Bank One: Precious metals savings store
As stated I had a ‘head start’ on this bank as I had a small amount of savings. I didn’t know anything about how the monetary system worked until mid-2010, and after reading Mike Maloney’s book ‘Guide to investing in gold and silver’ about seven times, I cashed-out with 10% gold and 90% silver new savings account. After following Chris Duane’s advice, I’ve since converted the gold into silver through selling the gold then buying more silver. My precious metal savings store, as of Dec 2011, is 100% physical silver.
Bank Two: Copper
My ‘gut’ tells me that silver will not become a currency in my area, nor will it become the currency in many areas across the western world. Silver will be a store-of-value, but the everyday run-of-the-mill folk will probably utilise the semi-precious metals of copper and nickel.
If you’re in the UK then I suggest you collect-in the 1971-1991 one pence and two pence coins. They are 97% copper and a face value of 128p equals a full pound weight of copper. Four two pence coins have a total weight of one ounce, and eight pennies also equal one ounce.
Bank Three: ‘White copper’ in the UK, or ‘Nickel’ in the US
What the Americans call a ‘Nickel’ is starting to be regarded as ‘white copper’ amongst the Brits. These coins have a 25 % nickel and 75% copper content. These coins, like the pennies mentioned above, will be far more valuable once this debt-based paradigm has collapsed, than they are under the current system. Fish them out and store your ‘white copper’ or ‘nickel’ in a separate jar/tub.
Bank four: Paradigm shift monetary metal
Many people will advise you to hold some physical cash for the early stages of the fiat collapse and I agree with their views. However, I advise you also use monetary metal instead of physical paper.
My ‘paradigm shift’ monetary metal bank essentially contains coins with a nominal value higher than the metal content value. After the crash, however, the nominal value will be non-existent and the coin will be valued by its metal content. Surely that value will far surpass physical cash.
….Thanks to Coppersterling.