Rickards Goes Off the Deep End?

Discussion in 'Metal Futures' started by oldtime, Mar 25, 2013.

  1. saw Rickards on tv this morning. He says GLD or GC isn't good enough. You need physical when the exchange closes.

    Now I ask you, what are you going to buy with gold when the exchange is closed and the paper dollar is worthless?

    Do you think the cashier at Walmart is going to show up for work to check you out?

    You got gold, but I have a shovel. Melt all that gold down and make your own shovel, I need mine for the garden.
     
  2. Better to own no gold, then some gold. Makes sense.
     
  3. I don't mind owning it as a currency, but if it ever gets to where merchants only accept gold, who is going to be working? Who will produce anything the merchants normally sell?

    Do you think the truck driver is going to deliver gasoline? And before that, will the worker show up in the morning at the refinery?
     
  4. Shades of grey? We're talking a hyperinflationary depression. Not complete bedlam.
     
  5. yes, but in that case, why would you need the physical? Wouldn't GLD be enough?
     
  6. If you read what happened in places like Argentina, that experienced a currency collapse, precious metals were used as an alternative currency. Otherwise, people had to barter, if they didnt have USD's, or whatever.
     
  7. I agree with oldtime.

    In the event that the exchanges are closed, it would be chaos on the streets. Don't count on any currency system, gold based or otherwise, working in this environment. In this scenario the only hedges are guns, canned food, and survival skills.

    Personally I find it funny how some feel the need to hedge against these kind of scenarios. You have a better chance of getting run over by a car, and the only way to hedge against that is by staying inside all day, but that doesn't make it a smart hedge.
     
  8. The world disagrees (and always has) with that position.
     
  9. The ol' guns and food arguement.

    You guys obviously were never in russia or any soviet countries when they were collapsing. Lets just say gold, silver, diamonds or other precious stones goes alot farther than guns and food. Frankly, you would be better off with 500 cartons of cigarettes and 50 cases of booze than with food or guns. Best bet is always gold though.
     
  10. clacy

    clacy

    There is plenty of gray area between massive inflation and institutional collapse and a Mad-Max style Armageddon.

    If you're holding gold and/or worried about inflation and currency collapse, it couldn't hurt to hold some physical.

    With that said, I am pretty much a paper gold type of guy as it is way easier to buy/sell.

    I guess I'm taking a slight risk, but such is life.
     
    #10     Mar 26, 2013