2008 Credit Crunch - Was gold easy to liquidate?

[SilverStorm]

I have a question that is slightly off topic, but sort of belongs in this thread.   IF we get a SHTF scenario where the economy collapses, will bullion dealers and local coin shops (lcs) still operate?   Let's consider a hypothetical situation where you need to liquidate 1 oz of gold to get fiat currency in order to buy food and pay your bills.  Let's assume 1 oz of of gold = $1 million dollars (we have hyper inflation, similar to what Venezuela is undergoing).   Would the bullion dealer or lcs be able to buy from you?  Would they have sufficient fiat currency to complete the transaction?    And what happens if the bullion dealer or lcs go out of business?   How do you liquidate your gold then?   I don't recall coming across an answer to any these questions.   🤨

[AuricGoldfinger]

If gold prices are 1 million an oz then the bullion dealers will absolutely be in business.

[JoncreteCungle]

2 hours ago, SilverStorm said:

I have a question that is slightly off topic, but sort of belongs in this thread.   IF we get a SHTF scenario where the economy collapses, will bullion dealers and local coin shops (lcs) still operate?   Let's consider a hypothetical situation where you need to liquidate 1 oz of gold to get fiat currency in order to buy food and pay your bills.  Let's assume 1 oz of of gold = $1 million dollars (we have hyper inflation, similar to what Venezuela is undergoing).   Would the bullion dealer or lcs be able to buy from you?  Would they have sufficient fiat currency to complete the transaction?    And what happens if the bullion dealer or lcs go out of business?   How do you liquidate your gold then?   I don't recall coming across an answer to any these questions.   🤨

As far as I recall during the collapse of Argentina dealers / shops remained open and you could buy or sell on the black market in unofficial markets and with street corner dealers. The Ferfal blog if it still exists gives a rough guide to what might happen if TSHTF.

I don't think fiat is in danger of running out given the rate it is being created at...

[JoncreteCungle]

http://ferfal.blogspot.com/2015/06/what-to-do-with-goldsilver.html?m=1

Link to the excellent Ferfal blog detailing what happened with pm during the Argentina collapse

[SilverStorm]

20 hours ago, JoncreteCungle said:

http://ferfal.blogspot.com/2015/06/what-to-do-with-goldsilver.html?m=1

Link to the excellent Ferfal blog detailing what happened with pm during the Argentina collapse

Thx for posting this, exactly what I wanted to know. 👍