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overtheedge
Member since May 2012
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has posted a comment on the article :
Silver Dollar
- FOFOA -
FoFOA
The problem with belief systems is the absolute requirement that any and all conflicting evidence must be discounted, ridiculed and rejected.
Currently silver is predominantly an industrial metal.
Using the same analysis, gold is just an ornamental metal.
Some banks may hold gold, but they also hold a bunch of really marginal paper claim checks.
However our limited historical recollections only go back a few years.
For many tens of centuries, silver was a monetary metal.
Silver and copper were the coin of typical commerce.
Gold was used for large transactions.
It is easy to forget that during a major economic upheaval, large scale base metal mining will cease.
In fact, all mining ventures larger artisanal mining will stop.
Large scale industry is totally dependent upon debt which is completely dependent upon confidence in the monetary system.
Now top this off with the sudden loss of a large customer base for the products of industry.
We need to understand that there will be a period of no commerce beyond local bartering.
But restarting commerce will be the major imperative.
The market will demand safe mediums of exchange.
The author is correct in identifying a major repricing.
However repricing in a dead currency is foolish at best.
Who prices anything in Wiemar marks or Zimbabwean dollars?
Will silver fall in purchasing power?
That is a question to be answered by fools.
Can you pay for your grocery cart full of goods with Silver Eagles at Walmart?
Currently silver and gold have marginal trade value in day to day commerce.
Most Americans have never seen real gold coins.
And a substantial number have never held a silver dollar.
I am neither a silver bug or a gold bug.
I do appreciate the concept of tangible financial insurance.
I will place more confidence in the exchange value of silver coins than in the stock of consumer goods most tend to accumulate.
Arable land with the tools and skills to utilize it will be of immense value.
And I will take Silver Eagles in payment for the goods I produce.
Some famous guy said something about, "The opinions of 10 thousand men means nothing if they don't know anything about the subject."
The only thing we absolutely know about the future is that we all die.
Everything else is the outcomes of decisions made by opinionated fools who lack the wisdom to correctly interpret all the data.
Nobody can accurately predict those outcomes.
It is said that during the Middle Ages in England, the annual wages for a serf was 1 pound Sterling.
Supposedly those wages did not increase until the depopulation due to the Plague.
Does anyone really think that industrial demand for silver and other raw materials will continue and grow unabated in a world bound by limited resources and a monetary system based upon debt growth?
"That 4% is about 30,000 tonnes of silver known to be in investment-grade bar and coin form, which would be easily accessible by the silver industry should investment demand suddenly vanish. "
Easily accessible? Investment demand suddenly vanish?
Believe what you inevitably will.
The problem with belief systems ... ,
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3230 days ago
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At the very least, the first $10,000 of that figure would represent the current purchasing power of the dollar today… we will see that figure even as our economic function drives all other hard money metals into the toilet. I'm talking about .50 cent silver. Yes we will see $50.00 silver in our time,,,,,, $50.00 for a hundred ounce bar,,,,, that is! Even if these actual dollar numbers prove incorrect,,,,,, relative inflation adjusted prices will show the exact same ratios to gold. -FOA...
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chers Vladi,il est lor, oui, effectivement, et alors ? un fonctionnaire crée de la richesse ? creuser des trous crée de la richesse ? si nous arrêtions, pour voir, de payer nos impôts, vos 55, fonctionnaires compris, font quoi fin du mois ? merci d'expl
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ferzi
- 20/04/2013 à 20:03 GMT
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