1.7M people. The number of people required to buy 8oz of silver per month to buy up 100% of the ~160M oz produced yearly, but not used for manufacturing.
(media.greatawakening.win)
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At current price of $28.50 this is $228 per month and $2736 per year. Rounded up to 12x 10oz bars, this would by $285 per month and $3420 per year. Many people spend more yearly on Starbucks, just saying.
1.7M people is 0.515% of 330M total US population.
As of this moment (4-22-24 @ 7:09am EST) silver is $27.48...down a dollar from what you posted. I know, silver (and all metals) fluctuate a lot, but I will be convinced when it goes above $30 and stays there for a while.
Side note: I wonder what would be considered a "safe" amount of silver to have on hand? ...an amount that would see a person through a really bad depression or currency collapse?
Would it be 100 oz? 500 oz? More? Less?
Any thoughts?
Banjo Man, thought I've mentioned it before in other threads but keep buying as much as you can buy and/or safely store (relative to your sanity). Historically, 1/10 of an ounce was a daily wage for labor and you can buy 10 days of labor for ~33-35 an ounce currently. Never before has a real asset, real money been as "cheap" as it is today. Trading a fake resource created out of thin air (fiat currency) for a real asset that has always been a medium of exchange.
Once we hit a spot price of $30 an ounce, silver will never be as cheap as it is right now today - $30 is a huge resistance line and psychological factor. I'm sure demand will skyrocket and you won't be able to buy an ounce from an online dealer for less than $45. It will be like 2011 all over again except worse. Hell, ASEs have a $10 premium again when it wasn't too long ago it was only 3-5$ once the USMint increased production late last year/early this year.
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Thanks for that cogent reply. I think you're right on all counts.
Subsequent thought... when those covid stimulus checks came out, I bought ammo and silver with it.
Preps of all kinds is what we should all be preparing for, since we don't know exactly what the Precipice will look like. But if you have "enough" of everything else, silver makes for great overflow protection lol.