What to do with money, if you have something left in the bank ?

[Obi]

I suspect that the reason that silver went up in price during the Great Depression could have been due to the fact that gold coins in the U.S. were 'mandated for surrender'.

I think you are right. Gold is more rare and thus banks and governments love it as value storage and usually want to steal it from the people. Silver is more available, but once the gold is gone, people will be buying silver thus making the price go up. During the Great Depression the price went up something like 20 times or so.I think it may happen again. I will buy some coins, just not for all the savings I got, but maybe 1/4 of it.

 

[AndrewMn]

I have some savings (not much like 5 salaries) in the bank and I recently withdrew half, but with the current inflation I am afraid it will lose value rapidly very soon. I was recently thinking about purchasing some silver, since during the Great Depression silver went up in price several times, while gold only a few times. And then Joe mentioned that the supply of silver will be decreased next year and maybe it is time buy some, and this made me think to turn some of the cash into silver coins of 1oz each. I can buy like 50 pieces of silver in coins and have them delivered in 1 day. Silver coins are easy to exchange for goods in case a need arises.

I did most of my preparations last year, so I got lots of stuff purchased from canned food to solar panels, so I am missing only some precious metals to feel a bit more secure.

What do you guys think about it? Is it a good idea?

I am by no means an expert in financial matters. I'm just sharing my opinion. @Korzik18 and I have long been concerned about any possible savings. The country where you are located is very important here. Because a lot of things may not be available for one way or another. In our country there was a long tradition to keep savings in U.S. dollars or euros. Gold or silver was sold strictly in bullion from the national bank and it was possible to return it only to the bank. And the buy-sell difference (spread) was very unprofitable for many years. I.e. having bought a bar of gold or silver, you needed about 3-4 years to sell it at a higher price or get back what you spent.
But in the last year or two the situation (in my opinion) has started to change. The population has stopped trusting the U.S. dollar so much. The demand for gold and silver has increased dramatically. There is a gold coin (investment) of the Russian SberBank, which can be sold, including to individuals, which facilitates its sale, if necessary.
We solved the issue of saving part of our savings (about 30% of our total reserves) by buying silver bullion and gold coins. And also, some investment coins. We had to spend some effort and labor to find silver bullion on the open market, as well as gold. It wasn't easy for us as there is virtually nothing in the banks.
I think your silver bullion idea might be a good one. Definitely, there is less and less trust in paper money with me and @Korzik18 .

Once again, please note - I am not an expert and our country simply has very limited financial institutions. Yes and our opportunities are not too great.

 

[KS]

I'd also like to add that use of gold and silver might be prohibited. Especially during the "transitive period" to some all-digital form of "credits". They need to create incentives or psychological coercion (like with vaccines) for the population to voluntarily switch to a new system. Keep in mind also that if you buy silver via the internet, the transaction will be registered. This might be very unfortunate when a country will go bankrupt, and the government will start confiscation (exchanging for bonds) of citizens' savings. The last thing is that silver is heavy! 100 ounces has a substantial weight, very impractical to carry in a backpack. I guess that if you are open to the possibility to relocate, 1/10 or 1/25-ounce gold coins are also a good thing to have, and their ability to be sold on a black market could be more practical (flashing 1oz gold coin during stressful times could get you into trouble).

 

[Obi]

Once again, please note - I am not an expert and our country simply has very limited financial institutions. Yes and our opportunities are not too great.

Thanks for the input. I live in Poland and Hungary. Poland has the biggest producer of silver in the world close to my parents city. Silver is easily availabe in bars and coins and so is gold. At least YET. I decided I will spend maybe 25-40% of my savings on silver coins, as they are easy to resell or trade with.

 

[Obi]

I'd also like to add that use of gold and silver might be prohibited. Especially during the "transitive period" to some all-digital form of "credits". They need to create incentives or psychological coercion (like with vaccines) for the population to voluntarily switch to a new system. Keep in mind also that if you buy silver via the internet, the transaction will be registered. This might be very unfortunate when a country will go bankrupt, and the government will start confiscation (exchanging for bonds) of citizens' savings. The last thing is that silver is heavy! 100 ounces has a substantial weight, very impractical to carry in a backpack. I guess that if you are open to the possibility to relocate, 1/10 or 1/25-ounce gold coins are also a good thing to have, and their ability to be sold on a black market could be more practical (flashing 1oz gold coin during stressful times could get you into trouble).

Good point. I am aware the transaction will be registered if I purchase it off the internet. However, since I live in 2 countries yet and I am in the process of liquidating my assets in my home country due to the political and climate prospects, I will purchase the metals in one country and relocate them to the other, where no records of my transactions are kept. I still plan to keep cash at hand and some bank money, but if they crash the bank sector, cash withdrawals and cash value will greatly drop, so it is better to even keep some goods instead of cash. I spent 20K+ on preparations and I got a lot staff in storage, including food for roughtly 2 years, so I just need to get some metals to finish my preps. I need some more cloths though, especially underwear and socks, so I may in fact spend some money to get good clothing. But now, I need to buy some coins since this is literally the last moment. Maybe in January things will speed up with the reset and metals will start to go up in price or be less available.