Dick Johnson submitted these thoughts on the future of silver in commerce.
Recently I had noticed an increasing number of silver items being offered in auction sales around the country. As the price of silver rises, citizens often examine their holdings of silver items in their households. Are those candlesticks received as a wedding gift so many years ago still an item to keep? Or should they be converted to cash as their value as bullion rises above their value as a utilitarian item in the home. For many the answer has been to sell.
These days we are bombarded with advertisements in newspapers and on TV -- sell us your old gold and silver. Also the ads encouraging us to buy bullion gold and silver are just as compelling. I observed this week silver spiked into the $40s for an ounce of silver, then dropped back into the $30s. Midweek I plunged and bought a sizable amount on the drop in price.
We also observe the soothsayers telling us of an impending meltdown in the American economy, the dollar may drop as the world's universal currency, and that a financial panic is possible. Survivalists tell us to have on hand six months supply of food, water and medicines. Then put as much as you can afford into gold and silver bullion.
But what would happen if we did have to use those bullion items for, say, purchases at the supermarket? What kind of coins or cash do we offer vendors? I don't see banks being bullion dealers, accepting silver rounds in exchange for some kind of coin or cash the supermarket would accept. I do foresee, however, coin dealers becoming money changers -- even bullion dealers! -- accepting bullion coins for spendable cash.
For all those citizens with a stash of gold and silver bullion, they should become friends with their local coin dealer. After all, he may be your best bet, when your bank refuses to accept those bullion coins.
This is not a statement in any way to encourage you to acquire bullion in any form, but I would like to expose you to the following article:
Then go visit your local coin dealer. Make sure he remembers you. You might need his services in the near future.
Wayne Homren, Editor
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