What do you know about physical cash in the bank vs the Gold Standard?

[fancicoffee13]

I saw a commercial, yes one of those, that stated that the cash in bank had no value whatsoever. Now, the gold you could buy, Paladium, or gold coins or gold bars are worth your time and investment. I cannot do that, and I trust in my bank to keep my cash there and ready to pay my bills or withdrawal if I want. A long time ago, there was someone who was telling me this same stuff and I just ignored it and I am still doing fine trusting in the banking system and my money.

 

[fuzzybuddy]

As far as cash or gold? I have neither. And I don't know anything about the gold standard. And cash is subject to loss due to inflation. I do know the value of gold does go up and down. I doubt Walmart takes gold coins. And if the nation goes down the tubes, you can't eat gold, so food-not gold, will be the currency of choice.
I'm like you- keep doing what I'm doing. The ad was just some guy selling gold.

 

[Happyflowerlady]

It is hard to know what is going to happen with money in the bank nowdays. We have the BRIC’s nations who are not using US dollars and now dollars cannot be used to by oil with either (petro-dollars); plus some new banking information just now happening that i do not know anything about at all.

Having gold is probably a good thing, except if we did have a bank run or economy crash, there would be so many people breaking into homes and stealing valuables, that it might not be safe to have them, and useless after they were stolen. The same with hiding cash somewhere in the house.
Assuming it was still worth something, thieves would probably steal it.

One interesting that I read, is that there is less silver than gold, and they expect the price of silver to start going up and becoming maybe as valuable as gold is. I have no idea if that is true or not, but it is a lot cheaper (right now) to buy silver than gold, so it might be worth looking into if a person is thinking of saving precious metals.

 

[jimintoronto]

It is hard to know what is going to happen with money in the bank nowdays. We have the BRIC’s nations who are not using US dollars and now dollars cannot be used to by oil with either (petro-dollars); plus some new banking information just now happening that i do not know anything about at all.

Having gold is probably a good thing, except if we did have a bank run or economy crash, there would be so many people breaking into homes and stealing valuables, that it might not be safe to have them, and useless after they were stolen. The same with hiding cash somewhere in the house.
Assuming it was still worth something, thieves would probably steal it.

One interesting that I read, is that there is less silver than gold, and they expect the price of silver to start going up and becoming maybe as valuable as gold is. I have no idea if that is true or not, but it is a lot cheaper (right now) to buy silver than gold, so it might be worth looking into if a person is thinking of saving precious metals.

Today November the 20th of 2023 the price per ounce of 24 karat gold is around $1,900 US Dollars. One ounce of .999 Silver is worth about $23 US Dollars. AS you can see, silver is worth a lot LESS than gold is worth. About 40 years ago the price per ounce of .999 silver was up at about $50 US Dollars per ounce. That high silver price was an artificial inflation caused by panic buying.

Gold has many uses. Your I phone, your I pad, and your laptop all have gold content in them. WHY ? Gold does not corrode. When I started buying gold in 2012, I was paying around $1,100 an ounce. Today those ounces are worth more than I paid for them. I buy Gold gram wafers from the Royal Canadian Mint in Ottawa. A troy ounce of gold contains 31.1 grams of gold.

If you really want a "valuable metal to buy " look at Rhodium. The current price PER OUNCE is $4,400 US Dollars. Rhodium is a very rare element, hence it's very high price tag. JimB.

 

[David777]

Indeed worse than "no value" given years of bank savings rates with the horrible near zero interest rates further eroded by high inflation government pandemic and warmongering policies caused. But now since FED rates have increased, if one has say a 6-figure bank savings account, totally secure from market issues, short term CD's at over 5% annually are worth looking into.

 

[VaughanJB]

I saw a commercial, yes one of those, that stated that the cash in bank had no value whatsoever. Now, the gold you could buy, Paladium, or gold coins or gold bars are worth your time and investment. I cannot do that, and I trust in my bank to keep my cash there and ready to pay my bills or withdrawal if I want. A long time ago, there was someone who was telling me this same stuff and I just ignored it and I am still doing fine trusting in the banking system and my money.

Good grief, the "buy gold" hucksters have been at it for years. Honestly Francis, you're doing fine. Remember when Bitcoin was the thing to do? Yeah, we saw what happened there. Essentially, anyone trying to sell you something is suspect.

 

[fancicoffee13]

Good grief, the "buy gold" hucksters have been at it for years. Honestly Francis, you're doing fine. Remember when Bitcoin was the thing to do? Yeah, we saw what happened there. Essentially, anyone trying to sell you something is suspect.

Yep. I listened to my friends and just thought, go ahead and I will wait and watch. I didn't fall for it. And, like you said, they are still at it. Selling.