Would you Ever Consider Converting your Life Savings into Silver and Gold?

Question

There is a systemic risk of large-scale bank failures in the U. S. in 2024 due to charge-offs and write-downs emanating from the commercial real estate sector. Bank regulators have been vocal about their concerns that the too-big-too-fail banks would have sufficient capital to cover losses and a recession. ******With our Economy only Getting Worse, And Many Banks Going Belly Up, Would you Consider in the Future of Converting your Bank Assets into Silver and Gold to Protect it? xxoo

CubaPirate · Accepted Answer

It's already in gold coins 💰 and jewels 🏴‍☠️☠🏴‍☠️

jamesgoldman · Accepted Answer

Read the username

lightbulb27 · Answer

yea 2023 was worse than 2008 in dollar terms of failure, most didn't notice as Fed dealt with it.

I did that to some extent in the past when I thought the system was going to implode last time around. Gold was held to a fixed price through the vietnam war and only went up after it was "released" from control of the govt..1960's to 1980.

I wouldn't go over 10%, more like 5%.

That said, some have converted into the "new gold"... which is bitcoin... and so far, they are making a mint.

wife sent me this... https://www.bbc.com/news/ technology-68434579

if we have to barter with gold and silver pieces, then you'd better have the armor of God on when you go shopping.

At some point, I'd expect gold to be revalued to address the debt and rebalance globally. Probably happen fast and sneaky. when that is... probably after major conflict or event.

Fear = Gold

WindAtMyBack · Answer

Nope, it's too risky.

I made a little money in the early 80s in silver, but not from investing. That's when the Hunts tried to corner the world market on silver (and almost succeeded). There was still a lot of silver coins in circulation at the time. I bought them up at face value. People knew they were worth more, but it was not worth a trip to cash in a few coins at a time. So they'd sell them at face. My girlfriend at the time worked for a vending machine company. At lunch she'd pull all the silver coins. Once we'd get $100-200 in face value, we'd sell them at 6X when we started, and around 15X when we stopped. Silver kept going up after that, but by then there were almost no silver coins left in circulation.

Nowadays, gold and silver are pure speculation. Sure, banks can go under like any other business, but your savings are insured. It's the shareholders who need to worry about banks going under, not the depositors.

NamerOfStars · Answer

Well, here's the thing: gold and silver were chosen, in so many times and places, because they're rare, but not TOO rare, because they're pretty to look at, and because they don't actually have any inherent use. You can't fight with gold swords or build with gold bricks.

Unfortunately, so much is tied into the US banking system, and the dollar in general, that if it broke apart, gold and silver wouldn't be much good to you; you'd NEED something that was useful. Arable farmland, stored food and water, and bullets would be a better investment. Also certain types of livestock, depending on where you are.

Now I kind of want to see a propaganda poster saying something like "Worried about the dollar? Invest in goat futures!".

andreasderjuengere · Answer

No, I would not consider it, Paris.
Although it is an excellent idea to chop off banker hands that try to reach into our pockets... gold or silver are still kind of embedded in the money system (which is one of the tools of 'the System')
Even "life savings" are a part of this manipulative idea to hook us up on physical values.
Where the actual individual requirement is to be (continuously, if possible) supplied with what we need. Which not necessarily needs to be funded by "savings".

aceistheplace · Answer

Yes, Paris. Remember when that psychopathic prime minister in Canada seized bank accounts?  It's OK to be a womanizing freak in black face, if you're a liberal.

BoopBoopBeep · Answer

Adjusted for inflation, gold is worth slightly less now than it was in 1979.

https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

At that point it continued to decline until 2001. If you'd retired in the Carter years, you'd have been F'ed in retirement.

OddBeMe · Answer

Ehh, I don’t think either will crash in value soon but we’re beyond precious metals for currency.

Honestly, use this inflation to get high yeild savings accounts. If you ain’t earning at least 5% on an fdic saving account find one. BMO, even Robinhood will pay you for parking your savings in their accounts.

JoePro_ · Answer

No. In economic collapse, things are going to be so horrible. People will want food to eat, medicine to heal their wounds, blankets to sleep on, clothes to keep them covered, etc. The last thing anyone is going to be concerned with is how much gold or silver you have. That might be more important toward a rebuild of society, but not in the early or mid-stages of a collapse. If you're concerned about a collapse, I'd personally invest in something small that people are actually going to want or need. AFTER, first taking care of your needs if, say, there was a year or two of a collapsed society.

