# Gold and precious metals as "Money"



## wayneL (20 February 2009)

It is often stated that gold is money, gold is the only real money etc etc. 

Sure I have a few krugs (but not a huge amount) I've accumulated over the years, and I trade gold futs, but I have a few questions regarding this "gold is money" thing, as lots of people are buying physical gold in case the sky falls down.

If I have a 1oz krug, and the whole monetary system has collapsed, how do I go to the supermarket and pay for a loaf of bread, six sausages, a pint of milk and a six-pack of p!ss with it?

That thing is worth 100 times what the bill is. How do I get my change? How is the value of the goods determined, relative to gold?

If the sky does not fall down, I cannot see that physical gold and PMs as a good "investment", only a good trading instrument in a functioning financial system.

It does not pay a dividend and can only deliver either a capital profit or loss.
The spread/commission is fraking horrendous for retail punters.
It has to be safely stored. In an apocalyptic scenario, the marauding hoards are going to smash their way in and hold a knife to your first born's neck unless you tell them where the gold is (they WILL find out if you have any).
If gold is confiscated, there is a danger that only the face value of any denominated coinage is redeemed. (which is vastly less than the market price of the gold).

In an apocolyptic scenario, surely something more divisible would be a better currency.

Discuss?


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## It's Snake Pliskin (21 February 2009)

wayneL said:


> It is often stated that gold is money, gold is the only real money etc etc.
> 
> Sure I have a few krugs (but not a huge amount) I've accumulated over the years, and I trade gold futs, but I have a few questions regarding this "gold is money" thing, as lots of people are buying physical gold in case the sky falls down.
> 
> ...




Good thread topic.

Silver could be the answer as it is easier to part with coins etc as they are of lower value. I don't see gold being too practical when trying to survive. Investing in it may be a different thing, though.


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## theasxgorilla (21 February 2009)

In Fallout on the PS3...based on a post-apocalyptic world, bottle-caps are transactable currency.


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## disarray (21 February 2009)

WayneL said:
			
		

> That thing is worth 100 times what the bill is. How do I get my change? How is the value of the goods determined, relative to gold?




haggle and a hacksaw



			
				WayneL said:
			
		

> It has to be safely stored. In an apocalyptic scenario, the marauding hoards are going to smash their way in and hold a knife to your first born's neck unless you tell them where the gold is (they WILL find out if you have any).




get guns. arm your family and friends.



> If gold is confiscated, there is a danger that only the face value of any denominated coinage is redeemed. (which is vastly less than the market price of the gold)




they can't confiscate what you don't admit to owning



> In an apocolyptic scenario, surely something more divisible would be a better currency




such as? barter would be a good start. chickens, vegetables, daughters, whatever, depends on the state of society. is it stable enough to grow produce and keep animals? is it anarchy? if so, get guns. arm your family and friends. better to have a gun and not need it than need a gun and not have it etc. etc.


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## MR. (21 February 2009)

wayneL said:


> It is often stated that gold is money, gold is the only real money etc etc.
> 
> Sure I have a few krugs (but not a huge amount) I've accumulated over the years, and I trade gold futs, but I have a few questions regarding this "gold is money" thing, as lots of people are buying physical gold in case the sky falls down.
> 
> ...



Was thinking just that today. Selling all my gold and buying Silver then I decided I should buy "bottle tops" ...... I'd kinda be set for the home brew! I have a use!

Was thinking today what use is gold? 

I can hit someone over the head with it perhaps the person trying to take it from me and all the want it for is to hit the next person over the head.  Maybe should just through it at a roo! ... **** too heavy .... Knew I should have gotten a smaller bit. Need to buy a hacksaw!  Huh..... you want my great lump of gold for the hacksaw??????

Is gold all the rage because, we might re-peg money back to gold?  Can't see it myself.  Now "that" would be going backwards.  Money is the best way to value a trade.  Can't see swapping chickens for vegies either.  Perhaps a chicken for this bloody lump of gold though!

ps I hold no gold.


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## doctorj (21 February 2009)

Gold is an historic inflation hedge.  Gold is a store of value.  Blah Blah Blah.  

To me, it’s in the same boat as house prices always going up and everything else most people have accepted as an unquestionable fact (until recently).

Surely the value of something should be linked to the benefit IT can generate.  For example, oil has value as it can be burnt to release heat/energy or processed into everything from plastic bags to drugs.   When oil was worth $140 everyone was quick to blame a ‘speculative bubble’, could the same not be said of gold?  

