Skip to comments.Precious Metals are true currencies: Marc Faber
Posted on 03/04/2011 8:14:49 PM PST by TigerLikesRooster
Precious Metals are true currencies: Marc Faber
LONDON (Commodity Online): Global investment analyst Marc Faber says the best and true currencies available in the world today are not US dollar or Pound, but precious metals such as gold, silver, platinum and palladium.
Faber, who is famous for his prediction of the US stock market crash in 1987, said that commodities, especially gold and silver will be the wise investment options for people in the wake of rising inflation and troubled economies around the world.
Faber, who is the publisher and editor of Gloom, Boom & Doom Report, said that if there is a war, gold and silver would be desirable investments to hold.
Faber recommends investors to accumulate gold in response to money supply inflation policies of the U.S. Federal Reservepolicies that have contributed to rapidly escalating commodities prices since the introduction of these unprecedented monetary measures in March 2009.
(Excerpt) Read more at commodityonline.com ...
You have enough food for 2 weeks
Some guy comes up and offers 3 pounds of pure gold for it
You...Accept? I think not.
But ... I have enough food for two and a half weeks. I’d take it. Maybe it’s just me, but I think I could barter my two weeks of food back using just one of the three pounds of gold. Who knows ... maybe even more food than that, for less gold than that.
Third option for what? currency?
here’s a few logical options:
luxuries like perfume, deoderant, toothpaste, toilet paper
Tobacco and water.
Got Coal? Got Portland!
It keeps well ~ and is portable with modern transport equipment.
Tobacco is attractive because it’s easily portable. It’s also already established as currency in prisons. Drugs are also attractive for the same reasons.
I left out spices, pepper, salt, sugar in my original list
ONE CARET = ONE HANDFUL (roughly a meal for 2 or 3 people).
What you want are items far more portable than gold ~ so you can hide the stuff after you make the sale.
Discussing this throws me off.
I always have a tough time getting change when I use precious metals to pay for my groceries.
I would not even let the guy know that I have the two week supply...though I have much more.
Just look at what fueled the black market in Europe after WW2 and you will know what becomes real “currency”.
One thing not on your list. Sex. For half the population that will be used as barter for necessities.
OK, help me understand a gold standard.
If the gov’t only issues money backed by gold, then how does wealth get created? i.e. everything can be redeemed back to a GOVERNMENT vault? Just trying to understand, our fiat currency is certainly not working either.
Gold became currency only becuase it was rare and therefore relatively hard to counterfeit. Any amounts dug from the ground belonged first to the crown (or whatever despot was there at the time).
Today... a gold-backed dollar is just wildly impractical, and counterproductive. The money supply is best managed according to the productivity of an economy, not the amount of some shiny yellow metal that can be dug up out of the ground.
It really just doesn’t make sense.
Sometimes I have trouble envisioning that a total society collapse could happen in America.
We are simply too well armed.
The life expectancy of a thug-type looter, murderer, rapist, general ne’er do well might be measured in weeks or even days.
That doesn’t mean that commodities like food and gasoline and tobacco could near almost priceless values.
But I would bet that some kind of equilibrium could be reached fairly soon.
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