A real example of a SHTF scenario and gold

[mr-dead]

Just spotted this vid on another forum.

Demonstrates what happens after hyperinflation reduces you fiat to toilet paper.

Pretty sad but at least they have access to raw gold, how would an urban area in the West manage?

 

[MickB]

If it got this bad in the UK, all of us who have gold and silver would have to try to defend it. Word would get around that the usual faces are turning up with gold at pawn shops etc, (you wouldn't post your gold) and you'd immediately become a target.

These pour souls have to work a whole day just for enough gold for a loaf of bread and can't feed their elderly.

I hope the day never comes for this to happen here.

[goldbones]

You exchange your gold on the black market for a currency that is accepted (even if illegal) and you trade with that currency, in Zimbabwe they would have swapped assets like gold for american dollars, this was the case in Argentina and Germany  too.

Governments tend to deem anything else illegal but people are trying to survive so they ignore it, if a law goes against your ability to survive the law is useless because the cops are trying to survive too so you need to bribe police officers. Police officers will turn a blind eye to your sidearm , crossbow and swords and such you just got to stick money in there hand they can use.  

[goldbones]

Where everyone is a millionaire part 1 and 2

https://www.youtube.com/watch?v=NS_gbOZlAsE

 

https://www.youtube.com/watch?v=OMVpkMtoST8

 

[HawkHybrid]

would people holding all coins instead of notes be

better off in a hyperinflation scenario?

 

HH

[Danny-boy]

would people holding all coins instead of notes be

better off in a hyperinflation scenario?

 

HH

I'd say notes.

Both pretty worthless, but the notes are lighter to carry!!!

[HawkHybrid]

9 minutes ago, Danny-boy said:

I'd say notes.

Both pretty worthless, but the notes are lighter to carry!!!

coins can't fall below their intrinsic metal value?

 

HH

[Danny-boy]

coins can't fall below their intrinsic metal value?

 

HH

But you can't wipe your arse with coins.

[BaldyBob]

Oh dear. Danny wins the race to the bottom..... ?

[StackemHigh]

I would stick with coinage when possible,  much more durable in hostile conditions. And the intrinsic value could be a backup too. 

[HawkHybrid]

I think I would prefer to hold silver £20 coins if

it was more widely accepted.

 

HH

[goldbones]

Depends what coins, £1 coin is horrible because even now it only has 2.5p worth of material so you're already down 97.5%.

Older 1 penny and 2 penny coins are worth more than face or around face value which means you lose nothing from their face value, but you'd need a heck of a lot of them, they are easy to find now though you just get a magnet if its magnetic its the newer ones which are steel and worthless.

New 5p and 10p are magnetic and worthless too so you'd need the older ones of those. 

By the time inflation like that hits i'd expect our coins to  all be painted steel which is just completely pointless to hold onto.

 

[goldbones]

There wouldn't be coins in circulation as legal tender they would be re-called, in Zimbabwe at its peak inflation hit  79,600,000,000%

so a 2 pence coin in that one period would go from 2 pence to ?? i tried to calculate it but the calculator died it wasn't cut out for numbers you'd normally use in astrophysics.

At a guess your 2 pence coin made from copper will increase to about £2 TRILLION at peak. 

[whitesands1]

Maybe plastic coins!  Should be much cheaper to make with low oil prices!  On a series note, it shows you how much we take economic stability for granted.