I think the future for the people willing to live and die for paper money is in crypto dollars not gold or silver.
When the gov gets ready paper will be replaced by gov issued crypto and other crypto, gold, silver, etc will fall big time.
That's just me. Time will tell.
You may very well be correct. However, it would be the first time in recorded history that PM's would have no value. With crypto being a new measure of currency, I'm not willing to take that bet, yet. I'll stick with the old tried and true, for now.....even if it ends up being a poor decision.
What I don't like about crypto is 3 fold.
#1 - I just can't wrap my head around it at this point. Digital currency might be the wave of the future, but I'm just not there yet. I want something tangible.....not something stored as an idea in some computer somewhere.
#2 - What about a CME or EMP type of event. It's happened before, so it's not conspiracy. If a good portion of my wealth was stored in crypto, it's gone in a heartbeat. At that point there would be no way to spend money and we would have to go back to PM's and basic bartering b/c there would be no other alternative. If you are left without other 'goods', you are screwed.
#3 - I keep thinking of that guy who lost or forgot his passcode for millions of dollars of Bitcoin. He has no way of getting that 'money' back. I'm just not that tech savvy to think that I can have a crypto account and it will never get hacked and my money couldn't go poof in one instant, with no recourse. I'm truly not a tech oriented person at all, as evidenced by my flip phone. I don't do banking online or anything else that requires me to input sensitive personal information. I guess I'm just old fashioned that way.
I'm not saying it wouldn't be prudent to have some crypto as a well diversified portfolio. However, I wouldn't put all my eggs in that basket. At this point, I don't have any eggs in that basket. I may very well change my tune on that. I have been giving it serious thought lately. I like to diversify, so I may jump in that arena, but it will be a slow progression for me b/c I still don't trust it. On the other hand, I don't trust that cash is going to hold value either.......so there's that. Decisions, decisions.......
I find it easier to acquire silver (or gold) if I don't think about it as "buying silver" or "buying gold."
I think about it as taking some of my wealth which is currently held in cash, and putting some of that wealth into silver, or gold. You can always reverse the process. If you think that currency is a means of measuring the value of other things, you can have buyer's remorse. If you think that there are many ways to store wealth, and one of them is cash, and another of them is gold, then you are just picking a means of storing a portion of your wealth. Most of your wealth will likely remain in currency/cash, but if you take some of your wealth and put it in gold or silver, you are diversifying your wealth mediums, not "buying something." Your wealth remains after the purchase. You just changed what it looked like.
And remember: If your worst case scenario is that you "lose money" on your metals purchase because your local currency stays strong, and grows stronger and stronger, then you are probably doing alright.
I look at metals as an insurance payment, and my best case scenario is that I never need it, and my kids inherit it.
Exactly how I think of it!
After making that point about it not being "buying," I will make a buying analogy. If you are a "buyer," you always want what you are buying to go down in price. You only want what you are buying to go up in price when you are done buying. Me...I'm still a buyer, so I rejoice in lower prices, I don't get upset about them. If I buy, and the price goes down, I just buy again, I don't get upset about it.
Also, since it is an insurance policy for me, I don't put all my wealth into it. I just diversify a small part of my savings into it.
Having said all that, I do have a hard time "buying" now, since the price is so high compared to when I started. And yet, I see what the government is doing, which would seem to inevitably devalue the dollar...which means it might be prudent to buy anyway. Today, the coin shop was almost cleaned out of silver...so people are still buying. But who knows?
We just came into some cash by selling a big piece of equipment and so we decided to put some of that into PM's. I bought some more gold and silver. I feel like we might have paid too high of a premium in buying right now, but at the same time, I don't want to be stuck with large amounts of cash and see it go to nothing. We don't ever plan on having to sell it, but the option is always there if we do. The same place we bought it from will gladly buy it back at any time.
He had wanted to last year but we have been "investing" in our infrastructure. We have added (or bought the materials for) a cabin for the kid, more training for her dog, a solar system to support all our power, a workshop, wood shed, cookstove, barn, cattle, 2 greenhouses, a root cellar, an additional 12 1/2 acres and fencing for it.
I think you did the right thing. Those projects will pay off for you going into the future. They help maintain your independence and put you in a healthy position to withstand whatever might come our way, even if it's nothing at all. I think buying things that you can use now is more important than investing in PM's. After all, you only live once....might as well make it as happy and comfortable as possible, while still preparing for the future.
BTW, Tacitus.....I never heard of that Fisch before. Interesting, but it's a pricy little gadget for what it is. Where did you get yours?
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