Gold: A rock in life’s storms

October 12, 2017

Pat Heller

What would you do if you lost access to all of your electronic asset and payment sources?

This is no longer a theoretical question. Just look at the widespread destruction across the Caribbean and Southeastern United States over the past two months. Many areas suffered power outages and also experienced cell phone towers out of commission. While services were restored quickly in some areas, there could be other locations where the wait could be weeks or months.

In some areas of the Caribbean, the official infrastructure suffered so much damage that it is possible one or more currency-issuing governments may collapse.

If it was you going through these disasters, where the currency and coins in your pocket might suddenly become worthless (although I think you should have some emergency cash stashed away), you have no access to your bank account or safe deposit box, and such merchants as are able to open for business have no ability to accept credit or debit card payments, what would you do?

At the most extreme, the everyday spending money in your wallet and purse might be worthless. You couldn’t write checks that the recipients could cash right away. You won’t be able to access any electronic payment forms or your cryptocurrency accounts.

Maybe the risk of such devastation might be enough to persuade you to acquire and keep some physical gold and silver in your direct custody as survival assets.

How much are the lives, health and well-being of you and your loved ones worth to you? Enough to take the precautions today to prepare yourself against what you hope will never happen but does occur every year to a small percentage of people?

Forum next week

The U.S. Mint has invited a handful of people to participate in its Second Numismatic Forum next week at its headquarters in Washington, D.C. The theme of the event is “Numismatics – The Road Ahead.”

It is my privilege to again be attending this year’s Numismatic Forum. I have been asking dealers and collectors over the past two weeks, “If you had the opportunity to give feedback to the U.S. Mint, what would you tell them?” I’ve already received a number of great suggestions.

If you have anything that you would want me to pass along while attending, please send me an email at path@libertycoinservice.com. Remember, this is not an opportunity to simply vent about a problem; the Mint would also like to hear recommendations on how to resolve or prevent such problems in the future. Please be constructive. Thank you.