After the crisis...how to sell

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jumblies's picture
jumblies
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Posts: 244
After the crisis...how to sell

Somewhat premature, perhaps, but once the crisis is over and assuming things return to normal (ie. not like Fallout 3), how do you sell the gold? Might sound a bit daft, but do you walk up to your local bank with a bag of coins and a trolley of bullion? Or would that attract unwanted attention from authorities (whatever there is)? I should imagine that if the govt tries to claim all bullion and re-peg the price (like roosevelt did in the 30's) that rocking up with a bar or 2 might land you in jail (or shot, depending). But if not is this a sensible approach/expectation?

Whilst I'm based in the UK, I figure the gist of how to approach this would be universal.

Oh, second question - is it worth taking money from the mortgage and buying gold now with the intention of selling in perhaps a year or so to clear the mortgage (my rate is just over 5% *sigh*). The potential return is good, but the risk is obviously being saddled with devalued gold and a higher mortgage.

 

Wendy S. Delmater's picture
Wendy S. Delmater
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Posts: 1982
Re: After the crisis...how to sell

We had the same concerns. We bought silver in small denomination coins: enough to pay our taxes on the home for several years, and some 90% silver coins for barter. It's cheaper, less likely to get confiscated, and easier to cash in.

land2341's picture
land2341
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Joined: Aug 20 2009
Posts: 402
Re: After the crisis...how to sell

Alot of people buying gold are buying it with the belief that the market will crash,  not that the SHTF .  If the SHTF scenario really occurs gold in most forms is not going to do you any good and may even cause you harm.  If you don't have the physical gold and the SHTF then you are not going to be able to redeem your holdings anyway.

Holding gold is for those who expect massive dollar devaluation but not complete collapse of society.  I look at it as hedging your bets.

For SHTF scenarios hold smaller denominations of silver and other barter-able items.  Ammo, weaponry in general,  household items that others will not have on hand,  as I had heard in Argentina and Iceland,  booze, cigarettes, feminine hygiene supplies  cloth diapers,  and of course food were all good items to have on hand.  I refuse to buy cigarettes but booze can be used in multiple ways and stores very well for long periods.

jumblies's picture
jumblies
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Posts: 244
Re: After the crisis...how to sell

I'm using bullionvault for now because if the SHTF and i did have physical gold at home (or under a tree) I would have no ability to trade it with the locals for...anything. My plan is to use the uplift in the price to pay off the mortgage quicker (inflation hedge), get the hell outta dodge (or London, in this case) and get a place in the country mortgage-free. Then we can have a better chance of being self sufficient (or at least partly sufficient).

I take your point about having more typical day-to-day items to trade though. Most people will be trading with whatever they have which (imo) is much more likely to be practical items rather than shiny metal. I mean, I may have a gold coin to trade for food but the person with the food may be more interested in trading for a gallon of gas or some batteries. But again, if it really gets that bad then we're stuffed anyways.

 

JustinChase's picture
JustinChase
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Re: After the crisis...how to sell
land2341 wrote:

For SHTF scenarios hold smaller denominations of silver and other barter-able items.  Ammo, weaponry in general,  household items that others will not have on hand,  as I had heard in Argentina and Iceland,  booze, cigarettes, feminine hygiene supplies  cloth diapers,  and of course food were all good items to have on hand.  I refuse to buy cigarettes but booze can be used in multiple ways and stores very well for long periods.

Booze for future barter? very clever, I didn't think of that one, silver, ammo and tools occurred to me, but booze is a bit of welcome genius.

thanks :)

Full Moon's picture
Full Moon
Status: Diamond Member (Offline)
Joined: Oct 14 2008
Posts: 1258
Re: After the crisis...how to sell

 Yesterday my daughter said we should buy can openers .  They break often enough and with everyone having canned goods stored ....

Poet's picture
Poet
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Joined: Jan 21 2009
Posts: 1891
Wine, Whiskey, Beer, and Cheese

 

Wikipedia has an article on the aging of wine: "Only a few wines have the ability to significantly improve with age. Master of Wine Jancis Robinson notes that only around the top 10% of all red wine and top 5% of all white wines can improve significantly enough with age to make drinking more enjoyable at 5 years of age than at 1 year of age. Additionally, Robinson estimates, only the top 1% of all wine has the ability to improve significantly after more than a decade. It is her belief that more wine is consumed too old, rather than too young, and that the great majority of wines start to lose appeal and fruitiness after 6 months in the bottle."

There's more information about how many years they could age.
http://en.wikipedia.org/wiki/Aging_wine

Whiskey doesn't age except in barrels, and even then, it is best left to experts. Most beers should be consumed within 6 months - especially American lagers. But some beers are good enough to age 25 years.
http://www.nytimes.com/2008/06/25/dining/25beer.html

Some cheeses can store and age for several years.

If you want good things, you should store some away in a cool, controlled environment.

Poet

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