Money hoarders . . . makes you think

Discussion in 'Survival/Preparedness Forum' started by Morris, Sep 19, 2015.

  1. Morris

    Morris CLM

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  2. Dave514

    Dave514

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    Cash on hand is good but I'm more scared of hyperinflation and then the dollars/euros saved are only good for heating. 1932 Germany.
    [​IMG]

    Some silver and gold stashed (and ammo) is more my line of thinking.
     

  3. rj1939

    rj1939

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    With ole yeller alluding to negative interest rates............makes you wonder if it isn't a bad idea. Plus, hoarding money seems like it could be deflationary, kind of offsets some of the funny money ole yeller keeps creating.


    Back to the article.............could be the guvment wants a reason to start up the printing presses and this is the best they could come up with.
     
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  4. kirgi08

    kirgi08 Watcher. Silver Member

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    I convert cash to pm every chance I get,junk silver mainly.'08.
     
  5. TheDreadnought

    TheDreadnought

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    Hoarding cash is always a bad idea.

    For that matter so are precious metals. Overall they are a generally poor investment. Plus in the event of a financial crash, nobody is going to care about gold. They are going to care about the things they need.

    The list of situations in which money becomes worthless and precious metals are still in demand is very short.

    Right now the precious metals market is just propped up by speculators and people who think they are hoarding a store of value, but in reality are just hoarding buggy whips.
     
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  6. kirgi08

    kirgi08 Watcher. Silver Member

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    You've missed the runway,we get pm for barter.We use junk silver because of the price and divisabilty.A 1/10 ounce gold coin is a $100 sts,a .10 silver dime is easier to barter with.'08.
     
  7. Ordell Robbie

    Ordell Robbie Giant Member

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    I love the part in the last paragraph about money at home isn't earning any interest. I get that you have to grow your money and I do invest. I'm one of the guys that does think we are heading for a market crash and I can't wait! I'm going to buy it all the way to the bottom and keep buying once it gets there!

    That said, I don't know what savings account interest rates are across the pond but think about what a joke they are here. .1% at the big banks, .85% at the online banks! Under 1% !!!! (Which last time I checked, doesn't keep up with inflation!!!) They are basically saying to you "This is as little as we can give you without actually giving you nothing!" Throw in a fee or two here and there and you're losing more by putting it in a savings account than you are stashing it at home.
     
    Last edited: Oct 6, 2015
  8. janice6

    janice6

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    http://www.dailymail.co.uk/news/art...dden-away-mattresses-gathering-dust-sofa.html


    "According to the Bank of England: 'For such action to be considered rational, those that are hoarding cash must be gaining a non-financial benefit they value greater that the financial returns and physical security offered by a deposit account.'......"

    The Bank Of England is assuming the public trusts them. It's an assumption............

    I'm with the public.
     
  9. PaulMason

    PaulMason

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    Not really. There was a thread here recently where many did not know pre 1965 coins were silver and they didn't know how many coins equal an ounce.

    Also, if silver became valuable, and people knew it, all the silver jewelry and silverware would come into the marketplace, reducing the value of silver. And, people would want to trade food for metal.
    I don't thing silver will be very good for barter at all.
     
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  10. shotgunred

    shotgunred local trouble maker

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    I bet the Greeks wish they kept more money at home and less in banks.



     
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  11. John Rambo

    John Rambo Raven

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    If someone walked up to me with a 'silver dime' I'd value it at 10 cents. If someone walked up to me with a silver dime when money was worth nothing I'd value it at its value as a sinker for a fishing lure.
     
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  12. rj1939

    rj1939

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    Don't forget Cyprus.

    Possession is everything, atm machines and debit cards haven't been working around here on several occasions..........................have gotten to witness some people in trouble.
     
  13. TheDreadnought

    TheDreadnought

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    Exactly. . . in a financial collapse nobody is going to care about silver, or gold, or any "precious metal." You couldn't get so much as a hot dog for a solid gold coin, let alone a bit of silver.

    As far as a market collapse goes, the previous poster had it right. . . buy into it, all the way down. . . reap the rewards when it comes back up.

    As far as gold (or other precious metals) as an investment alternative to stocks. . . here's what Warren Buffet had to say on the subject:

    “You could take all the gold that’s ever been mined, and it would fill a cube 67 feet in each direction. For what it’s worth at current gold prices, you could buy — not some — all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils (XOM), plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?”

    “(Gold) gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”


    TL;DR - There is no reason in the world to ever put your money in precious metals.

    Now I know a guy who basically gets free silver by buying old coins at face value from banks (he works with banks for his job). But even he screwed it up. I told him he needed to start selling it when it was at $30+/oz. But he was absolutely convinced that it was going to hit $50. Now its at about $15. *sigh* Some people, even when somebody hands them a winning lottery ticket they're still looking for an angle.
     
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  14. SFCSMITH(RET)

    SFCSMITH(RET)

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    How is keeping MY money where I WANT, hoarding?

    Sounds like the bank of England wants to hoard other peoples money and is trying to shame them in some way. They are missing out on .5% interest..lol So it would be "costing me" $10 a year to have $2000 in my safe. I will skip my Tuesday banana shake for the next two weeks.. covered.

    And I agree.. the whole holding of PM's in case of SHTF doesn't wash for me. In SHTF, I am going to want heat, shelter, and food, not a bag of useless coinage or a shelf of pretty metal bars. I might trade some rice or wheat for some pork or chicken etc..
     
  15. Morris

    Morris CLM

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    Because the government and banks say so? I think your post, and addressing the fees and interest, are valid.
     
  16. Brimstone_

    Brimstone_

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    I hoard food, water, fuel and ammunition.
     
  17. bdcochran

    bdcochran

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    Hoarding? MOrris, how many times do you have to go to the big box store or the chain grocery store and be told that the credit card system isn't working before you finally decide to keep cash in the wallet, in the car and at home? How many times do people have to be warned that in the case of a widespread fire, a hurricane, the aftermath of a tornado that the automatic tellers aren't working?

    Hoarding? Identify some of the asshats accusing people of hoarding. Give them credit cards. Do not allow them to use cash for any reason in their lives. Then interview the smug non hoarders. Asshats!
     
  18. Morris

    Morris CLM

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    Sheesh, relax. I'm with them, not opposed to what they are doing. Hell, I stash away cash for the emergencies (been there, done that, seen the downed cashpoints and ATMs). Only fools think POS terminals in stores work all the time. Our last windstorm had power and data lines down so stores were on a cash only basis for hours. Lots of sad faces at the local hardware store when they only accepted cash, as an example.

    The point was how the message comes out because people are doing what my grand and great-grandparents did during hard times. We squirreled away cash for the times when the bank wasn't available or inaccessible. Some try to cast this as hoarding. I think it's sensible but there is a set of folks trying to make it appear extreme.
     
  19. bdcochran

    bdcochran

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    No, my comments were not directed at you.

    As an old person, I have read too many stupid articles based upon too many stupid officials making comments.
     
  20. shotgunred

    shotgunred local trouble maker

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    I have never understood the desire for precious metals, other than lead. In the half century I have been on this earth I have never needed to use them to buy anything.
    In a real world SHTF they are just heavy rocks. I am sure not going to trade any food or ammo for them.