Overstock owns physical gold, silver and food in case of a financial meltdown
hchcoin
Posts: 4,829 ✭✭✭✭✭
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hchcoin
Posts: 4,829 ✭✭✭✭✭
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sure sounds like the top management are 'preppers'...Cheers, RickO
Where are the employees going to spend silver bars if nobody is accepting them? Will employees be able to redeem them for regular $$$ once the crisis passes?
Liberty: Parent of Science & Industry
It would be fraught with plenty of hassle for people like us who know what we're doing.
Lol, post of year, delusion has taken over... Lol...
Publicity stunt to get people talking about them.. see, it's working!
Agreed. This story makes no sense. If they are worried about bank holidays, wouldn't the obvious thing be to store currency. Just how do you even begin to sort out how much bullion you hand out to whom and just how do they think their employees are going to be able to functionally use that bullion for transactions? It would be fraught with plenty of hassle for people like us who know what we're doing.
90% is your friend.
I'm not sure how 90% would be any better, unless you want to spend your bullion at less than 10 cents on the dollar.
I think the argument goes something along the lines of 90% coinage comes in nice small amounts for transactional accuracy. Not everything will cost an ounce of silver. Silver dimes would as such come in quite handy. Additionally assaying bars which can be very easily counterfeited adds to the hassle. Whereas counterfeit coinage is much easier to detect and verify authenticity by just looking at it, if you are in the know. No one is suggesting face value.
Publicity stunt to get people talking about them.. see, it's working!
Clearly. No internet vendor is going to need to worry about paying employees should there be a financial crisis. "Oh, all the banks are closing and there is looting in the street, let's see if overstock has some nice cologne on sale today".
I'm not sure how 90% would be any better, unless you want to spend your bullion at less than 10 cents on the dollar.
I think the argument goes something along the lines of 90% coinage comes in nice small amounts for transactional accuracy. Not everything will cost an ounce of silver. Silver dimes would as such come in quite handy. Additionally assaying bars which can be very easily counterfeited adds to the hassle. Whereas counterfeit coinage is much easier to detect and verify authenticity by just looking at it, if you are in the know. No one is suggesting face value.
Just what stores are going to be accepting bullion at spot value or anything close for transactions? The only good they will do in purchasing goods is face value IMO. In fact some retailers will probably think they are fake because they "look funny". You may find some smaller mom and pop stores willing to do transactions but even that will be tough to find and they will probably want a HUGE premium for the trouble and just because they can.
I don't think you understand the severity of an economic collapse. Look up monetary value of German currency and hyper-inflation after WW1. Workers demanded being paid before work or twice a day at lunch time and end of day because their wages wouldnt last the day vs inflation for needed food if you wait until the end of the day.
I'm not sure how 90% would be any better, unless you want to spend your bullion at less than 10 cents on the dollar.
I think the argument goes something along the lines of 90% coinage comes in nice small amounts for transactional accuracy. Not everything will cost an ounce of silver. Silver dimes would as such come in quite handy. Additionally assaying bars which can be very easily counterfeited adds to the hassle. Whereas counterfeit coinage is much easier to detect and verify authenticity by just looking at it, if you are in the know. No one is suggesting face value.
Just what stores are going to be accepting bullion at spot value or anything close for transactions? The only good they will do in purchasing goods is face value IMO. In fact some retailers will probably think they are fake because they "look funny". You may find some smaller mom and pop stores willing to do transactions but even that will be tough to find and they will probably want a HUGE premium for the trouble and just because they can.
I don't think you understand the severity of an economic collapse. Look up monetary value of German currency and hyper-inflation after WW1. Workers demanded being paid before work or twice a day at lunch time and end of day because their wages wouldnt last the day vs inflation for needed food if you wait until the end of the day.
It would be double hell if both the item you were buying and the money you bought it with changed in price/value every 10 minutes like PMs do now.
I'm not sure how 90% would be any better, unless you want to spend your bullion at less than 10 cents on the dollar.
