But let me be clear that I am NOT a financial adviser & I do not sell silver. However, in my unprofessional opinion, having a small percentage of your wealth in precious metals like silver (my favorite) is a good idea. Old silver coins or the US Silver Eagle 1 oz silver dollar will always be a recognized and valued currency and therefore a good one to have. Pennies prior to 1982 contain about 2 to 3 cents worth of copper and might be good to save.
Silver prices are at a 5-year low as we enter 2015, perhaps making it a good time to buy. Keep a few sliver coins in your home as well as some paper cash for those times when electricity or the teller machines and credit card scanners are not working.
In addition to coinage, barter has been a key part of economic trade. Having sustainable goods that would be needed during hard times might also make a good investment in a worst-case scenario type event. See the Top 10 Barter Goods.
Now some might say that silver is not a good investment… that I bought some back in 1960 at $7.00 per ounce and it is only worth $15 per ounce today, and that would be a correct statement. However, let’s look at an alternative currency that we all use, the US paper dollar. In 1964, when the US minted the last 90% silver coins, a US dollar could buy the following:
- 2 pounds of roast
- a 3.5 lb chicken
- 27 oranges
- 30 lbs of potatoes
- 3 lbs of bacon
- 4 gallons of gas
- 3 ounces of roast
- 4 ounces of chicken
- 2 oranges
- 2.5 lbs of potatoes
- 3 ounces of bacon
- 1/3 gallon of gas
Think about this: The 401k savings plan was created hoping to supplement the failing Social Security (SS) system. With Americans having their own savings, the drastic cuts needed to save SS will not be quite as devastating. The sudden move by millions of people to invest 401k money led to prosperous times for the stock market. But what will happen when Baby Boomers stop putting their huge amounts of money in to the stock market and start taking it out instead and moving it to FDIC insured investments? At this same time they stop paying into SS and start drawing money out. There are fewer and fewer workers to support the unfunded SS debt. With the mass printing of US dollars they will become worth much less. Inflation will soar. The government may move to an electronic currency instead of paper so the slow printing presses are no longer a bottleneck to expanding their money supply. More money supply leads to higher inflation. The potential for the most devastating recession in history could be ahead....CRASH!
This will also give the government control over all trade, prices, pay, taxes, States funds, etc. with the ability to seize or freeze funds quickly. Barter and black markets will grow but be highly illegal.
For more information, see the Prepper Handbook preview on Amazon. If you don't have a Kindle, you can down load their free reader to your computer to buy and read the whole book.
For additional information see the following links:
The Rule of 3 (set priorities by this)
Why we are ALL Preppers (for skeptics)
Food and water:
Getting Started (Water)
Edible Wild Plants:
Natural Disaster Preparations
Firearms and security:
Investing for Preppers (Financial Security)
Survival Pack (Security Patrol or Bug Out pack)
Wilderness Survival Pack (Video)