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When Central Banks Re-build Silver Reserves

Charleston Voice

Knology

From the Archives : Originally published November 04th, 2012

172 words - Reading time : less than a minute

( 16 votes, 4.7/5 ) , 5 commentaries

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Category : Gold University

It's useful to know the silver reserves of central banks at one time in history. This is a FRB Bulletin from 1923. At one time, say up until the early 1960s the US Treasury held as much as 4 BILLION ounces, as I recall. Now, the Treasury is without any = ZERO! It cost us every last ounce to try and stem the run on the dollar.

Nationalizing of mines is always a distinct possibility - maybe even a likelihood - with socialist governments building empires by warring, so if you're leveraged with miners, be CERTAIN to backup with suitable physicals, such as bullion coins, "junk" pre-1964 US coins, circulated silver dollars, but hold NO BARS!

Had our government not reneged on its promise of redeemability, today this silver certificate of 1923 would need to be stated as $32 to be redeemable in thirty-two silver dollars!

Pause for a moment to think of all those who've lost their retirement savings by saving paper instead of coin. Will you be one of them?

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samking73

11/26/2014 at 3:21 PM GMT
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I'm pretty sure this isn't this article's reason, but one reason I feel that buying U.S. silver eagles (and junk silver) is probably the best, is because of all the recent silver counterfeiting. The Feds have historically gotten pretty mad when people try to counterfeit it's "money", even if it is in reality, just paper. So the same must apply for silver eagles? I have a mix of Eagles and generic rounds.......and even a few smaller bars. But with all the fake silver that's been flooding the market recently, I feel like there is a little bit of protection from the Feds when it comes to "Legal Tender", one dollar eagles. I may be completely wrong. Does anyone know if there would be anything to this?

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Doom

11/4/2014 at 9:29 PM GMT
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Coins have some measure of protection, for their "numismatic value", which the law an allow the serfs to keep. Bars have no such protection.

Somehow, I feel when the time comes, the law will simply be changed "to keep us safe", and, failing, that, they'll start shooting people in the head until the coins are "given" too.

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mmyaseen

11/4/2012 at 10:16 AM GMT
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why NO BARS?

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flup

11/3/2014 at 9:10 AM GMT
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Yeah, I have the same question.

Can't be for Executive Order 6102 worries because coins, bars and certificates were all taken in 1933.

Perhaps because, "bullion coins, "junk" pre-1964 US coins, circulated silver dollars" are all, currently, not reportable for tax purposes as they are legal tender. Bars, on the other hand...

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Hart

11/5/2014 at 1:40 PM GMT
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As I understand it (hopefully someone can provide more details) the coins mentioned are minted by the government of the country they are issued in and as such carry a "dollar" value meaning they are money according to the same government. Now you would have to be a real fool to take a 1oz American Eagle gold coin and buy something that costs $50 with it but the point is the coin is considered legal tender just as a $50 bill is legal tender. Bars are exactly that, gold or silver bars not minted by a government to be used as legal tender. Not all coins, think of the Buffalo gold and silver coins, are legal tender.

So if I am incorrect and someone knows the specifics please do share.

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