I have been told to invest in gold due to the dollar losing value. I would like your opinion….
If I invest in gold, and everybody else around me has had their dollars devalued, who is going to want to buy my gold? When people are starving or wet and cold, a few bricks of gold to lug around and to have to keep someone from stealing it, doesn’t sound like a good option.. Am I just thinking too extreme?
From what I understand, anybody with money will be set up in the underground bunker city made by our government. I just can’t see that my gold is going to be in demand when people don’t have food to eat. Maybe I should invest in seeds! Not that I really have any better ideas, just was wondering what your thoughts were.
M.D. replies : Blair, it depends on the type of collapse, depth and the duration – investing in some gold and silver as a hedge against a collapsing dollar is recommended (would you rather have a pocket full of paper currency or silver / gold when that paper currency has absolutely no value or buying power?) But gold and silver isn’t the end of prepping for an economic collapse, or even where you should start.
I suggest that you get all of your other emergency preps in order – first buy enough land where you can raise a garden and become more self-reliant, pay off your debt, secure a water source, build your food storage, defense, survival gear etc., before considering investing in cold / silver and then don’t go overboard. I suggest no more than $5,000 in cash (smaller bills are advisable for exchange) and another $5,000 in silver / gold at current values. Also put back $500 to $1,000 in coinage – preferably Nickels.