, or diamonds. Gold has been used as money, and for it's intrinsic value, by man for a very long time. The commercial demand for gold has always been far greater than it's production, suggesting a greater intrinsic value.

Who doesn't know gold is worth something? Diamonds have less intrinsic value since there are alot of them and the 'scarcity' of diamonds is artificially created by armies surrounding the diamond mines, limiting the amount of diamonds that come out of them -- otherwise they woud be worth less. Most gold mined since the beginning is in storage; used as money.

When we both meet at the 'gas station' and I offer a tenth ounce gold coin for a tank of gas. and you offer feathers, or diamonds, (who knows what they're worth?) who do you think is going to drive away?

(of course you might use the feathers to fly away.. :grin2:

)

Illum · Aug 26, 2006

I dunno about it relating to this topic....but...

Silver sold in troy ounces, how much value is that at the minute?

TedTheLed said:
you can also get silver coins -- possibly another good idea.

TedTheLed · Aug 26, 2006

Illum, go to the golddealer.com site I listed in the first post, they have all that info. Morgan silver dollars (most common and recognized piece of silver ever, probably) at spot sound like what you might want.

as far as whether your post 'relates to the topic' -- as far as I am concerned it does!

Anything from the mind of my fellow man is 'on topic' with me, just because it is from the mind of man, and to find truth one must associate, dream, try, randomize, but, I'm getting off topic...

TedTheLed · Aug 26, 2006

New York Spot Price
* MARKET IS CLOSED
(Will open in 45 hrs. 28 mins.) *here is how the chart came out from the website -- sorry I can't arrange it better -- but you can figure it out. spot prices of glod and silver (scroll down) :
*
Metals
Date
Time
(EST)
Bid
Ask
Change
Low
High

*GOLD
08/25/2006
13:30
621.80
623.30
+2.40
+0.39%
619.00
625.40

*SILVER
08/25/2006
13:30
12.33
12.43
+0.05
+0.41%
12.15
12.49

---

Mike Painter · Aug 26, 2006

TedTheLed said:
Mike I understand what you are saying -- whatever is used as money depends on what the crowd agrees it's worth, but I disagree about gold having no more intrinsic value than feathers, shells, or diamonds. Gold has been used as money, and for it's intrinsic value, by man for a very long time. The commercial demand for gold has always been far greater than it's production, suggesting a greater intrinsic value.

Who doesn't know gold is worth something? Diamonds have less intrinsic value since there are alot of them and the 'scarcity' of diamonds is artificially created by armies surrounding the diamond mines, limiting the amount of diamonds that come out of them -- otherwise they woud be worth less. Most gold mined since the beginning is in storage; used as money.

When we both meet at the 'gas station' and I offer a tenth ounce gold coin for a tank of gas. and you offer feathers, or diamonds, (who knows what they're worth?) who do you think is going to drive away?

(of course you might use the feathers to fly away.. )

It would depend on the time and the place as to who would get more gas.
Diamonds were the choice for many during the war years because you could carry more of them and while diamonds per-se are very plentiful it was the cut stone that had the value.
Feathers and sea shells have all had this same "intrinsic" value at different times and locations on earth.
Given a total breakdown in a system and my (watch for it) pound of beans will get me more gas at a pump than your pound of gold.
I'd horde canned coffee before gold.

TedTheLed · Aug 26, 2006

lol! I DO horde coffee!! I have many pounds of green coffee beans. But I drink it up fast! Right now I'm drinking some $15 a pound Panama Gesha -- yummy -- better than gasoline!!

NeonLights · Aug 26, 2006

If society breaks down to the point that paper currency becomes worthless, there will be massive panic, rioting, looting, etc, and gold will be as worthless to buy goods as would other precious metals or diamonds. Three of the most valuable things you could own are large amounts of bottled water, canned food, and bullets (along with a gun of course). Possibly after some sense of normalcy returns to the society, gold may be worth something, but that could take months or years.

-Keith

MicroE · Aug 26, 2006

Nobody will accept diamonds as payment except a jeweler.
Diamond replicas (cubic zirconia, and more importantly, Moissonite) are VERY difficult to recognize.
Gold will be more valuable than diamonds, IMHO.

Silviron · Aug 26, 2006

(Moderator note: Hot linked pics not allowed IAW CPF Rules.)

The above graphics are updated every half hour when the markets are open..... So, what you see should be current, even if you are looking at this thread in the distant future.

www.kitco.com has some really neat resources for all kinds of metals investment research, plus a wide variety of metals prices banners that they let you use on your own web pages if you want. I've never done actual buying and/or selling with them, but I do find their site very useful for research, and have used their banners on several of my websites.

Yeah, diamonds are a risky to nearly worthless thing for bug out situations. The reason that they were preferred during WWII (and WWI) is that they were easier to smuggle out of Europe to America than anything else, and America was not in chaos, and therefore they still had value.... But you still had to find someone with cash to buy them. (Plus they were good for bribes, because the Nazis loved them too.)

metalhed · Aug 26, 2006

Another important currency in an extended emergency will be prescription medications.

How long can you go without your insulin, heart medication, psychiatric medications, or pain relievers? How about your Mom, Grandpa, or Uncle?

Can you say 'ampicillin'?

TedTheLed · Aug 26, 2006

Monday I'm going to call Raj at the pharmacy and ask him what he would do in that situation.

I don't know what he would take in exchange for the drugs, but I would bet he would give out drugs that people had been using on a regular basis..if he guards and runs the store..possibly events would unfold gradually enough for there to be a little time to prepare..

I would hope..

Trashman · Aug 26, 2006

I used to have some 1 and 5 gram gold ingots (bars), but I sold 'em off, within a year of getting them, to buy more flashlights....

billgr · Aug 27, 2006

i keep $35 in junk silver coins in my BOB, along with $500 in twenties and tens..

will the silver actually buy me something in a disaster?? i dont know....but it cant hurt to have it.

Bill

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