I’m not a gold & silver hoarder, but a LOT of survivalist types are. I don’t think precious metals (PM) are the answer, but they should be a part of your portfolio if you’re into the market.
Here’s the deal, simply put, the silver and gold in your coins are worth more than the face value of the coin. But, the PM’s are only valued relative to the amount of dollars they can be traded for. If the dollar isn’t worth much, that means you still get less for your PM.
Some survivalists keep large supplies of gold and silver because they believe that when the dollar collapses, or if the Shit Ever Really Does Hit The Fan, PM’s will be the only thing you can use as money (besides food, water, and bullets).
You’ll have to figure out where you stand on all this on your own, but Utah is obviously working from this same mindset with their new bill. They even mention “preparedness”. :D
It may not fold as conveniently as dollar bills, but the Utah House took a first step Friday to recognize gold and silver as legal tender.
It voted 47-26 to pass HB317 by Rep. Brad Galvez, R-West Haven, and sent it to the Senate. The measure would recognize as legal tender gold and silver coins issued by the federal government — not just their face value, but also their value in gold and silver or to a collector.
It also would order the state to study whether Utah should establish an alternative form of legal tender, such as one backed by silver and gold.
“This is a step in preparedness, a step in security,” Galvez said, “that allows us to be able to help hold up our economy as the dollar continues to shrink.”