Thread: The Gold/Silver Standard

in order to do that we would first have to come up with $17 trillion worth of silver to back our debt.

that is 850 billion ounces, or 53 billion pounds, or 25 million tons of silver. i don't think there is that much silver in the world, the epa would never let you mine it all, there are not enough trucks to haul it all to the nonexistent warehouse big enough to store it all, and you can't send it digitally through the ether at light speed to pay for a cappucino.

we have a better chance of returning to bartering with clams and rocks and sticks than silver. physical money is soooo yesterday, get with the program. it's all fiat on a magnetic strip now. ones and zeros. we get the zero part. eat your pudding.

Originally Posted by burrocrat

that is 850 billion ounces, or 53 billion pounds, or 25 million tons of silver.

Is that alot?

if you define a lot as more than we got then yes, that's a lot.

you can convert the dollars owed to barrels of oil or bushels of wheat or whathaveyou, but the answer is always the same. we owe more than we got. and we owe way more in future commitments than we can ever hope to come up with, physically. so we print it instead. well not even print it we just ask the fed to punch a few keystrokes, for a small fee of course. those small fees have added up to $17 trillion.

so if we don't have the physical collateral for that loan then what did we mortgage in exchange for all that money? future revenue streams. taxes. that's you. and your kids and grandkids. let's hope the piper doesn't come calling in our days.

and buy silver.

And let’s not forget about the deficit. Maybe Congress would slow their spending if they had to mine a million + tons of silver annually and haul it to Burrocrat's imaginary warehouse…

Well easy there killer...This is just a what if scenario here, so I'm not eating any pudding!

If you don't like the idea or cant discuss this topic reasonably and would like to continue this brainwashing the Fed has given you then perhaps you should go to another thread...

I asking what's the feasability and what the impact COULD be on the global economy!

Naturally, countries that produce these precious metals would become overnight rockstars! I can think of at least one U.S. based company that has a measured and indicated resource of over 17Mill oz of silver sitting in the ground right now...as well as having 1.7Mill oz of gold sitting in the ground...Plus additional INFERRED resources of another 700K oz of Gold and 5.7Mill oz of silver that is highly probable to be sitting in the ground right now...and that's on only 10% of their land! The measured and indicated resource in silver for the company I'm talking about is 1,250,000 lbs of silver.


This all just hypothetical!...Plus...when the U.S. and other countries were on Gold/Silver standards...they never carried the full amount of their debt in reserve status...most only carry about 40%...in other words 40% of our 17 trillion dollar debt!




Cheers!

Visualizing All The Silver In The World

Submitted by Tyler Durden on 03/02/2013 00:54 -0400

Visualizing All The Silver In The World | Zero Hedge

Gold - Visualized in Bullion Bars
Gold - Visualized in Bullion Bars

You think Gold and Silver are the answer, there isn't enough! Take a look at this:

US Debt Ceiling Visualized in $100 Bills

United States owes a lot of money. As of 2012, US debt is larger than the size of the economy. The debt ceiling is currently set at $16.394 Trillion and approaching rapidly. To see current debt live visit US Debt Clock. US Debt Ceiling Visualized: Stacked in $100 dollar bills @ $16.394 Trillion Dollars

I agree there probably isn't enough if you hold to conventional mindset of what todays market says Gold/Silver is valued!


But, I believe that Gold and Silver value/price has been manipulated tremendously throughout history by the central banks to keep the world under it's thumb!

Gold/Silver are way way way way way undervalued and done so on purpose!


JMHO!


Cheers!

great posts nnuut. that really helps to visualize the disparity between faith money and real value.

all the silver ever in the whole wide world is 1.4 million tons. only about half of it (777,000 tons) is in still in existence because the other half all the silver ever in the world got made into spoons that families just don't report or dimes that slipped out of someone's pocket and lodged between a crack in the sidewalk or fell off a boat in the middle of some ocean.

so if we confiscate all the transactable silver remaining in the world we get about $500 billion dollars. think about that, all the silver in the whole world is only worth half a $trillion. we are in current outstanding debt to the tune of 17 $trillion. that's 34 times more than all the available silver in the world.

basically then, if the u.s. switched to a silver backed dollar each physical silver ounce like you find in the pawn shop should be priced at $680 paper cash instead of $20. the answer to the original question 'what would be the impact on the economy?' is 'devastating'. it would all crash and the fast money top would quit spinning. it's already wobbling because the largest employer (u.s. gov) recently didn't have the paper liquidity to make payroll on time and had to lock the shop doors.

so the federal reserve wet dream is for everyone to recognize this and for them to trade paper dollars for paper silver (etf's etc.) or for a promise that somebody has a pile real silver actually stored in a warehouse with your ira's account number stamped on it. the paper certificate says so. here's the trick to the scam: if you don't have it in your hand now you won't have it in your paper account when you need it and nobody is going to trade you rice or safe passage for paper, only real silver.

to make paper money on paper silver means you have to buy in to the promise that the fiat money top keeps spinning long enough for you to cash out before the bottom falls out. talk about market timing. those precious metals traders must have some big nuts. i'm taking the less traveled path on that trade and guessing that if silver ever becomes currency again then my hoard of copper and lead will be priceless.

So, Burrocrat, do you agree that Silver and Gold are way undervalued?