Gold & Silver for Prepping: Why, Favorites, & Storage
Should you add gold and silver to your prepping plan? We go over the reasons why you should and shouldn't, our favorite coins, and how to store them!
Sport shooting in 4-H, Ham Radio operator. Apartment prepper & survivalist
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Times are tough, and economic security may be weighing heavy on your mind.
After all, many people struggle to maintain any savings, much less keep something on hand that can be used when banks aren’t an option.
Stocking up on food, water, ammunition, and medical supplies is important, but if you’re stuck in a situation somewhere between “full societal collapse” and “normal,” chances are--you’ll also need some buying power.
Be it gold, silver, or cold, hard cash, we’re going to talk about investing for all your just-in-case needs.
Disclaimer: Not meant as investment advice.
Table of Contents
What’s Wrong with a Savings Account?
If you’ve had any level of financial literacy education, you’ve probably heard that you need to set aside at least 10% of your income in a savings account. Obviously, we’re not about to argue with that logic, but…
Ever needed something really badly, and not been able to reach it?
Yeah, it’s frustrating, right?
Now, imagine that it was a life or death situation. You need to be able to access whatever that thing is, and if you can’t, your family will starve, or die from medical complications, or be unable to escape from danger.
I’m sure you see where I’m coming from--if you don’t have cash, or other valuables, in hand, you don’t have them in an emergency.
When things are functioning like normal, or close to normal, you’ll still have credit cards and debit cards and online payments. You’ll still have a paycheck getting deposited in your account regularly. You might become a bit of a Lysol addict, but ultimately, things will keep ticking on.
But what happens when the banks close, or when the power is out and card terminals go down? Or if you are unable to work from home, are laid off, or are otherwise unable to get a paycheck?
How will you and your loved ones get through?
The answer is--prepping! Prepping should always include a financial component, especially since it’s more realistic that you’ll face the loss of a paycheck than you will the end of the world.
And well… if I’m wrong, at least paper money can be used when all that TP runs out.
Keep Cash on Hand
First step--have dolla dolla bills, y’all!
Cash-in-hand is a great security against most situations you’ll probably face. Honestly, all joking aside, we foresee the US Dollar continuing to be the currency of the realm for the time being, so it doesn’t hurt to keep a stash at home where you can reach it in an emergency.
Ideally, you’ll have a couple hundred bucks on hand, in a variety of denominations--not just twenties. And, if you need it, only carry what you’ll use for what you need.
That means no lugging around a wad of bills, then peeling off a few bucks in plain sight of everyone in the local Circle K, okay? Play it cool.
Gold and Silver: Timeless Investments or Old-Fashioned?
Looking for a way to invest, but want something that’s going to retain its value well? Then it’s time to take a closer look at precious metals.
One benefit to precious metals, like gold, silver, and platinum, is that they hang onto their value pretty dang well. And unlike paper money, you can’t just print more gold.
If you like smaller units of gold...we really like gold "rooster" 20 Franc coins.
Sure, they have their ups and downs, but unlike the stock market, you actually have a chunk of metal to show for your investment, and precious metals are considered pretty safe investments since they don’t fluctuate too wildly. In fact, gold prices tend to rise as the economy and stock market fall, making it a pretty sweet apocalypse investment.
Besides, precious metals have been valued for pretty much all of human history, so we don’t anticipate that changing soon.
Or for our go-to...1 oz Silver American Eagle coins.
There’s plenty of late-night infomercials offering you ways to invest in gold without actually buying it but, if you’ve been paying attention, you probably know--if it’s not in your hand, it’s not yours in an emergency.
So Gold ETFs? Not for you, my friend.
It really is as simple as buying a dang ol’ chunk of gold (though, do a little research first so you don’t get ripped off).
Storing Your Investment
Look, you’re not going to leave your brand new golden nest egg sitting in your kitchen junk drawer. Like anything important, it needs to be kept somewhere safe, somewhere subtle, somewhere that you’ll have access but others won’t…
Are you thinking what I’m thinking?
That’s right--a safe.
You can plonk your investments in the back of your gun safe if you have space or you can stash them in their very own safe, what matters is that you can access them on your terms.
Safe deposit boxes may be safe from your average criminal, but well, the U.S. Government isn’t your average crimin--I mean, the U.S. Government has been known to forbid the ownership of gold and seize gold from citizens so… maybe let’s keep this on the down-low?
Truthfully, the likelihood of it happening again is pretty small, but well… we’re prepping, so it’s worth mentioning.
Realistically, it’s a lot more likely that your bank will close temporarily (all my bank’s local branches closed this week because I live in a COVID-19 hotspot, so it does happen) or that your bank will fail and collapse--taking anything you have entrusted to it right along with it.
Where does that leave you?
Probably without a paddle up a rather unfortunately named creek, huh?
Utilizing Your Assets
You’ve set aside food and water with the idea that, someday, you’ll need to use it. After all, that’s why you’ve made sure your bunker has a can opener, right?
Similarly, you should plan ahead a little about what’s going to happen when you need to use your gold or silver to get you out of a sticky financial situation.
First, some truths:
Don’t let these facts deter you, though. Gold, silver, platinum, and other precious metals are not hard to sell. You just need to know where and how to sell them when the time comes so you can free up your cash flow.
So what are you going to do? You’re going to shop around your local area for a dealer that works in precious metals, a pawn shop, or a jeweler with a good reputation, and you’re going to pay them a little visit to learn more about it.
Make a new friend, it’s totally worth it.
Conclusion
While diamonds may be a girl’s best friend, there’s no denying that gold has the power to see you and yours through some rough times. Sure, it’s not as simple as purchasing a bucket of dehydrated pasta dishes to stick in your garage, but it’s well worth the research and investment.
Do you invest in precious metals for an emergency? Are you going to start? Share your tips or your thoughts with the rest of us in the comments! And since you’re here, keep the ball rolling by checking out Prepping 101!