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 Replies: 27 / Views: 3,972 |
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Valued Member
United States
161 Posts |
This weekend my family and I were discussing the matter of silver and a supposed report from the geological society that silver will be the first element on the periodic table to go extinct in the wild sometime around 2020. Should this really happen the younger generation all predicted a sharp increase in price much like a lottery ticket wildest dreams.
My grandfather on the other hand issued a startling warning. First he said that if this came close to actually happening everything would shut down because silver was needed for so many application and there is no substitute. He believed this would force the government's hand and they would outlaw silver. "The government is going to go after all you silver hoarders who caused this mess and it will be illegal to own or sell till the figure out what the heck to do about it"
At first I chuckled a bit but then we all sat there thinking about this. So I ask you here, if these fantasy stories of the future do come true and silver does become extinct in the wild is this really a far fetched possibility?
The last time metal were outlawed certain coins were exempt as classic or collectible items. If this were to happen where do you think the cutoff will be?
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Bedrock of the Community
13014 Posts |
I dont believe any report that says silver will be extinct especially not in the next decade. If that were true bullion coins wouldnt be being made as silver would just be bought up for industrial use and never sold so they can keep making phones ect not have someone make a dollar on a bullion round. Plus theirs mines we havent found yet or started to mine yet.
If it were to be rounded up theyd start with banks who have tons of it and would be easy to get it from, and work down from there. They have to know you have it to come take it though
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Pillar of the Community
United States
7194 Posts |
@VRGX,
I don't think silver was ever outlawed. Gold on the other hand was in the 1930's until Nixon reversed it in the 1970's. If our government was going after our silver they would have already gotten our gold and guns and the stuff would have already hit the fan. Lastly if the price of silver rose dramatically the lesser grade ore would be economically viable to refine. There is plenty of this lower grade silver bearing rock in the western US.
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Valued Member
United States
380 Posts |
There is tons of galena and other ores around where I live that silver can be refined from for a long long time. I think if the Gov. does take our silver it won't be because of an actual shortage. They may use that as an excuse. But it will be driven by the need to control the population. Free people aren't that easy to control, by definition.
Edited by Arcticsparky
02/03/2013 12:51 pm
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Valued Member
United States
77 Posts |
There are sites predicting running out of silver by yr 2000. Now there are stories about running out of silver in 6 years.
Personally, I doubt it. There is a lot of talk about the new need of silver. While that is very true, let us not forget the two past uses of silver are for practical purposes gone. (CRT's and film)
I'm not saying it's a bad investment. I'm just not buying into any running out of silver conspiracies. When all the major players selling silver get real quiet and just buying as much as they can get, that will be when we are running out. :-)
I also am not buying into the government outlawing silver. Not saying they never would, just saying I don't think we are anywhere near that place.
Just to put my thoughts into perspective though, there have been many times I was wrong. :-)
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Valued Member
United States
380 Posts |
I think silver is a great investment. Sure it's volatile, but at least it has intrinsic value. Our Federal Reserve it ensuring that our dollar doesn't.
People are getting scared.
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Pillar of the Community
United States
1391 Posts |
Well, dumber things have happened, (e.g. Prohibition, the Dread Scott case, the Brady Bill, Roman Catholics not being able to hold public office, Satanic abuse scares, people being prosecuted for found memories in children's minds, not being able to swear in front of women and children [illegal in my township, an annoying man was arrested on this charge a few yeas ago], etc.)
Any one who is trying to sell something by telling you it is going to be rare, outlawed, etc. is trying to sell something. If what he is saying is true he probably wouldn't be selling it to you for a song. If ownership of silver is ever outlawed it will be because of phoney reasons, designed to take the public's eye off the real problem and create a scapegoat.
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Moderator
 United States
23522 Posts |
First, I strongly urge you all to keep this strictly on-topic, or don't complain if the thread disappears.
To address the issue: How, exactly, does one outlaw a vital material? The percentage of silver used for purely ornamental purposes is relatively small by comparison to industrial usage. You gonna ban my electronics?
Next, in one word: recycling. Recycled silver currently accounts for one-quarter of yearly usage. The more there is in the market, the more there will be to recycle. If supply dwindles, recycling efforts will be made ever more attractive, and people will put in the effort to recover it.
Silver is ridiculously undervalued. It's rarer than gold, and more important to industry. There is (to my mind) no argument against long-term silver holdings, at any price below $100/oz. Just be prepared to hold for a decade or more. Then again, as demand and price go up, a greater impetus will be placed on developing alternatives, so I expect things to stabilize at a higher level in the third decade of the century.
Buy.
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Valued Member
United States
380 Posts |
Why are you all of the sudden talking about electronics and recycling. Be careful, they will segment the thread to say what they want it to and everything you said will be taken out of context. this is what just happened a minute ago. Thanks for the info all you guys. I learned allot here. But the snootyness of some is enough reason for me not to come here anymore.
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Pillar of the Community
1007 Posts |
Why would the thread disappear, did someone say something wrong. I bet my life silver will not disappear in the wild in 6 years.
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Forum Dad
United States
24170 Posts |
Quote:
Why would the thread disappear, While Dave was posting a warning, I was splitting out the irrelevant "hijack" stuff. That's why Dave's post makes no sense.  |
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Moderator
United States
23522 Posts |
He hate me.  |
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Administrator
United States
326 Posts |
Quote:
Be careful, they will segment the thread to say what they want it to and everything you said will be taken out of context. this is what just happened a minute ago. Thanks for the info all you guys. I learned allot here. But the snootyness of some is enough reason for me not to come here anymore. You completely hijacked the topic with the first reply (turning it to guns) and we're snooty? Now if I were to say something like....... We got along fine before you, and we'll get along fine after you.Now that would be snooty. |
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Pillar of the Community
United States
830 Posts |
I've seen some accounting done on world supplies of silver which count silver coins minted and in circulation as available supply. I'm pretty sure the reason China encourages gold and silver ownership is because they consider it as supply.
Edited by GoThunder
02/03/2013 3:34 pm
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Valued Member
United States
380 Posts |
Admin.
I don't know who you are, and don't have anything against you. I did not realize that a reference to guns would warrant such behavior. To me it was not off topic, but integral to the question. It is this type of regulation that is the slippery slope to other regulation. I was rash in my snooty reference. If Coin Community doesn't ban me for my point of view, I will be more careful in how I present it in the future.
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Valued Member
 United States
161 Posts |
I know there are a lot of maybees and doomsday possibilites that just may not happen.
My main question is IF silver were outlawed and we could expect classic coins to be exempt (as gold was when it was outlawed)where do you think the cutoff between classic silver coins and moderns would be?
I'm sure people would be able to keep electronics which use trace ammounts of silver. After all electronics would in part be what the recovered silver would be needed for.
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Replies: 27 / Views: 3,972 |
Posted 02/03/2013 10:26 am
