For years I’ve been saying that precious metals have a problem as a store of wealth. I said you can’t gas up the car and pay the attendant with a piece of gold. Nor can you go to a restaurant and get a couple of meals with gold.
Then my daughter tells me about a trip her and her husband went on. They wanted to go on a long car trip but had very little money. What they had was a pile of gold watch cases. My son-in-law once worked for a jeweler. The old guy gave a bunch of scrap to my son-in-law when the jewelry shop closed down.
So here’s what they did. When getting low on gas they’d pull into a town with a pawn shop. After pawning one of the cases they’d have enough money for a tank of gas and a couple of meals. Rinse and repeat for the whole trip.
So while they couldn’t actually pay the gas station in gold, they were able to do the next best thing. My own kid showed me I forgot to account for individual ingenuity when it comes to precious metals.
-Sixbears
Physical gold and silver have been REAL money for millenia. It's only been the past couple of centuries sure criminals in power conned people into believing that ink on paper was worth anything other than a promise. When fiat currencies collapse gold and silver will again be the only real money people trust.
ReplyDeleteMoney is money because of the belief that it's money. Simple as that.
DeletePM's are to carry wealth thru monetary collapses. Not for spending on the day to day throw away excuses we give ourselves for wasting assets.
ReplyDeleteMy best precious metal buy was the ring on my lovely wife's finger.
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