I'd like to know what options (if any) there are for holding on to our wealth---is buying gold the ONLY option? And if I turn all my assets into gold, what exactly am I supposed to spend to pay the light bill or groceries?
Not knowing anything at all about your financial situation, and not being trained/certified/licensed to provide financial advice, I cannot tell you what you should do. But I can point out some things to consider.
Number one, a good understanding of economic fundamentals is critical. Without that, it is impossible to make good financial decisions for either the short term or the long term. I'd suggest starting with http://www.bluestockingpress.com/wha...enny-candy.htm. I like Maybury's approach, I'm a long-time subscriber to his newsletter, and therefore some might consider me biased. I prefer to think that I have examined the available options and made a good choice for a source of advice.
If you want a deeper and broader understanding, go to www.mises.org and do some reading/study there. These sources will introduce you to Austrian economics, which is fundamentally different in important ways from Keynesian theory, the predominant economic doctrine of our age and the source of most of our economic problems (outright criminality and greed brings us the rest).
"Buy gold" is a knee-jerk, throwaway suggestion and not one that is correct for every person and every situation. There are other things that should be done first, other things that are more important. There are a lot of problems gold won't fix (though there are some for which it is the only solution). No one approach works for every situation. Flexibility and a fundamental understanding of the problems and possible solutions are necessary to make good decisions. Fix your personal financial situation first - manage debt, have some cash on hand (enough to pay a month's worth of bills to start with), see to basic preps. When those things are done, if there is still money left over or coming in, it is time to start considering preserving purchasing power. I'd start with silver, 1964 and earlier US silver coins that are 90% silver - aka "junk silver."
YMMV of course. Do your own due diligence in every important decision. But understand that hoping it will all go away is not a workable approach. This is one problem that must be confronted and dealt with - or it will deal with you.
Last edited by Dozdoats; 07-14-2012 at 05:25 PM.
"All the perplexities, confusion and distress in America arises not from deficits in the Constitution or Confederation , nor from want of honor and virtue, so much as downright ignorance of the nature of coin, credit, and circulation." -- John Adams
"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." -- Lord Acton