SILVER HISTORY
The current era in silver reminds me of 1978-79, the period just before the enormous price lift-off in silver which took it to $50 an ounce. When I started selling silver in the early 1970s, silver was $2 an ounce. We didn’t have much to sell in the way of silver bars. Governments were not making coins as they are today. Our main product was circulated U.S. coins from 1964 and earlier. They were 90% silver, and you could get them in bags with a face value of $1,000. I could buy the bags for less than $1,400, so the risk was around $400 a bag. They could never go below the $1,000 face value.
Little did we know that silver would soon rise 25 times. As the price rose, people flocked in to buy it. Soon a great silver melting bonanza gripped the public and silverware, silver trophies, medals and coins were melted into large bars. I don’t expect anything like that to be repeated, but I see that some similarities are possible. A lot of people regretted they did not buy silver under $5 an ounce, and a lot of people regretted buying it at its peak of $50 an ounce. Any number of people sold us small amounts of silver coins they had hoarded from change in the 1960s.
When adjusted for inflation, experts claim that silver is cheaper now than it was back then. Silver analyst Theodore Butler believes silver will soon replicate the move it made 44 years ago. If so, now is the time to buy.
