Is it really wise to own gold?

Vanity | March 31, 2010 | William of Barsoom

[William of Barsoom]

Is it really wise to own gold? The government has banned it twice before -- if I have my facts right. It could be simply confiscated or driven underground. It could become especially heavily taxed. These things could happen on very short notice -- "Stroke of the pen, Law of The Land... Kinda cool," as was said by R.E.

Kinda scary, too... That they think that fast and loose.

So, what about the probability of a general confiscation of gold precisely to prevent anybody from having a port in the storm, and forcing us all into a common and vulnerable boat?

I met a guy once who thought about this, and purchased many crates of bars of soap. He thought to use it as barter-money, "because people always want to be able to get clean." Soap is fungible. Each element of it is cheap, unlike a $1,000 coin -- where are you gonna "break" such a coin for a tank of gas? Ammo is fussy as a barter medium. Too many kinds. It seems to me that barter "money" ought to consist of cheap and universally useful "things."

[William of Barsoom]

...am I prepared? Good question. The true answer is “somewhat”.

I believe in General Preparation that can be fine-tuned and re-directed in the late moments before “it” begins — be “it” a storm, or other large inconvenient occurrance. I don’t want to build an immovable bunker when it is possible that survival will mean to bug out.

In the philosophical sense, as well as the practical, you need to anticipate, prepare up to a point, — and then relax until there is something more concrete to do. No detailed plan lasts much beyond the opening few rounds.

[SkyDancer]

My dad has these little pouches made up with a pack of smokes,matches and a little airline bottle of JD in a small vacuum pack. When he goes backpacking he takes several along. He sometimes comes across vet’s who’ve gone ‘bush’ and it’s a means of defusing whatever situation he might come across ....

[ArrogantBustard]

Precious Metals: Lead, copper, brass ...

(silver and gold, too, but you can’t shoot bad guys with them)

[proxy_user]

Yes, but the liquor and cigarettes used for this purpose should not actually be drank or smoked. They are for barter only, and taste terrible!

[Duke C.]

FDR did something similar back in 1933. After making private ownership of gold illegal, the Treasury launched a buyback program at $20 an ounce. After the buyback was complete, He signed an executive order pegging the value of gold at $35 an ounce. With the stroke of a pen, he inflated the currency by 75%!

[DManA]

Also a practical skill you can provide that people need.

[DManA]

Which when you think about it is the source of all wealth.

[Second Amendment First]

Jugs of cheap vodka. Good for barter, first aid (wound cleansing, pain relief), start fires, recreation.

Of course this is in addition to ammo for your guns, and extra of common calibres for barter.

[atomic_dog]

So if Obama issues another Gold confiscation order are you gonna mince right down to the bank and hand it? My grandmother refused to do that in 1933 and I am still in possession of it. I was very surprised to discover that as she was otherwise absolutely law abiding but she had a deep distrust of government. I suspect that these days any attempt by the Feds to confiscate gold would go as poorly as an attempt to confiscate guns.

[Vaduz]

Cue The Golg Finger song.

[Joe 6-pack]

I’m hoarding incandescent lightbulbs.

[nina0113]

(silver and gold, too, but you can’t shoot bad guys with them)

You can if the bad guy's a werewolf!

[TheBattman]

I have read several pieces on the gold confiscation EO that you posted the pic of - and I am STILL trying to figure out what legal or Constitutional authority that EO was issued on.

[OldPossum]

I’m hoarding incandescent lightbulbs.

Me, too. They would be a good barter item. Also, I hate fluorescent light.

[farmguy]

That’s the one that goes:

Golg Finger, he’s the one that couldn’t afford to buy real gold..

</smartass mode>

[USFRIENDINVICTORIA]

You’ll be known for your enlightenment.

[MrEdd]

We have a winner.

[sten]

in years gone by, the government confiscated the gold as it was hooked to the currency. today, since the currency is no longer connected to gold, the government cannot make that claim. in order for the government to confiscate your gold, they would have to outlaw ownership in certain property... which would be ridiculous.

as for how would you pay for a tank of gas... you wouldn’t use gold. you’d find the metal dealers and exchange a single gold coin for silver coins... and use the silver for commerce

of course, stocking up on common sized ammo would always be a good idea

[nina0113]

I have read several pieces on the gold confiscation EO that you posted the pic of - and I am STILL trying to figure out what legal or Constitutional authority that EO was issued on.

None whatsoever - AND THEY KNEW IT. For a quick overview, see if you can track down a copy of The Incredible Bread Machine.

http://www.amazon.com/Incredible-Bread-Machine-Susan-Brown/dp/0378039822/ref=sr_1_2?ie=UTF8&s=books&qid=1270053770&sr=1-2

[ArrogantBustard]

None of my reloading manuals has data for silver bullets.

I guess we're on our own working up loads.