Silver as emergency fund?

MeccaOz said:
SilverDJ said:
cfcbryan said:
Anybody use physical silver as their emergency fund instead of cash?
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In almost any "emergency" silver (or gold) would be next to useless.
The most likely scenario for any emergency is the banking system becomes unavailable due to *insert problem here* for a period of time and you need to get by and pay for things.
Practically no one is going to take silver or gold, but everyone will take cash.
Click to expand...

Actually I remember a couple years ago, when even big name convenience stores were taking gold in lue of cash. If there is ever a run on the banks, and the banks are directed to shut up shop for a week or so, Im betting alot of people will take it.
Click to expand...
Maybe in your dreams.
But in reality THIS HAS NEVER HAPPENED.
Unless you post a reliable link , i call BS.
 
sterling-nz said:
MeccaOz said:
SilverDJ said:
In almost any "emergency" silver (or gold) would be next to useless.
The most likely scenario for any emergency is the banking system becomes unavailable due to *insert problem here* for a period of time and you need to get by and pay for things.
Practically no one is going to take silver or gold, but everyone will take cash.
Click to expand...

Actually I remember a couple years ago, when even big name convenience stores were taking gold in lue of cash. If there is ever a run on the banks, and the banks are directed to shut up shop for a week or so, Im betting alot of people will take it.
Click to expand...
Maybe in your dreams.
But in reality THIS HAS NEVER HAPPENED.
Unless you post a reliable link , i call BS.
Click to expand...


Physical gold is a good sweeter in deals involving property. For some reason has a place in the used firearms trade also.

Just sayin....why do you think authorities spend so much effort trying to control trade in it?
 
sterling-nz said:
MeccaOz said:
SilverDJ said:
In almost any "emergency" silver (or gold) would be next to useless.
The most likely scenario for any emergency is the banking system becomes unavailable due to *insert problem here* for a period of time and you need to get by and pay for things.
Practically no one is going to take silver or gold, but everyone will take cash.
Click to expand...

Actually I remember a couple years ago, when even big name convenience stores were taking gold in lue of cash. If there is ever a run on the banks, and the banks are directed to shut up shop for a week or so, Im betting alot of people will take it.
Click to expand...
Maybe in your dreams.
But in reality THIS HAS NEVER HAPPENED.
Unless you post a reliable link , i call BS.
Click to expand...

Sorry my mistake. There were a couple big namers ( neither I or the other half can remember ) were buying gold, and it was only some stores in the chain. Damned if my memory isnt s@#thouse ... Sorry guys. I live in the bush myself, so I never took part in it, remember seeing it on the news.
 
MeccaOz said:
sterling-nz said:
MeccaOz said:
Actually I remember a couple years ago, when even big name convenience stores were taking gold in lue of cash. If there is ever a run on the banks, and the banks are directed to shut up shop for a week or so, Im betting alot of people will take it.
Click to expand...
Maybe in your dreams.
But in reality THIS HAS NEVER HAPPENED.
Unless you post a reliable link , i call BS.
Click to expand...

Sorry my mistake. There were a couple big namers ( neither I or the other half can remember ) were buying gold, and it was only some stores in the chain. Damned if my memory isnt s@#thouse ... Sorry guys. I live in the bush myself, so I never took part in it, remember seeing it on the news.
Click to expand...

Still a standard item in the bail out kid for military fliers as far as I know. There is a reason for that.....

http://www.independent.co.uk/news/mod-makes-a-mint-from-the-sale-of-gulf-war-gold-coins-1349915.html

"In certain parts of the world, only gold will do. Whereas the warring factions in Bosnia were keen to steal credit cards, in the desert, gold says more than American Express ever can. The coins were carried by aircrew and SAS men and taped into their clothing, perhaps to persuade Bedouin tribesmen to send them back to the allied forces without performing traditional desert customs, which could include castration. Each man carried 20 coins."
 
Yes about 3 times in the past 7 or so years i have sold huge chunks of my metals for emergencies or 'semi-emergencies'.
 
ego2spare said:
Yes about 3 times in the past 7 or so years i have sold huge chunks of my metals for emergencies or 'semi-emergencies'.
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If you had cash you could have saved yourself that step (and any potential loss).
 
SilverDJ said:
ego2spare said:
Yes about 3 times in the past 7 or so years i have sold huge chunks of my metals for emergencies or 'semi-emergencies'.
Click to expand...

If you had cash you could have saved yourself that step (and any potential loss).
Click to expand...

Ow yeah, huge loss every single time. but u cant get to the moon without having some moon raffle tickets with u at all times.
 
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Keep the emergency fund as liquid as possible - the last thing you want to do is force liquidate silver in an emergency at a loss. Keep 3-6 months worth of expenses depending on your situation, 9-12 months may be more appropriate.

Alternatively why not split it - 70% cash 30% physical or allocated.
 
ego2spare said:
Ow yeah, huge loss every single time. but u cant get to the moon without having some moon raffle tickets with u at all times.
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Silver-Price-Chart-General.png


There have only been two moon shots in the last 40 years, and those were half arsed and barely got off the ground compared to the share market.
Only a fool thinks they'll get to the moon with silver or gold.
 
SilverDJ said:
cfcbryan said:
Ok I guess I should clarify on my definition of emergency. I mean unexpected bills such as car repair not this end of the world stuff.
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...You'd have to go out of your way to covert it to cash first.
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That's the entire reason for a lot of people mate. Case in point: by buying bullion, and thus not having plenty of fiat available to squander on Dimple or Jonny Walker Blue means in effect my money is 'saved' ie locked away. That's the first example that popped into my head but hopefully it clarifies things a bit. Things like that might not matter to those on the $100,000+ a year bracket (or that matter matter people with extremely good self control) but for those of us with only a few extra bucks each pay check it makes all the difference.

Furthermore the fact it takes effort to convert to cash makes one realise that countless 'emergencies' are not really emergencies at all..

Cheers
 
rodmadman said:
Got into stacking silver to hopefully be able to pay my mortgage in the event of an economic crisis.
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You are almost certainly better off putting the cash into your home loan to pay it off as soon as possible rather than seriously stacking and getting no guaranteed return on that investment.
Paying off your loan earns you the compounded interest rate.
If an economic crisis hits and you say lose your job, the silver you saved up can pay your bills, but so could the money you withdraw back out of the loan offset account. But in the mean time you got the advantage of a guaranteed return.
Silver has a quite poor history of a consistent return.
 
Abossy said:
Keep the emergency fund as liquid as possible - the last thing you want to do is force liquidate silver in an emergency at a loss. Keep 3-6 months worth of expenses depending on your situation, 9-12 months may be more appropriate.

Alternatively why not split it - 70% cash 30% physical or allocated.
Click to expand...

I agree with the above.

A partial holding in cash (or access to cash - like re-draw) should tide over most in an emergency without having to sell any of your stack at loss.
Based on a normal emergency scenario (unforseen medical, car beak down etc...) not the end of the world as we know it...
It really comes down to how much cash you consider you need at short notice...
Personally I wouldn't overly rely on credit card or re-draw. I like cash...cash is king!

I stopped at a service station the other day, EFTPOS off line and 90% of the drive in customers just kept going...
I pity the situation if as a society we lost access to all electronic funds for 2-3 days :/
 
Money
2,730,000,000 google search results

I phone 6
624,000,000 google search results

Silver Bullion
2,660,000 google search results

This may indicate somehow which is more liquid in a "personal" emergency.

Economic emergency as a whole country, region or World as a whole will not be fun to experience.
 
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