I understand it has some uses (electronics and so forth), but does the benefit it generates justify it being worth nearly USD1,000/oz? Or is it just a bunch of people hoping to sell it on for something more?

If you don’t think a fiat money system works because the paper is only worth something because it’s printed in a certain way with a particular number on it, then how is gold really any different?

I’m not saying it won’t rally further from here, but I can’t see why.


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## numbercruncher (21 February 2009)

You just need smaller denomination coins ! 1oz will certainly be overkill for a handful of goods - We realy should return to Bronze/silver/gold coinage, keeps em honest and stores your wealth much better than this dodgy inflate it away fiat stuff ...

In a post apocalyptic world there would be plenty im sure that even money (gold) couldnt buy ....


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## wayneL (21 February 2009)

doctorj said:


> If you don’t think a fiat money system works because the paper is only worth something because it’s printed in a certain way with a particular number on it, *then how is gold really any different?*




Exactly!

Who's to say how many bottles of Badger's Fursty Ferret my gold coin is worth? How many venison and wine sausages is it worth? How many Magnum .357s is it worth? It must be by agreement; then we are back to, essentially, a fiat arrangement really... aren't we?

Surely some unit of account (AKA fiat money) would quickly establish itself... in the dark ages people used sticks of wood. Maybe bottle caps could suffice.


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## doctorj (21 February 2009)

wayneL said:


> Maybe bottle caps could suffice.



So we agree that gold is the latest ponzi scheme? 

Despite so many failures, the greater fool theory of investment lives on!


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## numbercruncher (21 February 2009)

You can create as much fiat as you like out of thin air, try it with Gold ..... Used as currency for thousands of years it isnt going away anytime soon, modern governments have and will continue to try manipulate its value ....

I dont think an Oz of gold actually buys much more than it did say 100 years ago ..... ?


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## sinner (21 February 2009)

Of course it is an agreed upon form of value, and no you can't eat it to survive. You can get as many Badger's Fursty Ferrets for your gold coin as someone is willing to part with in return for the coin.

Yes, it works for the same reasons as fiat money, which is the above.

This does not make fiat money and gold the same.

People are (hopefully) buying physical gold not because they think the sky will fall but simply because they don't trust the current fiat system to hold it safely. If you want gold as a store of value (not just looking for capital gains), you have already recognised and accepted fundamental issues with fiat curency which cannot be overlooked. Since one of these issues is trustworthiness of financial and government figureheads, one must consider physical.

I think it's a bit silly to say since the current fiat is flawed that all fiat is flawed and always will be. If the sky does fall and all our current currencies collapse then there will be a new one or ones after it. It's simply important to recognise the lifetime of a fiat currency is severely limited (centures in comparison to millenia for gold) by a lack of scarcity.

For the "bread" scenario, mostly because I am one of those kooky gold bugs, I purchase pre-1946 Aus coins and pre-1920 British ones. These are easily recognisable, minted at 92.5% sterling, and available in all denominations from threepence upto florins and crowns (1937-38 only). Also commemorative Royal Mint coins all minted at 92.5% with weights ranging from 1g+, I like the 20g "$10" coins. I have a bit of everything, but mostly sixpence, shillings and florins. Hopefully that will cover everything from "bread" to "clothing" with gold filling the gap on "shelter".

Of course, since there are lots of kooky gold bugs out there and since the US Mint has massive production shortages on silver eagles, the physical market for small denomination silver has skyrocketed in the past year (even as paper silver declined) and anything minted >80% silv is attracting a hefty and rather rediculous premium (upwards of double spot). Glad I did my accumulating a while back when you could get it at spot or less  

Be careful. I have found collecting silver to be very addictive. To be honest as I have mentioned a few times already, I would really prefer to be proven wrong on precious metals. The righter I am the worse it means things are becoming.


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## wayneL (21 February 2009)

But is it a "true" store of value?

There was inflation from 1980 right through to 2002, yet gold declined steadily throughout that period. What happened to the "store of value" theory and the "inflation hedge" in that period.

Why aren't a multitude of other commodities useful in the way it is claimed for gold eg like Doc said, oil... or soybeans or copper or even salt (which was once more valuable than gold).

It strikes me that gold, even though it does have an agreed value via price discovery (just like every other bloody thing) is not money unless it is minted as such. 

