I know people out there who have invested a lot in gold under the belief that in the event of like complete societal collapse or hyperinflation, they could use it for purchasing.

I have the hunch it's a scam, but I haven't learned enough monetary theory, business, or economics to understand why.

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[–] 7 points 11 months ago* (last edited 11 months ago) (5 children)

So much FUD and complete misinformation here. Gold, first and foremost, is a store of value and a hedge against inflation. It's a terrible investment. That said, if you bought 10k worth of gold 5 years ago, you would now have 20k. Which is obviously a higher return than most savings products or some actual investments.

It's a hell of a lot safer than BTC and if society does collapse, it will absolutely retain its value.

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  • [–] 4 points 11 months ago (2 children)

    if society does collapse, it will absolutely retain its value

    Why? It's not inherently valuable beyond a handful of industrial/electronic uses. If society collapses, people are going to be trading in food, water and medicine, not worthless shiny metal.

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  • [–] 4 points 11 months ago

    Even at the basest level of society that we might fall back to, there will be a need for stores of great value in order to make larger trades. You can't effectively trade large scale without it. Which might not be relevant right after a full system failure, but definitely afterwards.

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