In the event of a worldwide economic collapse, how useful are precious metals as money?
For instance, there is an often made criticism against gold: in the event of Armageddon, it is better to hold guns and food rather than gold.
The problem with this argument is not the first part, where it recommends a personal supply of goods. The problem is that economic collapses don’t ever last, and lead bullets and MREs aren’t worth much in a prosperous time.
The truest thing said is Time Marches On.
The yellow metal has been used as money for 5000 years, and has been a part of history for as long as it has been recorded. It is valuable because of its rarity, beauty, and metal qualities.
In the first days of a terrible event, gold may not be the best. But as the days go on, the value of an ounce grows.
Is there a better medium of exchange?