(7 January 2013, 16:50)BDG Wrote: The article is a little shaky I feel - it is little more than a blueprint for how a financial collapse might happen - I would expect the same from a GCSE Business Studies essay. It offers no time frame, it offers no trigger point and comes across as exactly what it is and can be seen in hundreds of other places on the internet - an advert to get you to sign up to something.
Now, here are my three tips to protect yourself in the even of an economic collapse:
1. Buy a farm or large small holding where you can grow the majority of you own food, cut enough firewood for fuel for the home and stick on some renewables and get a large battery bank.
2. Build a barn around three full sized shipping containers - one full of canned goods, one full of clothing and one full of toiletries, hygiene items and first aid supplies.
3. Ensure you have means to defend yourself legally.
As for precious metals, if the situation plays out as in the article, it is quite clear the Govt would control the monetisation of the metals - making them worth what ever the Govt deems. You can bet you hat the Govt will value them lower in country than they are worth out country so the Govt can make a profit on their trade - that is unless you find yourself in the unlikely scenario of being able to trade with some Ragnar Danneskjöld type chap.
They have their place for dealing with certain situations such as GTFO during war or civil disorder or as a base of trade in situations WROL, but I would rather have a steel knife then than a silver one...
You've always come across very well educated, but this reply surprises me a lot.
No financial magazine is allowed to give solid advice on what people MUST/SHOULD do. Technically they can, but they're going to get screwed on the legal front (same reason I post 'legal warning' or 'invest on your own research' style things on my financial posts). Telling someone to invest is such a dangerous thing to do, that it's really not worth it. Advice is very different though. What MoneyWeek, and other such magazines do is inform people on their research, understanding, and the alike, then give recommendations for people to look into or about what they think will be good. But they also state that all such investments are done at the risk of the person investing and upon their own understanding, and about how the magazine has no part if the stock/PM/tip ends up failing.
As for a GCSE level assignment, I'd be impressed if a kid came up with something like that.
Why is it that the richest people on earth are buying into precious metals, while the poorer ones are selling them for "QuikCash" or 'Money4Gold" deals? Because they're idiots and not understanding what is going on in the financial world!!! Here's a quick quote I like "When you find yourself on the side of the majority, it's time to stop and reflect." -Mark Twain. Does that make you think that knocking the Precious Metal holders is a silly thing to do?
As for the above idea of buying a farm, build a barn, stock all the stuff, defend yourself....great ideas. Where are the millions of pounds to do so going to come from? Maybe if you invested in precious metals properly, you'd be able to buy that farm, stock it up, and afford to pay the land taxes levied on you by the government.
In the Great Depression, the PM traders still existed. They were able to make profit. People were buying precious metals at extortionate prices! At one point, you could buy a house for about 82 ounces of silver (that's the lowest figure I've seen in my research, so don't think it's an average). At today's prices, of about $25 an ounce that's $2050, or £1500 (VERY loose conversion to GBP). Remember the Dot-Com boom? People with a website were making BILLIONS nearly over night? Tulipmania where a tulip was selling for around £100'000? People do some crazy things. This latest move to sell all their gold and silver is one of those crazy things.
I'm happy to be laughed at for having precious metals. Laugh all you want. I've already tripled my money while the market crashed.
I'll continue to hold the metals for a while, then cash out when I think the time is right. Then I'll buy a farm, build a barn, legally defend myself, etc. Then you can tell me how expensive precious metals are and how they're a great investment. Follow the flock, and get ready for the crash of the PM-boom. Guess what I'll do when the prices tank and drop? I'll start buying back at a HUGE discount! BARGAIN!!!
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Moneyweek article, The end of Britain, Economic collapse
