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Wednesday, June 30, 2010

Urban Survival Answers Reader Question on Gold and Silver received the following comment: "Anonymous said...roger dodger on the coming economic crisis. What do you say about those people that council against buying gold and silver. I would hate to take money out of my 401K to buy gold and silver and have to store it and watch over it if I didn't use it. bye, Mitchell K., Denver, CO."

Mitchell, I cannot give you financial or investment advice. I will tell you that there are many trains of thought out there on Survival Financial Planning.

Over the last couple of days I reviewed several Financial and Survival sites, again many different opinions, however most of them, as I do, recommend having some Gold and Silver.

Many sites, both Financial and Survival, advocate buying Gold. Not the paper Gold where you own shares and can redeem when necessary (if that is possible at the time you need to!), but Gold Bullion in coins one ounce and less. However, Gold is problematic as it is hard to break one ounce rounds into smaller pieces for smaller exchanges. Silver would seem to be not only an easier buy but much more usable in a Survival commerce - barter type environment. In fact Silver rounds are now available that are cross scored in order to break them into 1/4 ounce triangle pieces - this is a good idea.

Many Survival blogs comment about Gold and Silver, also called precious metals or PM's. I suggest you read them all. Probably most think that "you can't eat Gold or Silver", meaning that both tangible food sources may be a better investment, and, there will probably be a period of time after a collapse where PM's won't be accepted (pure barter environment). I agree to the point that there will most likely be distinct periods of time after a collapse or even during a slow gradual collapse where barter items will be a easier mode of commerce.

Others think that due to the price of Gold and Silver, it is too late to start procuring Gold and/or Silver. I disagree. It is only too late when you can't get it.

If you look at the Economic collapse videos I have linked at the top left of this site, you'll see the main actor in the video unable to buy fuel. Fuel will be very important to have, especially to execute a Bug Out plan to your Safe Location. You do have a Bug Out plan don't you? If a collapse hits suddenly and debit/credit cards are not working or not accepted, you'll need to be able to buy fuel. That means cash (in the immediate aftermath of a collapse) and PM's shortly after.

So Mitchell,....I suggest you do have Gold and/or Silver, particularly Silver, probably both bullion (in one ounce rounds) and Silver coins for the Silver Melt value in your Survival Plan. I can't tell you to cash in any or all of your investments, in fact that may not be necessary if you purchase just a little Silver a month, such as a few one ounce rounds, or some silver coins. But I would surely have some on hand. Be Safe.

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