Y2K (Year 2000) Personal Contingency Planning Message Board

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Technology Stocks : Y2K (Year 2000) Personal Contingency Planning

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To: C.K. Houston who wrote (1)	4/13/1998 12:13:00 PM
From: C.K. Houston	Read Replies (3) of 888

Had a look at charts of the gold stocks since the beginning of '98 lately? Robert Bond --------------------------------------------------------------------------------------------------------------------------- I realize that gold has been going up lately. I've got some money in Y2k companies now. When they take off (I hope), I'll put some of that money in gold mutual funds. I just hope I don't miss the take-off by delaying. I'm seeing more and more market bears and Y2K doomsayers recommending gold. sibe --------------------------------------------------------------------------------------------------------------------------- Opinion: put it in gold. It's the only commodity/currency choice that requires no help from the world's computers (except the part where you need to get into the safe deposit box). I'm pretty sure that's what I'm going to do. And I'm guessing enough people will think like me that the price will go up. But I'm not doing it for anything but protection of assets, good old fashioned mattress stuffings. Caroline Bogart --------------------------------------------------------------------------------------------------------------------------- What about gold/silver mining stocks? If there is a rush to precious metals if/when the market crashes, will they go up against the general market direction, or be taken down together with the whole market? Any opinions? THC --------------------------------------------------------------------------------------------------------------------------- Wouldn't there be a problem when you took your gold to the supermarket to buy groceries? Tommaso --------------------------------------------------------------------------------------------------------------------------- (tangent) thoughts on gold Think it makes sense to think alot before buying gold. The USA is not setup to do transactions in gold. People really like paper/plastic so it would take a currency collapse (like what happened to East Asia last summer) before people would have any incentive what-so-ever to go back to gold coins. Some recent histories of currency collapse, hyperinflation and restricted currencies lead me to believe that people will always be able to use their local "official" currency. USA dollars were used as a store of long-term value. The local currency was used for market transactions. Banks or private currency traders (money changers) were used to provide the mechanism of exchange. So, to answer your question: <Wouldn't there be a problem when you took your gold to the supermarket to buy groceries?> First you take some gold to the bank to exchange it into the local currency, then you take your local currency to the grocery store to buy food before any further devaluations reduce your purchase power. For any of these situations, 1/10 ounce gold eagles make more sense than "scrap gold" or large gold bars. CAVEAT Before I mislead anyone into false over-confidence that buying 1/10 ounce gold eagles is a wonderful thing to do, please remember what happend the last time an economic melt-down occurred in the USA. To bolster domestic confidence in dollar, F.D.R. made it illegal for USA citizens to possess gold bullion inside the country. And, if Y2K turns out not to cause a total melt-down, you may end up owning a still rapidly depreciating commodity. Bill Ounce --------------------------------------------------------------------------------------------------------------------------- *JOIN IN THE DISCUSSION...*

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