Gold. GOLD!!!!! Gooooollllllllllddddddd!!!!!!!!

[NoDrama]

When there's profit to be made in finding more of something, people will do it very well. You're doubting that for silver specifically, but people always doubt it about everything. You may be right that silver will remain necessary and more scare, but we cannot possibly know.

I searched both iterations and got nothing but rumors of such a report. No one has been able to identify it, and many have expressed doubts that it exists at all.

Its out there I have seen with my own eyes, I downloaded it from their web site. Search for news releases too.

As far as someone finding a LARGE deposit of silver? Satellites can see the large deposits because silver is only found near the surface.

The vast majority of silver mined comes as a byproduct of Zinc and lead mining. Pure silver plays are rare.

The day before gold and silver had a pullback, the largest silver mine in the USA had an accident and won't be doing any mining for at least another year or two.

Of course that won't affect supply would it? Its only 25% of the silver mined being take off the market.

 

[tokeprep]

Oh prices changed quite a bit did they? Can you show me some proof of this claim?

It will be my argument that prices actually DECREASED and silver GAINED in value over that period, not by much, but a little.

I know how this ends.

The real price of an ounce of silver in 1792 was more like $140 an ounce, in 2013 terms. It was a bit less after the Civil War, and more like $60 an ounce before the Federal Reserve came into being. The price in 2013 is $24.

 

[NoDrama]

The real price of an ounce of silver in 1792 was more like $140 an ounce, in 2013 terms. It was a bit less after the Civil War, and more like $60 an ounce before the Federal Reserve came into being. The price in 2013 is $24.

So what you are saying is that an ounce of silver in 1792 would buy me approx $140 worth of merchandise in today's dollars?

please show me where you figure this.

As is your just saying it but providing no evidence of any kind.

You have claimed that silver's purchasing power has declined by 86%, now prove it.

The price in 2013 was $35 too.

 

[OGEvilgenius]

You aren't supposed to save dollars. That would be moronic. The inflation rate is very easy to beat. You can do it with a CD, stocks, bonds, dividends, physical assets--and that's exactly what people do.

I'm not THAT old and even I was taught when I was younger to have a (cash) savings because

a) You can collect on the interest
b) Diversity (investing 101)
c) It's low risk (ok, this part is an obvious lie as it's really risky to have any money in a bank, but in hypothetical world where unicorns exist and governments and banks are trustworthy...)

You sound like one of those moron sock puppets on MSNBC or CNN.

 

[tokeprep]

I'm not THAT old and even I was taught when I was younger to have a (cash) savings because

a) You can collect on the interest
b) Diversity (investing 101)
c) It's low risk (ok, this part is an obvious lie as it's really risky to have any money in a bank, but in hypothetical world where unicorns exist and governments and banks are trustworthy...)

You sound like one of those moron sock puppets on MSNBC or CNN.

Who taught you that? Your monthly expenses and an emergency fund are the only cash you should hold, and any person who's financially savvy knows that. The rates of return on cash savings have often beaten inflation in history, but not in the past few years. There are much better earnings in other places.

 

[NoDrama]

. There are much better earnings in other places.

Ammo, guns, gold, silver, copper, cotton, corn.......have all done better than a dollar sitting in a bank.

 

[OGEvilgenius]

Who taught you that? Your monthly expenses and an emergency fund are the only cash you should hold, and any person who's financially savvy knows that. The rates of return on cash savings have often beaten inflation in history, but not in the past few years. There are much better earnings in other places.

My larger point was that we've evolved past the point where even those in finance suggest it's bloody stupid to save anything. And historically this doesn't make any sense, but it does in the upside down world we live in largely created by a fraudulent monetary system that encourages excessive consumption, malinvestment and theft (and discourages savings and general restraint which the world could use a lot of these days) . Meanwhile we love to complain about the theft and consumption. Of course the banks are too big to prosecute these days, so we're just going to have to let it all play out. At least that's what Eric Holder tells me.

 

[Balzac89]

Its out there I have seen with my own eyes, I downloaded it from their web site. Search for news releases too.

As far as someone finding a LARGE deposit of silver? Satellites can see the large deposits because silver is only found near the surface.

The vast majority of silver mined comes as a byproduct of Zinc and lead mining. Pure silver plays are rare.

The day before gold and silver had a pullback, the largest silver mine in the USA had an accident and won't be doing any mining for at least another year or two.

Of course that won't affect supply would it? Its only 25% of the silver mined being take off the market.

The owner of the mine was quoted as sayign several years in the article i read.

 

[Balzac89]

The immediate impact won't be huge, but a couple years down the road when scrap can't cover the demand. Mainly because the price is so low and no one is selling.

I prefer silver as it is a liquid asset.

 

[NoDrama]

I doubt silver will ever see $100. I believe the backwardation in PM's will eventually shut down the PM Markets and it will not be available at any cost.

But that is perfectly fine with me.

Since gold and silver are MONEY, you can just directly trade it for whatever it is you want. Kind of like barter, but your barter item is accepted by everyone in the world regardless of politics, inflation, wars etc etc

 

[NoDrama]

I prefer silver as it is a liquid asset.

But, But, But, the US Dollar is backed by the government while gold and silver aren't backed by anything!!

[video=youtube;ZLL2r3hXmjA]http://www.youtube.com/watch?v=ZLL2r3hXmjA[/video]

Todd Hirsch? Is that the real name of Cheezuscheetoeater?