As such, it is merely a glorified medium for barter with shifting speculative value like numerous other items. Couldn't guns be used in the same way?



			
				doctorj said:
			
		

> So we agree that gold is the latest ponzi scheme?
> 
> Despite so many failures, the greater fool theory of investment lives on!



I would bet my left testicle that at some point, gold WILL collapse... massively... from any peak "value" (as measured by fiat) it might reach, regardless of any considerations of inflation etc.

Why does it go up in times of fear? Because it does. Perception becomes reality until the perception is exposed as deception. It's speculative. Yes, ponzi scheme indeed.


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## wayneL (21 February 2009)

PS  I'm just as happy as any ardent gold bug to see gold on the move, I'm trading it. But it's ultimate value doesn't concern me, nor to see the price collapse either. I'll try and trade that too... just like any commodity.


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## sinner (21 February 2009)

Of course we must recognise that gold is cyclical wayneL, as I mentioned each fiat currency which destroys itself is replaced by the next and it all starts over again. 

Dow gold ratio is as good an indicator as any I have seen to address your concerns.




This one is from 2006 but I like it better than some of the newer ones showing the "trumpet" formation of the last 3 gold cycles like this (and also contains the 1980s example you highlighted)







Very amusing to see the dow:gold at 20+ in Feb 08!

If anyone was curious dow:gold sat at 7.65 yesterday (not factoring in todays jump in gold and corresponding market drop), was at 9 not so long ago. So we have already fallen below the green 75% confidence band above. Historically, dow is cheap if you can get it for 2 golds or less, but the trumpet formation does not bode well for the dow this time.

To put it simply, when gold is worth more than anything else, time to switch to the anything else. When gold is worth the least out of everything, buy buy buy!

However, even at the very highest point (least vaue) I will still keep accumulating gold and silver at a small rate, just as I will continue to save paper money when it could be in gold during opposite market cycles.


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## wayneL (21 February 2009)

Sinner,

I don't really understand what your charts are telling me apart from that there is a cyclical relationship between the Dow and gold. This could signify a number of factors apart from the "gold is money" mantra. It could simply reflect the production costs of gold, with various levels of speculative artifact from time to time.

If there is more, "please explain".


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## cuttlefish (21 February 2009)

Gold has no counterparty risk, its portable, its fairly indestructable and rare so it can't be diluted so it works well as a currency in that regard.

In relation to its function - its function is symbolic - historically gold is entrenched as a symbol of wealth and power within world cultures.  So if there is a complete meltdown of the political/financial regime and a new regime forms, many of the leaders/power holders in that regime will covet the symbols that will allow them to demonstrate that power.   Gold has such a strong cultural entrenchment that it will serve as part of that function.

Basically its function is to service people's greed and hunger for power/control - all societies will have people that, once they've gotten to a position where they aren't worrying about where their next meal comes from or how to put a roof over their heads, will then start coveting these other things.


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## Trembling Hand (21 February 2009)

Interesting (Ridiculous?) that people believe a stock index over an extended period is worth comparing 

Especially something as random as the DOW.

What is the world coming to? Its a friggin imaginary line.


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## prawn_86 (21 February 2009)

I have always failed to see the 'value' of gold also. In an apocalyptic scenario you are much better off with a pallet of canned food or even a heap of seeds that can be planted to grow food.

Person hoarding gold: "I'll give you this lump of gold for all your seeds"
Person hoarding seeds: "What can i do with it?"
Person hoarding gold: "Well you cant eat it or plant it, but you might be able to barter with it with someone else..."


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## Temjin (21 February 2009)

A great topic question.

So why gold/silver is regarded as money? Why not bottle caps (Fallout) or precious gemstones or anything else? 

Most goldbugs would argue that gold has been the money of choice over the past 5000 years. Since it has been that way for so long, it would be forever. 

While I am still fairly bullish on gold in the medium term, I do think the value of gold is largely symbolic, like cuttlefish has said. It has value because people "believed" it has value. The day when we have achieved low cost space flight and start hauling heavy density asteroids from the belt and start mining precious metals like steel, it would no longer be as "attractive" anymore as money. Remember there was a point in history where there were simply too much gold around and it lost its status as money of choice temporary. 

Regardless, in the event of an apocalyptic scenario, I agree with most people that it is better to hoard food and weapons than gold.


