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Chinese set to back the Yuan with gold... new world reserve currency?
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<p>[QUOTE="JJK78, post: 1622064, member: 19207"]Interesting theory, and yes SOME of that metal is still around... add up the entire production run of silver eagles, it is only like 350,000,000 so at todays current rate of industrial usage that will last us a little under 1 year... What are we going to do next years after we melt all of the silver eagles, then all the pre-65 90% coins etc.?? There are not enough silver flatware sets to sustain our demand for cell phones - it is simply UNSUSTAINABLE. </p><p><br /></p><p>Also in todays society full of political correctness, do you think a govt. confiscation could really happen again? Perhaps in the form of trading your gold/silver in for "new" dollars... but isn't that the reason we buy precious metals? Because our old dollars won't be worth anything, or trading them in at a 100-1 or 1000-1 ratio... creating yet again another transfer of wealth to the rich, leaving the masses with paper IOU's because it is easier to do what you are told.[/QUOTE]</p><p><br /></p>
[QUOTE="JJK78, post: 1622064, member: 19207"]Interesting theory, and yes SOME of that metal is still around... add up the entire production run of silver eagles, it is only like 350,000,000 so at todays current rate of industrial usage that will last us a little under 1 year... What are we going to do next years after we melt all of the silver eagles, then all the pre-65 90% coins etc.?? There are not enough silver flatware sets to sustain our demand for cell phones - it is simply UNSUSTAINABLE. Also in todays society full of political correctness, do you think a govt. confiscation could really happen again? Perhaps in the form of trading your gold/silver in for "new" dollars... but isn't that the reason we buy precious metals? Because our old dollars won't be worth anything, or trading them in at a 100-1 or 1000-1 ratio... creating yet again another transfer of wealth to the rich, leaving the masses with paper IOU's because it is easier to do what you are told.[/QUOTE]
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