Is Gold the place to put your Cash to protect yourself?

It seems like we are on the edge of a full blown meltdown of the economy. Oil at $103/bbl, DJIA down 300 points, forclosures at an all time high, the Dollar at historic lows against every other currency. Is it time to buy gold with your available cash to protect what you have?
If the dollar continues its collapse, your cash won't be worth anything...
Gold will retain value. I'm not looking for profit, just protection. What do you think?

reply to post by Charlie1/9

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I really can't see where investing your money in gold will help. Gold has no "real" value only an "intrinsic one". It's too soft for tools or bullets, it's not the best conductor of electricity, and it's very heavy to boot. Do you want to lug around a sack of gold ingots?

Gold is mostly used for arts and crafts, dental fillings, and jewelry. Aside from those things it's only value is what a society places upon it. In a Sitx scenario I doubt it will be of much use to anyone. Besides, how will you make change for it? Would you be willing to trade one of your bars for a chicken or a few bullets? How will anyone know if it's real or not? How will they know what purity it is? Who will determine the market value during Sitx?

As long as we're talking about investing in real coin, bulion, then metal is always a good investment.

Over time it only goes up. I bought me some Gold last year at 650 an oz and it is not bouncing around 950. That's a near 50% profit in just over a year.

I believe something might happen in 2012. That would make the govenments money worthless nearly overnight. However with Gold Coin you're sured to have "wealth" if you can hold onto them.

reply to post by LLoyd45

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Well stated Lloyd45.

People need to realise that in a Sitx everything gets turned upside down. Food becomes a priceless commodity since it doesn't keep too well without proper storage conditions and without any power for refrigerators even less so. Government controlled forces will confiscate any and all food reserve sources, making the hoarding of food by citizens a criminal act punishable by death.

My best advice is ditch the metal [gold/silver etc] and buy some land far out in the wilderness and invest in buying plenty of fuel for your generators/water purifiers, seeds for future crops, farming tools (plus extra to trade with) and weapons to protect your property.

You'd have to be insane to pump your assetts into a commodity that is currently maxed out.

Buy low, sell high....this specifically applies to commodities.

The only people buying commodities like gold an oil right now, are people who are betting on the 'SHORT TERM', as in 6-12 months. Not your retirment package!!!

I don't know about other folks, but God always provides for me and my own. Never been without a meal or a roof and when times were very very bad I never told anyone and complete strangers provided for my needs. Without knowing the how or why they sought me out and provided what was on their hearts. I can't think of a better investment than this relationship, and the price is always either very affordable or free.

Invest in Gold? It's still an investment but meaningless unless you actually have it in you hot sweaty palm. Like any investment, if something goes pearshaped you'll be left holding a share certificate and nothing else.

Even if you get your hands on the yellow stuff and stick it in a safe deposit box somewhere, whats to stop the bank and/or government seizing it?

With all due respect, in a Sitx where I had invested my wealth wisely in securing myself and family with a means to providing food and protection in some remote area and you came to me offering several gold bars for barter, what use would I have for such items? NONE AT ALL.

People need to STOP thinking in today's monetary values and start thinking outside the box. Anything that will promote immediate SURVIVAL will be more highly prized than any amount of bullion offered.

Suppose your right and the government money does become worthless, the government WILL confiscate ALL gold/silver bullion in the interest of the country. Martial Law will declared and you will stripped of everything the government deems of value.

Convert your cash and near-cash to gold? Yes. Leave any stock or retirement investments alone though.

Gold is high right now, but that doesn't matter if you consider a gold purchase is not an investment - it is insurance. You buy it, take delivery, hide it and forget about it. Gold may only have intrinsic value, but it's had that value for better than 5000 years. It will never be worth zero.

Gold is also nice in that you have a high value in a small footprint, but don't forget other metals. Silver is getting a lot of attention because of its significant potential for growth. Copper is always on the rise and will continue as Asia undergoes an industrial revolution. I have a pile of copper scrap in my basement that just keeps growing.

Also anything that will keep, buy it now. Ammunition, sugar, etc. Buy as much as you can now while our dollars are still worth something. That's what the Arabs are doing!


[edit on 29-2-2008 by apc]

I'm not that big on the topic of survival in a world gone to hell, but I will say this: Gold is going to be practically worthless in a post-apocalyptic world. It's heavy, it's soft, and its major industrial applications are not that useful in a survival scenario. Also, correct me if I'm wrong here, but if watching Jericho has taught me anything, it's that gold picks up radiation easily, and if the apocalypse involves nuclear weapons, then potential traders and merchants will be steering far away from gold as a form of currency. Finally, someone pointed out that unless you have the actual gold in your possession, then you will be left holding worthless bank notes when the **** hits the fan. Let's face it: Gold is only expensive because it's rare, it's shiny, and there's a lot of sentimental value attached to it.

