Prepping for survival means being prepared for absolutely everything. It does of course include the basic essentials, like food, shelter and water, but must include financial preparedness too. Anyone who takes prepping seriously should know how to buy precious metals for use in emergencies, in order to be ready for any eventuality.
There are several reasons why gold and silver should form part of your survival strategy. Of course, nobody knows what form the disasters for which we are preparing will take, but whether it’s a financial meltdown, nuclear fallout, or a natural catastrophe, there is at least the possibility that banks will not be functioning, and paper assets and currencies will have zero value. In this scenario, it will be essential to have at least some of your financial assets in tangible form, whereby you can physically possess them and access them when needed.
Apart from tangibility, however, few commodities have the potential to provide such a consistent and stable medium of exchange as precious metals. There is always a lot of argument about what commodities are most suitable for barter in a situation of currency meltdown, but of course, it depends on local conditions, and on which commodities are plentiful or scarce in that specific situation. Some commodities, such as guns, may work well in some situations, but gold and silver are always popular, and likely to be accepted as payment by virtually everyone.
The main reason for this is the fact that gold and silver have maintained such a consistent value in the long term. Although most people quote the value fluctuations of an ounce of gold and silver in dollars, this value is actually irrelevant. Their value really lies in what they will buy, and an ounce of gold or silver buys more or less the same in 2014 as it did in 1914. This makes them likely to be accepted as a medium of exchange in most situations.
Once you have worked out the reasons why you would need them, and the circumstances under which you would use them, it is much easier to understand how to buy precious metals for a survival scenario. For instance, obviously, one of your first considerations must be to buy them in convenient sizes. If you are inexperienced, you need to start by educating yourself about precious metals, the forms they come in, and how to buy them without being cheated.
Many people recommend silver as being preferable to gold for prepping purposes, as, dollar for dollar, you get more silver for your money. If you want to have some gold, you should avoid buying ingots, which are easy to counterfeit, and focus on coins — American Eagles are a good buy, as they come in a range of sizes — 1 ounce, ½,1/4 and 1/10 ounce. Although you may need some 1-ounce coins for larger purchases, obviously, for day-to-day bartering, the smaller the coins the better.
For silver, the most popular purchase for survival purposes is junk silver — that is, US silver coins minted before 1965, containing 90% silver. Dealers typically sell these in bags of $1,000, $500 and $250 face value, or they can be purchased in rolls, making them an easy and affordable investment. They are ideal for emergencies, as they can be traded individually.
However you buy precious metals, it is essential to find a reputable dealer. Dental laboratories and independent jewelers usually have accounts with gold suppliers, and will usually provide you with recommendations, or you can use the US Mint Dealer Locator. You should never use online auction sites — if you find dealers directly on the Internet, you must always check them out with the Better Business Bureau and other rating agencies.
In today’s global economy, the primary contingency we have to prepare for is the loss of confidence. Whatever type of disaster strikes, any kind of exchange medium in which confidence has been lost, will be worthless. Knowing how to buy precious metals will give you a currency that has proved throughout history to retain confidence more than any other.