My thanks to John for letting me preempt the post he had originally planned for today. As anyone knows who’s been paying attention to the news, the economy has become a matter of urgency. World stock markets are in turmoil. The dollar isn’t in good shape, and gold is increasing in value. Gold sellers have anticipated this–and much worse–for years. Of course, if you’re inclined to buy gold, obtain coins you can physically possess, not gold stocks. Then be sure you can keep it secure.
Having said that, let me give you a couple reasons why you shouldn’t buy gold as part of your survival strategy. Please understand, I’m not a monetary or legal expert. These comments are aimed at the average person or family, and I hope they prove useful. From a practical viewpoint, if things really become desperate and standard money isn’t worth anything, gold coins are harder to exchange than silver coins or goods for barter. It’s also likely the government will confiscate gold as in the Great Depression. Do you think you would be prepared to contend with such an eventuality?
Paul Craig Roberts, father of Reaganomics and former Wall Street Journal editor, believes the current economic turmoil will continue and be especially difficult for American families. Jobs continue to be outsourced or go to illegal immigrants. Mortgage and credit card debt leaves little or no wiggle room. The general standard of living may go down, especially if the dollar collapses as the world’s reserve currency. You can read more on his thoughts here.
It’s my opinion that a worthwhile survival investment is long term storage food. After all, you can’t eat gold, and you must feed yourself and your family. I encourage you to read the discussion I had with John and Duane on Surviving the Downward Trend. Here’s something specific you can do right now to be prepared. Click on the Nitro-Pak ad. Go to the emergency food units category on their web page and take a look at the family size unit. Nitro-Pak offers other storage food options as well, so take the opportunity to determine which one is right for you.