Is gold the best option?

UsernameAlreadyExists

Home security companies exist for a very good reason too.
And shotguns, for self defence.

Nothing to stop him fortifying up his place and preparing for a zombie attack

/America

There's nothing wrong with his complete mistrust of the UK banking system, and he's quite entitled to that opinion.

gadgetmind wrote:

Yes, it's an expensive lesson, but how else will they learn?

What's he supposed to be learning?

UsernameAlreadyExists

Tommyguner wrote: »

... silver bullion has not yet passed its all time highs ...

??? errrr, yes it has. The most expensive it's ever been was it's all time high. and noone knows with any certainty what's coming tommorrow.

Tommyguner wrote: »

Gold and silver will keep going up every year just as they have done for the last 12yrs

only 12 years? and you're very confident about that. Do you know something that everyone else on the planet doesn't?

Tommyguner wrote: »

but very safe to hold bullion.

Because burglars don't steal bullion?

gadgetmind

UsernameAlreadyExists wrote: »

What's he supposed to be learning?

I'm sure that will become clear if he comes home to find his front door kicked in and his precious cash gone.

Or more likely, when he discovers a decade hence that what was once a decent wodge of cash now won't buy so much as a pint of milk.

grey_gym_sock

Tommyguner wrote: »

Why hold cash when the governments are printing billions of them out of thin air, each time they create another billion units they are stealing value from those of us who have worked hard for our units of currency.

what's even worse is that it's exactly the same for ppl who haven't worked very hard for their money

UsernameAlreadyExists

gadgetmind wrote: »

Or more likely, when he discovers a decade hence that what was once a decent wodge of cash now won't buy so much as a pint of milk.

Do you know how much a £50 note is worth?
Yes ... that's right ... £ 90 ! ... Yes, that's a mint one. Old ones are still more than face value once they're out of circulation.

EDIT: Also, lookup white £5 notes.

atush

What the OP's friend needs, is not advice on gold/metals, but a mental health professional.

Jegersmart

zippy1969 wrote: »

A bank account isn't an option as the person has 100% ruled it out. When asking if gold were the best option I was meaning are there any better alternatives to gold in regard to physical items that will maintain or increase their value?

There is no answer to your question. Ideologically speaking I would also like to avoid keeping money with financial institutions but in most cases there just simply isn't another option. I have sometimes used safety deposit boxes for certain types of assets but I certainly would never keep a significant amount at home, even in the safe.

Do you know why a bank or banks are ruled out?

One could argue that in an "armageddon" style environment if that is the fear here, the ability to feed oneself and have access to shelter and energy would be the most valuable "commodities"......

J

zippy1969

Most of you have been really helpful...thank you.

To reiterate...the person will not consider putting the money into a bank or building society.

The person is not a friend but someone I've come across in my work. The person concerned has 'problems' regarding mental health but not severe enough that they are deemed incapable of managing their monetary affairs. However, they are receiving support and guidance.

Please can those making the less constructive remarks please refrain from doing so and just concentrate on the questions raised in the OP?

zippy1969

gadgetmind wrote: »

The best option is for them to keep hoarding cash, be burgled and lose the lot, and then realise that banks exist for a very good reason.

Yes, it's an expensive lesson, but how else will they learn?

Some people do not think in these 'simplistic' terms. Those with autism or aspergers for example. So your suggestion is not the best option.

I posted on here to try and get some feedback and thoughts on the possible solution of converting the money to gold or something similar, not to discuss the lessons people need to learn etc etc.

poledancer49

May be a silly option but would they consider a Post Office account? Banks and building societies may be off putting but in the old days a post office account seemed less formal???