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## Happy (21 February 2009)

Temjin said:


> ..
> 
> , in the event of an *apocalyptic scenario*, I agree with most people that it is better to hoard food and weapons than gold.





+1


Shelf life and size of storage are problem, that make people to think of alternative bartering medium and gold is perceived to be one of them.


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## explod (21 February 2009)

Temjin said:


> I do think the value of gold is largely symbolic, like cuttlefish has said. It has value because people "believed" it has value.
> 
> I agree with most people that it is better to hoard food and weapons than gold.





I believe that religion is largely sybolic also but you try telling that to Christians and Muslims.

The books I read a few years back of the forthcoming gold surge recommended storing food when it really starts to hit the fan.   We are getting closer but have to have some gold to keep some leverage in case the world survives.


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## prawn_86 (21 February 2009)

explod said:


> We are getting closer but have to have some gold to keep some leverage in case the world survives.




Yeh it depends on the scenario.

Total catastrophic, apocalyptic scenario gold will be worthless also. Food, seeds, guns are what you want.

Big depression where the 'system' remains intact, gold is probably a better 'hedge'


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## shaunQ (21 February 2009)

I reckon salt is the way to go. With no electricity salt will be essential.


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## prawn_86 (21 February 2009)

shaunQ said:


> I reckon salt is the way to go. With no electricity salt will be essential.




Salt is fairly easy to collect. Depends to what scale though i guess


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## Ageo (22 February 2009)

Ok besides barter what else can be used as currency? you see people say if the world collapses people will have no need for gold/silver etc.. but thats crap because there will always be wealthy people who are looking for those precious metals for various applications. Gold (like cash) is widely accepted as currency, for instance if you goto some small villages in south america gold and silver is the only form of payment they accept (not diamonds, platinum and other PM's, stones etc..).

At the end of the day currency will always be accepted and used which means people will always want to source it. 

And to answer your question in todays terms why can i use gold to purchase things but when i offer diamonds, other stones and other precious metals they dont accept? (and yes i buy alot of things with gold believe it or not).

Its quite simple, gold is gold and in my lifetime it wont change. 

P.S there will never be a define reason why gold is what it is but put simply people have accepted it as currency.


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## numbercruncher (22 February 2009)

Yup gold is gold ----- borderless, the only true global currency.


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## wayneL (22 February 2009)

Ageo said:


> ...for instance if you goto some small villages in south america gold and silver is the only form of payment they accept (not diamonds, platinum and other PM's, stones etc..).




OK this is really where my question was leading.

Can you supply more details about this... a link or something. I want to see if/how "gold as money" works in practical terms.

How do I buy a bowl of Llama soup in these villages as I'm trekking through?


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## Sean K (22 February 2009)

wayneL said:


> OK this is really where my question was leading.
> 
> Can you supply more details about this... a link or something. I want to see if/how "gold as money" works in practical terms.
> 
> How do I buy a bowl of Llama soup in these villages as I'm trekking through?



The only place in Sth America you might be able to trade gold for anything else is at the border of Brazil and Venezuela in a town called Santa Elena which is a well known black market/money laundering post for illicit goods out of Colombia, Peru, and Venezuela. Coke turns to gold here.

Otherwise, I don't seem to be able to trade my bottle caps for a grande latte at Starbucks in Miraflores.


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## sinner (22 February 2009)

kennas said:


> Otherwise, I don't seem to be able to trade my bottle caps for a grande latte at Starbucks in Miraflores.




You know we are screwed when there is a Starbucks in Peru and not here. 

Long Peru/Short Gold!


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## wayneL (22 February 2009)

kennas said:


> The only place in Sth America you might be able to trade gold for anything else is at the border of Brazil and Venezuela in a town called Santa Elena which is a well known black market/money laundering post for illicit goods out of Colombia, Peru, and Venezuela. Coke turns to gold here.



Well at least the Drug barons will be able to afford Llama soup. :



kennas said:


> Otherwise, I don't seem to be able to trade my bottle caps for a grande latte at Starbucks in Miraflores.



I don't know why you would want to trade even bottle tops for a Starbucks coffee... it's shyte.  

BTW, real men drink short blacks... double shot, without sugar.


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## Sean K (22 February 2009)

wayneL said:


> BTW, real men drink short blacks... double shot, without sugar.





Haven't graduated to that.

Maybe once I hit your old age...

