There is another thread in this forum (IMHO) titled “Selling Silver Dollars”.
Most of that thread concerns techniques for selling silver dollars but it also contains some info about the future prices of precious metals.
In light of some rather startling news today, I decided to start another thread asking people for their opinions of good investments or just good choices to make with your money in panic situations. There is a headline in a British news site called “The Telegraph” that reads as follows:
"Investors ‘go bananas’ for gold bars as global stock markets tumble".
I will paste a link to this story below. The gist of this story is that people are panicking about the stock markets tumbling and there has been an extreme price spike in both gold and silver.
To the best of my knowledge, The Telegraph is a fairly reputable news site.
During the past ten days the price of silver has risen from approx $14 per ounce to $16 per ounce and that represents a 14 percent increase. That is truly an exceptional price rise in a very short period of time and an interesting question is whether this is just an anomaly of if it signals the beginning of an extreme price increase in precious metals.
In any case, I’m not suggesting that people should line up to buy gold and silver and even if I was, it would generally be a mistake for anyone to base their financial moves on someone else’s opinion.
But it would be interesting to ask people here just what kind of changes (if any) they might consider making with their money.
Would you consider:
Taking some of your money out of the stock markets and buying some precious metals?
Taking some of your money and converting it from one currency into another?
Buying (or “stocking up” on) some consumer goods that you think might be in short supply in the near to medium term future?
I know that I could put these questions into a poll. But I don’t want to do that because I’d like to encourage people to post any of their ideas and I wouldn’t want to restrict anyone to just a few of my ideas.
But I will post one of my ideas here. There is a perception by some writers who believe in a serious future economic crash. They recommend a few consumer items in particular that people should hoard or at the very least should stock up a fairly large supply.
I happen to think this is a reasonable idea. There is no need to fill up your garage full of these things. But it may be reasonable to go and purchase at least a few months supply. Of course, this is just my opinion and to be fair, I am kind of strange when it comes to future “survivalist” type notions.
I realize that most people probably think this is all a bunch of hogwash and so I will put these items into a spoiler box so as to avoid upsetting people unnecessarily.
Here are some items that are often recommended people “stock up” on during panic situations.
- bottled water (like one gallon bottles)
- hand soap (maybe also some other kinds of common household soap)
- cigarettes or plain tobacco (even if you don’t smoke, these things may be in short supply and so you may be able to “help out” your friends and neighbors.
I’d like to know if anyone here is planning to make some serious changes in the way they handle their money if the current trends appear to continue.