How Much Silver Do you Need to Buy a Home?
In 1980 it took 1000 ounces of silver to buy a single family median price home. At that time the price of silver peaked at $52.80.
There is now more gold above ground in circulation than silver, for the first time in history. The price of silver currently remains so low that mining companies cannot make a profit from it and there’s isn’t much incentive to develop new mines or expand existing ones.
Historically 60% of silver production is a result of mining other industry metals like zinc, lead, tin and copper but these mining operations have slowed down greatly since the financial crisis el 2008.
Silver experts like Mike Maloney believe there is free market manipulation keeping the price of silver artificially low. They expect an upward explosion in silver prices in the near future. Maloney also states that he believes you will be able to buy a house for 500 ounces of silver.
Who knows if and when this could happen. I have been watching the price closely the past year and it just kind of bobs up and down between $16 and $19 per ounce.
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