Gold!

[Grunter]

What are your thoughts on buying gold? Not sure I fully trust the banks at the mo and having done a bit of reading on the subject even the 'experts' suggest that 10-20 per cent of your wealth should be in gold/silver/platinum. I'm not talking about the gold you buy by certificates but actual gold that will be sent to you that you physically keep for the long term.
Also does anybody keep a sum of cash cached in case of atm network breakdowns etc?

[the-gnole]

My thoughts on keeping gold - Get something that you can divide properly, no point having a piece of gold that is worth more than any item you will be trying to buy with it, as I doubt anyone will give you change.

As an investment, it might be worth it, but like all things the value might go up in the good times, but in the bad times it may well just go down in value to less than you paid for it.

Depends, as usual, on the scenario for which you as an individual are preparing for.

Just remember it is difficult to eat gold

[Grunter]

Thanks for your input. I'm finding out whichever situation you try and prep for you can send yourself in circles trying to find all the answers.
Keeping cash at home i believe is a good idea in one sense in case of a run on the banks and they stop giving out the money.
But if the economy collapses there is a good chance of hyper inflation in which case your cash may only buy a loaf of bread.
I was thinking of gold in the long term to see you over any period of economic instability in the hope that by the time things are back on track your gold held may still be worth something close to what you bought it for. Cash held in the bank might well be worth a lot less after any major event especially if the government have to introduce a new currency.
But I do see your point in buying small amounts ie 1g (£47) and 2.5g (£111)as they could be possibly traded.
I realise there is no right or wrong answer I just like to hedge my bets and spread things around a little in the hope I won't lose everything,although this is also a possibility.

[hobo]

I remember chrismartenson.com at the beginning of last year suggesting the best investments to make were to grow your own veg and buy silver. Haven't managed to afford the latter but am well on with the allotment!
I reckon there are a lot of preps to make before you should think of gold. As gnoley says - it depends what you are prepping for.

Hobo

[Grunter]

I am on with my second batch of watercress

[the-gnole]

So would you be happy trading a £47 piece of gold for my tin of beans? or a Pizza?

And how do I know that your gold is real?

Would I be willing to trade you my tin of beans for a piece of lead sprayed with gold paint?

My tin of beans or my Pizza is something other recognise quickly and easily and know what they are getting, maybe I need a box of matches, or a lighter, or a candle, Now if you have a box of candles and a pack of matches and you want a Pizza we can trade

[Grunter]

Thank You re all above. You have certainly given me scenario's that I handn't thought about, which is why I joined this forum, so I gain from other peoples thoughts/experience. I will not be ignoring the essentials,i.e water/heat/food etc. and have loads of questions to ask so I hope you don't get sick of this newbie.

[Vespa]

So would you be happy trading a £47 piece of gold for my tin of beans? or a Pizza?

And how do I know that your gold is real?

Would I be willing to trade you my tin of beans for a piece of lead sprayed with gold paint?

My tin of beans or my Pizza is something other recognise quickly and easily and know what they are getting, maybe I need a box of matches, or a lighter, or a candle, Now if you have a box of candles and a pack of matches and you want a Pizza we can trade

An excellent point.

There are alternative SHTF currencies, how about booze? 50 bottles of whiskey should be easily traded and have an almost indefinate shelf life, or what about tobbacco?

I don't smoke but I think £200 pounds worth of hand rolling tobbacco may make a good investment.

[the-gnole]

Depends how secure you feel, and do you keep it as 12.5 gramme packs or 50gramme packs, half bottles or full ones?

It's working out what is the best way to get the most from what you have, do you keep matches or lighters for example, a lighter might last months, a box of matches a few days, so you can trade more often if you have matches, so hopefully get more "bang for your buck"

[scoobie]

Thank You re all above. You have certainly given me scenario's that I handn't thought about, which is why I joined this forum, so I gain from other peoples thoughts/experience. I will not be ignoring the essentials,i.e water/heat/food etc. and have loads of questions to ask so I hope you don't get sick of this newbie.

Questions are great as it gives us chance to debate topics which may have already been discussed, but opinions change over time, and new members may not have seen the original thread. The only stupid question is the one left unasked! So no, we won't get sick of the questions!