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In history gold alone has been the money of Kings. However,
throughout most of recorded time there has been a metal far more important to
the average man than gold. In the ancient of days it was silver alone
that could provide the means for a slave to save and eventually purchase his
freedom which is why silver became referred to as the Metal of Hope.
And today, how much has changed? To this day silver continues to
give daily hope to people right around the world. Modern medicine for
example provides early detection, sustaining health and life to many millions
and is built around the irreplaceable metal of silver. X-rays and
cardiograms are simply not possible without Silver. The element of
silver itself is known to provide direct medical benefits to the human body
and exists to some degree in most of today's pharmaceutical drugs.
To the population living in ancient Athens, silver provided them with
another form of hope; hope for their very survival. The story starts in
490 BC when the army of Athenians unexpectedly defeated the powerful Persian
army in the battle of Marathon. For the Persians, Marathon was a
humbling defeat and one they would not forget quickly. In the 480s the
threat of Persia's wrath grew like a dark and heavy storm cloud over the
Athenians. Almost daily new rumors would surface about the growing
Persian danger.
In 483 BC silver was discovered in Laurion, about 15 miles outside
Athens. The deposit turned out to be sizable with much of the silver
mined being minted into drachma coins called Athena's Owls.
Themistocles, son of Neocles was a master strategist. With Laurion's
silver mines came the hope of future decisive victory and an end of the
Persian tyranny. Understanding that the battle would be won or
lost at sea Themistocles used profits from the mine and issuing of the
drachma to build a fleet of 200 warships. Themistocles reasoning was
simple; the Persian army could only succeed if it were successfully supported
by supplies and communications provided by their fleet. He also knew the Aegean was a violent sea and Themistocles
needed only to wait till the time was right.
In 480 BC, funded by the silver mines of Laurion,
the Athenian's fleet achieved the impossible and defeated forever the
formerly formidable Persian Navy. The sea battle of Salamis spelled the
end of Persian oppression and imperialism. Silver - then as now -
the metal of hope.
Philip Judge
Anglo Far-East
Company
Also
by Philip Judge
Philip Judge is the 3rd
generation of a family that has had substantial involvement in the Precious
Metals markets. He has researched, written and spoken on the gold, silver and
commodities markets for over a decade. Philip works in the marketing and
operations department of The Anglo Far-East Bullion Company, an
internationally based Bullion Banking, Investment Management and Financial
Services Company
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