God Help Us All.

this was back in 2011.

Notice the "Meme" here..... Gold suffers its biggest single day loss in 20+ years...blah blah...gold bubble burst....blah blah.. gold not backed by anything...OMFG!!

You could change the dates and everyone would think this report was released just a few weeks ago.

 

[NoDrama]

Which is more scarce? Gold or Silver?

 

[Balzac89]

Which is more scarce? Gold or Silver?

I've seen estimates of 6 billion oz of Gold above ground and 1 billion oz of Silver above ground. It is hard to tell with Silver. But to tell you the truth besides silver coins and jewelery there is really no other source of silver scrap. It has literally dried up. Used to be every family had silver dining sets but they were all scrapped long ago.

 

[Balzac89]

But, But, But, the US Dollar is backed by the government while gold and silver aren't backed by anything!!

[video=youtube;ZLL2r3hXmjA]http://www.youtube.com/watch?v=ZLL2r3hXmjA[/video]

Todd Hirsch? Is that the real name of Cheezuscheetoeater?

God Help Us All.

this was back in 2011.

Notice the "Meme" here..... Gold suffers its biggest single day loss in 20+ years...blah blah...gold bubble burst....blah blah.. gold not backed by anything...OMFG!!

You could change the dates and everyone would think this report was released just a few weeks ago.

Gold is only backed by 10,000 years of human history.


I also believe she was referring to paper Gold and she didn't even know.

 

[Balzac89]

What is that compared to the U.S. Government?

 

[tokeprep]

So what you are saying is that an ounce of silver in 1792 would buy me approx $140 worth of merchandise in today's dollars?

please show me where you figure this.

As is your just saying it but providing no evidence of any kind.

You have claimed that silver's purchasing power has declined by 86%, now prove it.

The price in 2013 was $35 too.

Data is understandably difficult to find when it comes to 1792. I based my $140 an ounce off of a historical chart, but the source of it doesn't seem to exist anymore, so I couldn't examine the data underlying it.

Since wages from 1792 seem impossible to find, I've attempted to use GDP. Nominal GDP in 1792 was something like $270 million, with per capita GDP equal to something like $70. This is equivalent to about 55 ounces of silver, since someone with $70 would have the equivalent of 55 ounces of silver (apparently there isn't actually an ounce in the coin, so I corrected it). A person in 1792 could presumably live comfortably for a year off of that 55 ounces of silver. (Caveat: In my searching, I found that the monthly wage of a Union soldier was $13/month during the Civil War, so this assumption about 1792 seems reasonable.)

That 55 ounces of silver in 2013 would be worth about $1,300. GDP in 2012 was $15.7 trillion, with per capita GDP equal to something like $50,000. This equals about 2000 ounces of silver at a price of $24.10. If you go with $35 an ounce, it's 1400 ounces.

See: http://www.apsanet.org/imgtest/usinginflation-adjusteddollars-sahr.pdf; http://oregonstate.edu/cla/polisci/faculty-research/sahr/sumprice.pdf; http://users.nber.org/~rosenbla/econ110/lecture/gdp-history.pdf

I'm sure we can scuffle over some of these precise numbers, but it seems that 55 ounces of silver bought a living in 1792; now it would take far, far more. This means the value of silver has declined over history, since you would need a lot more silver to get the same food, lodging, etc. that you would have had in 1792.

 

[tokeprep]

My larger point was that we've evolved past the point where even those in finance suggest it's bloody stupid to save anything. And historically this doesn't make any sense, but it does in the upside down world we live in largely created by a fraudulent monetary system that encourages excessive consumption, malinvestment and theft (and discourages savings and general restraint which the world could use a lot of these days) . Meanwhile we love to complain about the theft and consumption. Of course the banks are too big to prosecute these days, so we're just going to have to let it all play out. At least that's what Eric Holder tells me.

Who in finance told you saving was stupid? They're a moron. The simple, undeniable fact is that there are perfectly good returns available in many different assets.

 

[tokeprep]

I've seen estimates of 6 billion oz of Gold above ground and 1 billion oz of Silver above ground. It is hard to tell with Silver. But to tell you the truth besides silver coins and jewelery there is really no other source of silver scrap. It has literally dried up. Used to be every family had silver dining sets but they were all scrapped long ago.

If there were 540,000 tons of silver reserves in 2012, I got 19 billion ounces of silver. I'm not sure what "reserve" means.

 

[OGEvilgenius]

Who in finance told you saving was stupid? They're a moron. The simple, undeniable fact is that there are perfectly good returns available in many different assets.

Well, for starters, you just did. Because guess what? It is stupid to save anything beyond a very small amount of cash for emergencies. This was not the kind of advice given by financial advisors 50 years ago. Because in a world where your money wasn't constantly losing value (which was the assumption back then) saving makes a lot sense as part of a diverse portfolio.

 

[Balzac89]

Well, for starters, you just did. Because guess what? It is stupid to save anything beyond a very small amount of cash for emergencies. This was not the kind of advice given by financial advisors 50 years ago. Because in a world where your money wasn't constantly losing value (which was the assumption back then) saving makes a lot sense as part of a diverse portfolio.

That is the new Japanese approach to reviving the economy devaluing money so people will spend their savings. Sucking us dry