Welcome to General Chat - GAW Community Area
This General Chat area started off as a place for people to talk about things that are off topic, however it has quickly evolved into a community and has become an integral part of the GAW experience for many of us.
Based on its evolving needs and plenty of user feedback, we are trying to bring some order and institute some rules. Please make sure you read these rules and participate in the spirit of this community.
Rules for General Chat
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Be respectful to each other. This is of utmost importance, and comments may be removed if deemed not respectful.
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Feel free to give feedback as these rules are expected to keep evolving
In short, imagine this thread to be a local community hall where we all gather and chat daily. Please be respectful to others in the same way
Rules For the rest of the Site also accessible on the sidebar.
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Spot silver 73.85
Have you followed silver for long, PB? I understand back in the 80s it went high (for the time) around $50 and then fell back to half that or less, and stayed back for decades. I don't know much about it, but I wonder if it is likely it will do that again.
I followed it a long time. When it spiked in 1980 it was due to the hunt brothers buying,their was no shortage. The comex changed the rules to sell only and crashed the price. I remember my mother buying a few Oz then,and I now have them. She bought old liberty and Morgan's then,as that was all that was available. We also had a huge stratigic reserve of 750 million oz owned by the govt. All that is gone,it was used up making American eagles.
Now silver has been suppressed for so long their are very few mines,most silver comes as a byproduct of other mining like copper. Also silver high grade ore,is only at the surface,and all that is long gone. Now we used more than we produce for the last 5 years or so,by about 200-250 million oz. Their is also much more industrial demand today,most of it is used up and unrecoverable.
Their is a very real,shortage. It's just a matter of time.
Thanks for that info. I didn't know about the Hunt brothers. Smart mom, too.
Yes and my grandmother stacked about 100 oz back in the 60's when they took it out of the coinage. I still have that silver as well.