Instead of gold or other precious metals, I'd consider stocking up on actual supplies that will be useful. I'd recommend fuel, seeds, ammo, farming equipment, and medicine. Any of these things will be worth far more than its weight in gold when the world goes to hell. I'd also recommend investing in salt. There's a reason that the Romans paid their soldiers with it: it can be used to preserve perishable foods, something that will be quite important without refrigerators and freezers.

[edit on 2/29/2008 by KevinR1990]

Consider the probability of an apocalyptic scenario. It's low. That doesn't mean something shouldn't be done like what you suggest. But there is a much greater chance of experiencing the same thing that ourselves and other countries have experienced multiple times before. Runaway inflation, recession and depression, economic meltdown. No nukes ('cept that one time), no second comings, no alien invasions. It's all well and good to prepare for those things, but to survive hard financial times, gold and other precious metals are where to be. Maximum value for minimal space.

Food and seeds is where to place your money. How much Gold can you eat when people refuse to except gold for the exchange of food what do you do then? Some will say that will never happen but we are living in a real world and what you think is not always so. Rik Riley

Historically speaking gold too is set to crash just like everything else. The time to buy would have been as late as last year. I just sold 4 oz. I bought in 2001 at $265 which was $10 over spot at that time. I sold at $945. not too bad

I am using the money to buy genetically unaltered seeds, ammunition (.22lr, .45 acp, 7.62 combloc), 10lbs of coffee for trade, 20 x liter bottles of rum also for trade, sugar, honey, colloidal silver, and enough freeze dried food to hunker in my apartment or my mom's house for 2 years.

Make of it what you will. I am still holding 2 oz in gold coin. Just in case I am wrong. Never hurts to have some but I think now is the time to plan on buying what will be physically useful in the next 6-72 months.

Thers my $2,720 and .02 cents

If one looks back to history, during the Great Depression the government declared a national emergency and outlawed the ownership of gold by US citizens. Who's to say this will not happen again?

They also attached safety deposit boxes during the crisis, and the owners were not allowed to open them privately. A government agent stood buy ready to convert your gold holding into fiat dollars.

The only people who'll tell you gold is a good investment for a Sitx scenario are the ones selling it.. Try to eat that gold bullion! You'd be better off investing your money in beef or chicken bullion. With the high price of eggs today I'm going to invest my money in some laying hens.

Gold does not rise, the dollar just drops. It could be a good place but dont trust the paper and now it all has to be reported... You may have to turn it in at some point in the future this is why they are tightening their grip on Gold sales. A confusing time in history I know.

Thanks to everyone that replied. You have given me much to think about. It is hard to seperate the hype from the practical truth. Thanks ATS for a great forum. I am now inclined to forget the gold and go for more practical items. Best wishes to all for a soft landing and a good future.

With the price of gold being as it is, where is everyone's sense of adventure???

Bought a cheap plastic gold pan and go out with the kids all the time. You would be surprised at what you can find, and at these prices its worth it!

The old 49'ers would be KNOCKING you out of the way at $900/ounce!

The most valuable tangible asset in a post-x society has to be IMO...permanent magnets, particularly the rare-earth Neodymium kind!

Without these you'll be scuppered for electrical power generation based on mechanical motion (wind/hydro)

Another valuable asset would be photovoltaic-solar technology

[edit on 23-3-2008 by citizen smith]

I trust the dirt to protect myself...

plant seeds,

Sri Oracle

sensible thinking....

gold is to be used for preserving wealth,
practical and trade items are what one needs in a survival arena,

the physical gold will come into play after the socio-economic situation becomes orderly again

gold in the form of ETFs, stocks, etc. are useful in the lead up to an economic collapse because the value of gold will stay way ahead of a collapsing & devalued currency and the likely hyper-inflation of those times,
that tradable gold should in the meanwhile appreciate in value and be able to be conveted into the items of practical and trade use that you need for survival..
.i can now buy several hundred more dollars of survival stuff,
because i held on to some tradeable gold since year 2000,
several hundred $ and more items than i could have bought then...

so, if you have a 2012 time target, you could still have around 3 years
of hoping that gold (for preserving wealth) will be more valuable than what a deteroriating/inflationary dollar could buy....& then move quickly
good luck with your decisions...