Quick moves for a devaluing dollar?
For a long time now, I’ve kept too much of my total assets in cash. I’ve been through a lot of loss and challenging situations over the past few years, and have chosen to remain very liquid, flexible and conservative, as priorities have changed a few times due to… life. That said, I’ve been reading the latest posts in the PM forum and elsewhere, speculating we may be on the cusp of big events in terms of the dollar devaluing. Be that as it may, I’m just wondering what others would do if “too much” of their assets were in cash (in a couple bank accounts). I don’t have enough to pay off my mortgage, which is pretty reasonable as I relocated from a high cost real estate area to a more reasonable one… Other than that, I have no debt, except what I wracked up on a vacation I am ending today, and will pay off ASAP. I have a wee bit of BTC – enough to pay off this vacay with the profit, if I sold it today, but that’s about it. I have some PMs. My non-cash is invested with New Harbor – I’m sure I’m one of their smallest fry clients. But not sure I should send the rest there. I’m about to finally buy a solar electrical system, which will use some of it. What would you all do, if you wanted to move rather quickly? More PMs? Other? My risk tolerance is low except around the edges. Appreciating the variety of experience and input here…
My first priority would be anything that makes me more self reliant. So buying land, digging a well, installing a simple pump, wood stove, chainsaw [ assuming you have a wood lot ], garden tools, livestock, seeds.
You said you had conservative levels of risk so there you go; a guaranteed return and value.
As you said we are ‘on the cusp’ of something big happening the problem is nobody knows WHAT. I’ve just sold alot of my market positions and am in cash, land, and a little bit of PM’s [ though I expect PMs to take a dive in the short term ]. Once whatever is going to happen, happens…I will be poised to make some moves.
Right now, all markets are over priced, some at all time highs. Thats not the time to buy in. Now’s the time to sell…remember “buy low, sell high”. Simple but few do it. FOMO has broken more portfolios than anything else.
Everyone is in the same boat. It’s hard to argue with increasing self reliance, though. PM premiums are pretty high now, though, as I speak, metals may be hitting bottom. I pay a number of folks for info; they are convinced the silver market will break within the year, destroying the currency and eventually leading to hyperinflation. That is above my pay grade but, in addition to physical PM, I put my cash in OUNZ and PSLV, funds which, respectively are in actual position of their underling gold and silver. .with bureaucracy and money, you could take possession, unlike GLD and SLV, the latter of which may actually be “broken” soon if the peasants are able to. These funds are very liquid if you need cash and do a good job of following the metals.
My wife won’t let me put more into these funds but I will scream when/if the currency SHTF and I wasn’t able to totally protect myself.
I’m a single, non-technical person, so all these homesteading tips are way out of my personal manageable survival scenario. 99% of people have no idea about G&S and would look at it suspiciously and it would be a huge target for theft. So I have been thinking, what can I do? Two things: make sure you can heat your house in winter (with a wood stove and chimney that no one can steal!), and buy in lots of canned and dry goods with long expiry dates. For example, pay people with a can of salmon (good to 2025!)… hide them here there and everywhere…