I have a friend who used to do exactly this. He used to be a bit of a conspiracy nut and didn’t believe in the stability (or validity, for that matter) of the US dollar. He wanted to do all his monetary exchanges in gold and silver, which were very stable and reliable at the time (about 2 decades ago).
I don’t know how exactly, but he converted any cash he earned into gold and then worked out a deal with his local grocery store to buy his groceries with tiny bits of gold.
He was a good kid, if not a little dumb. I think the grocery store humored him. Besides, gold is valuable, so they may have been just ripping him off.
If he hoarded his gold instead of spent it, he’d be up about 100% over the last five years alone. Only crypto would’ve given that kind of return in the same time span, with far greater risk.
I have a friend who used to do exactly this. He used to be a bit of a conspiracy nut and didn’t believe in the stability (or validity, for that matter) of the US dollar. He wanted to do all his monetary exchanges in gold and silver, which were very stable and reliable at the time (about 2 decades ago).
I don’t know how exactly, but he converted any cash he earned into gold and then worked out a deal with his local grocery store to buy his groceries with tiny bits of gold.
He was a good kid, if not a little dumb. I think the grocery store humored him. Besides, gold is valuable, so they may have been just ripping him off.
If he hoarded his gold instead of spent it, he’d be up about 100% over the last five years alone. Only crypto would’ve given that kind of return in the same time span, with far greater risk.
Wow. So if he had gone without food his couple of hundreds of dollars worth of gold would have been worth a couple hundred more dollars right now.
But in terms of use as currency what he was getting ripped off by was whoever was exchanging the gold.