I've mentioned in previous posts that I'm a big believer in silver and encourage everyone to own at the very least, a few ounces worth of silver coins (or bars). I got wind from an article released today on Kitco News reporting that the U.S. Mint sold 5,000,000 ounces of silver in January and is the best start to a new year in 5 years. Last year was stellar too, with 4.78 million ounces sold.
I think it's great to see Americans stocking up on silver in such large amounts. These people are getting in early to avoid inflationary increases and retail markups. The same article reports that markups in the U.S. now average $8 per ounce. This is sure to rise as demand increases.
Commodities are on fire these days. Did you know the price of natural gas in the U.K. has exploded upward by more than 400% in the last year? The price of oil is back above $90 per barrel. Corn prices in the U.S.A. in 2021 rose by nearly 50%. Uranium has almost doubled in the last 11 months.
Last summer, we saw explosive lumber prices exceeding 300%. Everything seems to be out of whack doesn't it? For the people that bought a little bit of silver in January, I think they understand the importance of owning and holding silver in their hands.
For me, owning silver isn't about making a profit. It's about protecting my assets in what I see as a highly inflationary environment. I have been following silver for years. The poor metal has been held down for forty plus years now. It's the only commodity to yet experience the growth that all the other commodities have. When it does, it won't just be explosive, there will be fireworks.
For silver has 5,000 years of solid history to back it up as 'the peoples' money'. It's been more than 5 decades since our silver was removed from circulation. Yet, 5,000 years of history proves that silver will make a come back. I'm not sure it will all play out but I have a feeling silver is about to make a major move soon. Gold usually moves up when oil moves up and where gold goes, silver goes but the silver price has been so severely depressed that when it finally takes off, it will overshoot gold by a few multiples.
There are no guarantees about anything but silver looks very attractive at the moment. Also, with everything going on around the world, I think the best peer to peer asset in a 'collapse' situation is silver. Not knocking Bitcoin in any way. Just saying that silver doesn't need a hard drive.
One last thing... did you know that in the 60's you could get a nice, big juicy hamburger for a dime? That's because that dime was made with 80% silver and 20% copper (Canada). Canada stopped minting coinage containing silver about half way through 1968.
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Check out some of my other posts...
Profitable sectors in the coming recession.
My biggest hits of the last 12 months.
US debt hits $30 Trillion / Debt to GDP 135%
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Bank of Canada leaves rates unchanged.
'Transitory' inflation highest in 4 decades.
US Mint gold coin sales best in 12 years.
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