Daniela1982 · Answer

If things go south, there will be things worth more than gold. You have gold and someone has 10 years worth of food saved up. When food can't be had anywhere then you would gladly give all the gold you have for your life - and some food.

Avicenna · Answer

I think it makes sense to have a chunk of your assets in precious metals, but they generate storage costs and don't generate income, plus they aren't necessarily the highest yielding asset, plus diversification is crucial.

joehypo1 · Answer

Lol life savings , i got a big jar of dimes might be able to convert into a coin , thank you now i feel the tingle in my gut, looks like im dying at work f×%k retirement

jshm2 · Answer

You mean silver, not gold.  Silver has decent value but is also invaluable in creating products such as anti-virals and electronics. Gold, not so much

Insecure2 · Answer

No, never. Although I did think of investing them in some property, for example my own flat, but IT turned out more difficult than I thought.

Joshydavid25 · Answer

Seems like a fair but big investment.. I mean from the content I watch they're always sponsored by some Gold company.. So maybe one day.. Maybe Silver Paris.. I don't know about Gold..

supercutebutt · Answer

The US economy is stronger than ever. Gold is a terrible investment compared to Nvidia, Apple & Amazon stocks. 🤑

TommyMountainFigure · Answer

Nah, I just give it all to the missus and she does a Houdini act with it. She makes it disappear :P

matchrestore · Answer

No. There may be some short terms where gold outperforms the market, but overall index funds outperform gold over time.

OlderAndWiser · Answer

I know that gold has a long history but if we were pushed into survival mode, gold has no intrinsic value for survival.

AviatorTom · Answer

No, being diversified us the best way to protect investments

JacobJordan · Answer

I have a lot of different currencies and precious metals in case financial systems are ruined.

MsBrie · Answer

I Don't have much life savings left but no I heard a friend say He would buy up local Gas stations and lower the price to draw customers.

NathanDavis · Answer

nope... I have land and property, coveted too

JHAYES317 · Answer

I’ve thought about it before but then I’d have to pay to store it…for my regular savings no, but maybe an emergency fund in silver/gold could be useful? A

Surely · Answer

Lead, food and skills would probably be better bartering items than gold and silver.  Also knowing how to make use of everything that you have!

DJB72 · Answer

I'd rather buy land. You can't eat silver but you can grow food

Dargil · Answer

My wealth in my home. I would not sell it to get gold.

exitseven · Answer

I have thought about adding gold to my portfolio

Anpu23 · Answer

Not everything, but I have held bullion before. Not now, but I have in the past.

Iron_Man · Answer

I have a 14 karat gold chain long and thick sitting in the safety deposit box, what is it worth

SotiCoto · Answer

It is 2024. Who even has life savings any more?

Likes2drive · Answer

Real estate would be better if I had enough money to do that

Nice222 · Answer

In recent years and future I think converting at least some or much of your savings should be in precious metals.

Anonymous · Answer

Nah cause gold sucks. Where are you going to store it? What if everyone suddenly decides they don't like gold anymore and want to use rubies instead.

Charliefretz329 · Answer

Not a bad idea to diversify, but definitely diversify! Don’t put everything in one investment

KrakenAttackin · Answer

I would buy canned goods and ammunition before I bought gold.

fuddly · Answer

Yes but shares in a fund tracking the price of gold not actual physical gold

superchan2011 · Answer

Hey if it meant that my life savings were protected then I would definitely convert it into Silver and Gold. Once upon a time Gold was seen as the true currency. Not this paper shit that we call money now.

Kulotz · Answer

I dont have any savings lol

Eva2000 · Answer

No, I trust the market and a "buy and hold" strategy yields a 10% per year, on average.

I would NEVER have physical silver or gold in my possession, nor cash. I had a neighbor who had $100,000 cash stolen from her home!

Massageman · Answer

No, I wouldn't.

douride2 · Answer

Not at this point in my life I wouldn't.

Jamie05rhs · Answer

And who's going to protect your house from being robbed if the police are defunded and the criminals are all let loose with no consequences?

Dongie · Answer

I thought about 12 years ago but didn't.

OtterMan68 · Answer

no, not going to put my eggs in one basket

nawtee_me · Answer

The bank does not back any gold or silver anymore. There only a few places that you can put it and have it insured.

Smartman5 · Answer

Yes gold is the safest investment

shortster · Answer

No diversity is key. Maybe like 10% of my assets.

msc545 · Answer

Never - metals are a scam.

BobbieBoy666 · Answer

Not really.

laly520 · Answer

nope

Exterminatore · Answer

Maybe, but probably not.

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