:


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## MRC & Co (22 February 2009)

Fiat currency has the lowest transaction costs, hence why it is used.  

If you don't use any form of 'currency' then you may as well just barter for everything, which creates the highest form of transaction costs possible.

Imagine spending hours of your day bartering your goods or services, which are always changing relative to the value each person gives each good or service at that particular point in time.  No thanks.  Mr Market and some common denominator (whether that be gold, silver, copper, fiat currency or whatever) will do me fine.


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## wayneL (22 February 2009)

kennas said:


> Haven't graduated to that.
> 
> Maybe once I hit your old age...
> 
> :




Oooooh!! Touche'

LOL


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## Ageo (22 February 2009)

wayneL said:


> OK this is really where my question was leading.
> 
> Can you supply more details about this... a link or something. I want to see if/how "gold as money" works in practical terms.
> 
> How do I buy a bowl of Llama soup in these villages as I'm trekking through?





Well i dont have details on which villages accept gold as payment but i know many places (not just south america) accept gold as payment (friends who have been etc..).

To answer your question about values etc... if you only had gold then granules would be the best bet (0.1gram, 1/2 gram, 1 gram, 5 gram etc......) they would test to see if its pure and weigh for value. But of course silver and bronze were used for lower denominations in the olden days. Gold can be formed into any shape and weight (1/2 a gram is about $25AUD). 

So if you went in for llama soup and it was $1 ideally silver would be the best option.

Think of it like this, silver is like coins (lower denomination) gold is like paper (higher denomination).

Making a little sense? 

P.S i remember watching a show about gold where they were showing villages in south america weighing gold and using it as a currency for goods (1 person was buying 3 goats but i forgot how much gold it was for payment).


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## moXJO (22 February 2009)

wayneL said:


> OK this is really where my question was leading.
> 
> Can you supply more details about this... a link or something. I want to see if/how "gold as money" works in practical terms.
> 
> How do I buy a bowl of Llama soup in these villages as I'm trekking through?




The old gold prospectors would pay in gold. And it was pretty lawless back then on the goldfields (closer resemblance to a breakdown of the monetary system). I know it’s a bit different from using gold today (stored and not dug up). They would use a pinch of alluvial for smaller items


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## Sean K (22 February 2009)

Ageo said:


> Well i dont have details on which villages accept gold as payment but i know many places (not just south america) accept gold as payment (friends who have been etc..).



No, you can not accept gold for anything but cash in some 'pawn' like shops anywhere that I have travelled. And, the exchange is pretty crap anyway from what I've seen in Sth America. It's only worthwhile if you are the person that has dug it up, or stolen it, not bought it originally from another vendor. 


To go back to using PMs as a form or currency, we'd have to either distribute the 'currency' in small enough forms to make it practical, or increase costs to meet the weight. I think we might be walking around with tiny balls of silver to pay for those mixed lollies.

Is there another alternative?


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## MR. (23 February 2009)

The thing is gold is converted into fiat money for its value to be recognized.   For example Ageo is converting  gold/silver/bronze  in the appropriate portion to equal a particular piece of currency before a trade.  Are we going in circles?  We already have a currency.  What  value does an ounce of gold now fetch?  It’s valued in fiat money and we accept it.  

“Gold is just like any other object” and is certainly not recognized as a form of currency.  Can it be used for bartering?  Yes!  But so can any “object.”   How will we define if the trade is fair?  Convert it to a currency.  Because that is how we value products and services.

Why hoard gold just to be confiscated if it was to became currency?  Confiscated at a set amount  in return. Gold will be formed into such a shape to represent a currency.  What value is set for that disk?  

Heard it before.......... “CASH is king.”  To a point.  Cash will be converted into objects at some stage.  If the currency looked like collapsing or not.  If a collapse, those objects will be objects that you can use. Gold certainly will not be high on the list, but still makes the list. Land for example will be high. 

Is there an object to replace money? No.....

If money was to become worthless "any" objects will be fine because another currency will be born and those objects, whatever they are will have a value in the new currency.

Gold "might" or "might not" become a world currency but that would be the least of our worries will it not?


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## Sean K (23 February 2009)

I do have a good friend in Sth America who did give up their gold necklases, gold rings, mobile phone, and laptop, for the price of a taxi....

Wonder if we'll all get to that stage shortly?

Fighting for scraps of meat in the street?