I think the argument goes something along the lines of 90% coinage comes in nice small amounts for transactional accuracy. Not everything will cost an ounce of silver. Silver dimes would as such come in quite handy. Additionally assaying bars which can be very easily counterfeited adds to the hassle. Whereas counterfeit coinage is much easier to detect and verify authenticity by just looking at it, if you are in the know. No one is suggesting face value.
Just what stores are going to be accepting bullion at spot value or anything close for transactions? The only good they will do in purchasing goods is face value IMO. In fact some retailers will probably think they are fake because they "look funny". You may find some smaller mom and pop stores willing to do transactions but even that will be tough to find and they will probably want a HUGE premium for the trouble and just because they can.
I don't think you understand the severity of an economic collapse. Look up monetary value of German currency and hyper-inflation after WW1. Workers demanded being paid before work or twice a day at lunch time and end of day because their wages wouldnt last the day vs inflation for needed food if you wait until the end of the day.
It would be double hell if both the item you were buying and the money you bought it with changed in price/value every 10 minutes like PMs do now.
Well I can only imagine an apocalypse situation, but I would think the whole premise of the precious metals is that the price of goods would be stabilized versus the PMs. So for example an ounce of silver buys a loaf of bread regardless if the price of either item in currency runs away with inflation.
I'm not sure how 90% would be any better, unless you want to spend your bullion at less than 10 cents on the dollar.
I think the argument goes something along the lines of 90% coinage comes in nice small amounts for transactional accuracy. Not everything will cost an ounce of silver. Silver dimes would as such come in quite handy. Additionally assaying bars which can be very easily counterfeited adds to the hassle. Whereas counterfeit coinage is much easier to detect and verify authenticity by just looking at it, if you are in the know. No one is suggesting face value.
Just what stores are going to be accepting bullion at spot value or anything close for transactions? The only good they will do in purchasing goods is face value IMO. In fact some retailers will probably think they are fake because they "look funny". You may find some smaller mom and pop stores willing to do transactions but even that will be tough to find and they will probably want a HUGE premium for the trouble and just because they can.
I don't think you understand the severity of an economic collapse. Look up monetary value of German currency and hyper-inflation after WW1. Workers demanded being paid before work or twice a day at lunch time and end of day because their wages wouldnt last the day vs inflation for needed food if you wait until the end of the day.
When I live in a war torn country with most of its infrastructure destroyed and little semblance of organized government, I'll worry about your scenario.
Knowledge is the enemy of fear
Knowledge is the enemy of fear
Maybe we should all take a field trip to Syria and see if a stack of silver coins has provided for a better lifestyle.
I'm sure the expert here, mr baseball can lead the trip, he prolly teach those Syrians a thing or two also... Lol
Maybe we should all take a field trip to Syria and see if a stack of silver coins has provided for a better lifestyle.
For some but not for all. There was a recent broadcast of the program "Frontline" where it showed citizens of Syria frolicking on the beach and splashing in the water on I believe newly created resorts.
I believe the first one on the list is it.
A lot of the ones with skills and/or $$$ are leaving or have already left.
Maybe we should all take a field trip to Syria and see if a stack of silver coins has provided for a better lifestyle.
I'm sure the expert here, mr baseball can lead the trip, he prolly teach those Syrians a thing or two also... Lol
Silver may not provide a better lifestyle in a war zone, but it is sure to offer protection from a floundering Syrian currency.
The value of a currency insurance policy (PM's) in Syria will not be fully realized until the country becomes politically and militarily stabilized.
Natural forces of supply and demand are the best regulators on earth.
Interesting... I have not heard of any other company doing this... and food as well..
sure sounds like the top management are 'preppers'...Cheers, RickO
Warren Buffet's BH socked away 130 MILL oz of silver bullion in the 1990's (nearly $1 BILL). I'd call BH a "company. They held that position for approx a decade. The reason they sold is technically unknown. Odd that they bailed out just as silver started a dramatic 5 yr rise. The University of Texas Endowment Fund has $700 MILL - $1 BILL or so in physical gold, purchased approx 5-6 years ago. It's only small part of the total pie (approx 3%). No doubt there are other company, funds, etc. that have sizable tangible PM assets put away. Most of them prefer to keep it quiet. The Bush family has an entire compound "put away" in Paraguay for "emergency relief" that sits atop one of the largest fresh water aquifers in the world. You can bet they are well stocked from food to other tangible assets.
