Buying gold / silver as a hedge against hyperinflation
I'm becoming more interested in buying gold / silver coins as a hedge against inflation and especially hyperinflation. I know very little about this, and there are thousands of sites on the internet about this. I'm sure many of them are a little less than honest.
For those of you who are experienced with this, could you point me to reputable sites that can explain how to go about doing this and perhaps reputable sites where gold and silver coins can be purchased?
Thanks very much.
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If you wish to buy actual gold, then kitco.com is a reputable site to buy from. (I'm not a part of kitco.com). I would note that paying for day to day items with gold is impractical. Since 1 oz of gold is currently at about 00, buying some groceries or filling your tank of gas would require only a very small fraction of your 1 oz gold coin. The seller would very likely not have a kind of precision scale needed to confirm you were paying the appropriate amount of gold,(assuming they accept gold as payment to begin with).
I have to agree with other answerers that if you believe there will unavoidably be hyper inflation similar to 1920's Germany, then you should move.
Check here:
www.garynorth.com/public/department32.cfm
If you have specific questions, shell out and become a member of the site. He actively answers questions himself. (That's not an affiliate link.)
There's a wealth of reliable information on gold, inflation, etc. there.
Looking at previous hyperinflation scenarios, it seems to me the best preparation is to get an option to leave the country. If you imagine yourself living in say Zimbabwe today then having gold coins would be ok, but having money stashed in South Africa and the legal right to move there would be much better.
So, as well as buying gold coins, store some of them in a country you think will be stable, ideally a place you have the right to live in. Perhaps buy some growth assets in that country too.
(None of this is to say I think the USA is on track to become anything like a failed state. But, whatever fraction of a probability you want to assign to the idea of hyperinflation, this is how I think you should play it.)
I purchase one (1) ounce American Eagles or one (1) ounce Canadian Maple Leafs - both gold and silver.
I've purchased from coloradogold.com and monex.com. I would highly recommend coloradogold.com. I would not recommend monex.com. They seemed more interested in signing me up for a leveraged account.
I've read good reviews about apmex.com and tulving.com.
Also, check your local coin stores. I've found one locally that is just as competitive with the internet companies.
You should expect to pay around 4-6 % over the spot price (www.kitco.com).
Maybe you shuold look at buying into gold and silver ETFs instead..they are much more liquid and yuo can go in and oout of your positions very quickly
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