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## sinner (23 February 2009)

wayneL said:


> OK this is really where my question was leading.
> 
> Can you supply more details about this... a link or something. I want to see if/how "gold as money" works in practical terms.
> 
> How do I buy a bowl of Llama soup in these villages as I'm trekking through?




Is that all you wanted? Here ya go, a contemporary example:

http://www.marketoracle.co.uk/Article8947.html

Arabs have always used gold for their store of wealth. They probably always will.

A snippet



> The most convincing argument for such an interpretation is that having a gold/silver backed currency  is considered the final leg to remove Riba  (ربا ‘interest' or ‘usury') from the financial system, which is forbidden arcording to Islamic economic jurisprudence .


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## nunthewiser (23 February 2009)

kennas said:


> I
> Wonder if we'll all get to that stage shortly?
> 
> Fighting for scraps of meat in the street?




 Not me ......... i,ll be swapping a piece of my gold for a nice looking cow as stated elswhere in these forums 



hahahahha i just read back my post ....... take it how you will


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## Sean K (23 February 2009)

sinner said:


> Arabs have always used gold for their store of wealth. They probably always will.



Is that 'store' or practical use of?

It's still just heavy metal under tha garage until you need to barter it for something.

How many siver pieces was it to buy someone's daughter back then? Or now???


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## So_Cynical (23 February 2009)

prawn_86 said:


> I have always failed to see the 'value' of gold also. In an apocalyptic scenario you are much better off with a pallet of canned food or even a heap of seeds that can be planted to grow food.




I met some south Vietnamese refugees in the early eighty's (boat people)
when they escaped an apocalyptic Vietnam in the late 70's they took there 
wealth with them in the form of gold and jewels.....not canned food.

Sure they did take canned food to...but it wasn't where they stored there 
wealth...and considering they hid there wealth up there rectum, a can of 
beans would of been very uncomfortable.


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## Sean K (23 February 2009)

So_Cynical said:


> Sure they did take canned food to...but it wasn't where they stored there wealth...and considering they hid there wealth up there rectum, a can of beans would of been very uncomfortable.



Golly, chocolate coated gold star fish. Tasty! 

I'm not sure if tons of the stuff would have made it onto those rafts and if so create any significant ripple in global supply and demand... 

Perhaps we should be treasure hunting up in the South China Sea??


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## sinner (23 February 2009)

kennas said:


> under tha garage




Knew you'd give it up eventually, be at your garage in 15mins!

Read this guys,

http://ferfal.blogspot.com/2008/01/about-using-gold-or-other-forms-of.html

A blog titled "Surviving in Argentina: Life in Argentina after the 2001 crisis".

The post is called "About using gold or other forms of foreign currency after the crisis (old post)"


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## MR. (23 February 2009)

Buy a whole heap of objects that can be bartered with and will still be worth something with any new currency. 

Perhaps they do need to be small and out of site!  
Even if that $50,000- piece of gold only bought some cow!  moooooo

What else is small apart from gold/silver/gems (which can be hidden) but is actually useful?


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## Temjin (23 February 2009)

MR. said:


> What else is small apart from gold/silver/gems (which can be hidden) but is actually useful?




Highly purified weapon grade uranium or plutonium.


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## MR. (23 February 2009)

Temjin said:


> Highly purified weapon grade uranium or plutonium.




To throw at the bloke next door when he comes a Knocking!


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## overit (27 February 2009)

Heres a good video for you! A real life example of gold being used for transactions in inflation ravaged Zimbabwe. 0.1grams of gold for a loaf of bread. Panning for gold is the only way of life for many of these people as their currency is worthless and not excepted in many places. 

The painful reality of living in Zimbabwe

An interesting watch. Goes for 7mins.


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## GumbyLearner (27 February 2009)

overit said:


> Heres a good video for you! A real life example of gold being used for transactions in inflation ravaged Zimbabwe. 0.1grams of gold for a loaf of bread. Panning for gold is the only way of life for many of these people as their currency is worthless and not excepted in many places.
> 
> The painful reality of living in Zimbabwe
> 
> An interesting watch. Goes for 7mins.




Here's another


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## Value Collector (12 November 2020)

overit said:


> Heres a good video for you! A real life example of gold being used for transactions in inflation ravaged Zimbabwe. 0.1grams of gold for a loaf of bread. Panning for gold is the only way of life for many of these people as their currency is worthless and not excepted in many places.




sounds like baking bread might be more profitable than panning for gold.


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