I think that's Roadrunners pertinent question.
Knowledge is the enemy of fear
So when does the USA look like Syria?
I think that's Roadrunners pertinent question.
Probably not any time soon. That kind of thing is the least of my worries.
So when does the USA look like Syria?
I think that's Roadrunners pertinent question.
Never. Syria didn't foresee the need for a Department of Homeland Security.
Natural forces of supply and demand are the best regulators on earth.
I'm not sure how 90% would be any better, unless you want to spend your bullion at less than 10 cents on the dollar.
I think the argument goes something along the lines of 90% coinage comes in nice small amounts for transactional accuracy. Not everything will cost an ounce of silver. Silver dimes would as such come in quite handy. Additionally assaying bars which can be very easily counterfeited adds to the hassle. Whereas counterfeit coinage is much easier to detect and verify authenticity by just looking at it, if you are in the know. No one is suggesting face value.
Just what stores are going to be accepting bullion at spot value or anything close for transactions? The only good they will do in purchasing goods is face value IMO. In fact some retailers will probably think they are fake because they "look funny". You may find some smaller mom and pop stores willing to do transactions but even that will be tough to find and they will probably want a HUGE premium for the trouble and just because they can.
I don't think you understand the severity of an economic collapse. Look up monetary value of German currency and hyper-inflation after WW1. Workers demanded being paid before work or twice a day at lunch time and end of day because their wages wouldnt last the day vs inflation for needed food if you wait until the end of the day.
It would be double hell if both the item you were buying and the money you bought it with changed in price/value every 10 minutes like PMs do now.
Well I can only imagine an apocalypse situation, but I would think the whole premise of the precious metals is that the price of goods would be stabilized versus the PMs. So for example an ounce of silver buys a loaf of bread regardless if the price of either item in currency runs away with inflation.
Welcome ACop, fun discussion, and to be honest, I'm curious to see how the software will handle a few more of the box-within-a-box quote functions.
If it's the Apocalypse and I have a loaf of bread, I do not think I'd be interested in trading any amount of silver for it. I already have silver.. where am I going to get another loaf of bread?
Liberty: Parent of Science & Industry
The death of fiat is not the Apocalypse. Money has died several times throughout history and we are still here. Those who had the foresight to buy PMs with their dying currency were better prepared for the new fiat.
Natural forces of supply and demand are the best regulators on earth.
Knowledge is the enemy of fear
Ok, so wake me up from my coma when the us dollar dies.
Why? I shook you while it is dying and you didn't even roll over.
Natural forces of supply and demand are the best regulators on earth.
Liberty: Parent of Science & Industry
Dollar still not dead
It remains on life support. It has powerful forces trying in vain to defend it. So did the roman denarius - took 400 years of debasement before reality set in.
Natural forces of supply and demand are the best regulators on earth.
I'm not sure how 90% would be any better, unless you want to spend your bullion at less than 10 cents on the dollar.
Your local gas station or grocery store will take your .900 junk silver coins.......at face value.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Ok, so wake me up from my coma when the us dollar dies.
Why? I shook you while it is dying and you didn't even roll over.
I'm enjoying my slumber. I'll let you worry the world. I'm quite content.
Knowledge is the enemy of fear
Ok, so wake me up from my coma when the us dollar dies.
Why? I shook you while it is dying and you didn't even roll over.
I'm enjoying my slumber. I'll let you worry the world. I'm quite content.
Remaining content until you are directly affected is a recipe for failure.
Natural forces of supply and demand are the best regulators on earth.
Knowledge is the enemy of fear
Only folk I've ever seen fail were those who were afraid.
Plenty of brave have died, and failed.
Liberty: Parent of Science & Industry
Only folk I've ever seen fail were those who were afraid.
Plenty of brave have died, and failed.
I don't equate death with failure. I do equate fear with failure.
Knowledge is the enemy of fear