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Author Topic: Will precious metal coins return as everyday currency?  (Read 80 times)
Jet Cash
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August 28, 2018, 07:28:51 AM
Merited by BitBustah (1)
 #1

I understand that they have already returned in Venezuela - a chicken costs 1/4oz of silver. I bought a bag of old silver three pence pieces a while ago, and I believe they are 98% silver. I can see coins like these entering into daily use in countries like Turkey, and others with high inflation rates and a devaluing currency. The Euro must be at risk with Deutschebank on the verge of collapse, and no apparent long term rescue in sight. In fact some of the other EU countries have similar banking problems, and I can see crypto and precious metal coins being used as the Euro becomes worthless. Thank goodness the UK didn't sign up to use the Euro, although our treasonous unicorn politicians are doing their best to push Sterling down to give the Euro a few more months of life.

So, do you think that precious metal coins will return as a stop gap until the new crypto currencies replace the dying fiat currencies?
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bitmover
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August 28, 2018, 08:59:29 PM
Merited by Jet Cash (2)
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What is happening in Venezuela and Turkey are temporary(hopefully) and desperate situations.
Trading chicken for silver is also probably illegal there ...

I don't believe metals will be used as a currency again, like in middle age.  Unless there is some sort of apocalyptic future (nuclear war, zombie attack, socialism).
Even without being used as a currency, gold/silver are a safe haven against crisis and can be an amazing investment.

If I were to buy metals (I hope I can buy some in future) I would probably buy an ETF, which can be easily traded at anytime. I believe there is no way back to silver/chicken pairs. Internet changed things forever.

With ETF I cannot get scammed, no one can steal it from me..
There are many downsides that we all know (centralization, coercion, government may take it away form me etc)... But those risks are somewhat lower than negotiating directly the physical coins. How do you know your coins are 98% silver and not 91%? Where will you store 10k usd silver? I am not a specialist and I could get scammed easily

If you are buying metal as a hedge against a total collapse, physical metal like your coins are way better.
If someone from Turkey had some Turkish silver ETF (if that even exists) they are probably fucked up, but I doubt countries like US or UK will have this kind of problems.

In Venezuela every financial asset became worthless because government use fake conversations rates against usd (like 1000x higher than in the dark market, which is now the real market).

What do you think? Why didn't you bought silver ETF?
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August 29, 2018, 06:44:37 AM
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I don't like ETFs as most of them are ETNs ( Exchange traded notes), and are not backed by any real assets. For example, many people think that BAAKT will be great for Bitcoin as it has "physical" backing, but if you read the small print, then it allows for hypothecation, and that will increase the apparent supply of Bitcoin above the 21 million cap. I believe that will be bad for Bitcoin. It is also run by the globalist bankers, and I believe that they have realised that they cannot destroy Bitcoin, but they can render it useless for the public by removing most of the coins from the market place, and escalating its price to extreme levels.

Any financial instrument that can be settled in fiat currency is a bad risk in my opinion. All fiat currencies eventually settle at their real value, which is zero. History illustrates this. Zimbabwe is another example, and when their fiat currency collapsed, the government more or less stated that people could use whatever they wanted to to trade. The UK still has gold and silver coins that are legal tender, although the nominal value is far lower than the real value. The gold Britannia has a nominal value of £100, but if you want to buy one from the royal mint, it will cost around £1,000. These physical assets are much safer as a protection of wealth, than any instrument created or controlled by the central banks in my opinion. Bitcoin is a fairly unique product, and I consider it to be a modern equivalent to gold. Of course there is still a risk associated with it, but I believe that the banking elite are collecting as much as they can, and they will eventually push up the price to levels where they can use it as asset backing for other products.
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September 24, 2018, 10:21:24 PM
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So, do you think that precious metal coins will return as a stop gap until the new crypto currencies replace the dying fiat currencies?

Nope, the politicians cannot play their game issuing as much gold as they want to win the elections leaving the bill for the nations, so taxes will be paid in fiat, accounting will be enforced in fiat, ergo fiat will be used as always.

Quite a creative thought anyway.
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