A thought experiment for you all, given that your domestic fiat currency has crashed like in Zimbabwe, Argentina or Venezuela which items in your stack go out first for liquidation to buy everyday necessities?
Here’s my order of liquidation with junk/scrap jewelry going out first:
Do you burn through your silver stockpile first before gold or do a mix depending upon the circumstances?
Some things I have learned from people who have been in similar positions, The author of The Modern Survival Manual: Surviving the Economic Collapse highly recommends never sell to the same dealer more than twice in any period of time. First, the dealer may start to take advantage of you and second criminals watch who goes to those dealers. If you develop a pattern, those criminals may think you have a hoard they can steal from you.
Another recommendation was to never redeem too much PMs for fiat. If you only have a one ounce bullion coin, cut it up, take the loss on the bullion premium and sell it in pieces as needed. Never hold fiat unless you have to.
Definitely an interesting book. A little dated now but still lots of good advice.
So what is your strategy on the above? What would you do different? I may swap items 3 & 4 but so far the order of precedence seems to be fairly logical.
Here’s my order of liquidation with junk/scrap jewelry going out first:
- Junk/scrap jewelry
- Junk/cull coinage
- Non-numismatic coinage
- Generic rounds/bars
- Exchange recognized (premium) rounds bars
- Foreign bullion coinage
- Domestic bullion coinage
- Foreign numismatic coinage
- Domestic numismatic coinage
- The wife’s near and dear, sentimental jewelry
Do you burn through your silver stockpile first before gold or do a mix depending upon the circumstances?
Some things I have learned from people who have been in similar positions, The author of The Modern Survival Manual: Surviving the Economic Collapse highly recommends never sell to the same dealer more than twice in any period of time. First, the dealer may start to take advantage of you and second criminals watch who goes to those dealers. If you develop a pattern, those criminals may think you have a hoard they can steal from you.
Another recommendation was to never redeem too much PMs for fiat. If you only have a one ounce bullion coin, cut it up, take the loss on the bullion premium and sell it in pieces as needed. Never hold fiat unless you have to.
Definitely an interesting book. A little dated now but still lots of good advice.
So what is your strategy on the above? What would you do different? I may swap items 3 & 4 but so far the order of precedence seems to be fairly logical.