One of the most common comments I hear in prepper and survival circles when the topic of buying gold and silver come up is, “Well, you can’t eat gold and silver! I’m stocking up on food!”
Storing food is important and is something I’ve often written about. However, you can’t eat paracord, water purifiers, or survival knives, and all these things are accepted without question as survival staples.
I think precious metals should be included as a fundamental staple. Here’s why.
Sooner or later, every culture known has developed their own fiat currency. Even on the isolated tropical island of Yap. Most preppers would view Yap as the perfect bug out location. It has fresh water on the island, there’s a wealth of fish available, as well as plenty of tropical produce. It’s a location where self-sufficiency is a given and what one islander needs, surely another islander has, and the two can barter.
However, many years ago the islanders discovered the need for a fiat currency, and what they resorted to were giant limestone carvings, similar to the shape of a doughnut. The larger the limestone doughnut, the wealthier the individual.
Even with all the fish, tropical produce, and fresh water the island offered, its residents realized they needed something that was universally accepted in trade.
In some cases, yes, barter will be a great option for meeting needs and wants. However, what happens when none of your neighbors and friends have what you need or they have it and don’t want to give it up?
Just like the residents of Yap, a currency of some sort will develop sooner or later. Junk silver is an affordable form of a fiat currency that has intrinsic value because the coins are 90% silver, and it very well may become a widely accepted currency in an economic collapse. At that point, the American dollar will have little value.
I talk about junk silver in this podcast, if you’d like to learn more.