>>4502924
>maybe, but even silver certificates can be counterfeited and stores of physical PM can be robbed.
The reason we moved to more and more complex bills and off gold was people couldn't always tell if a bar/coin was 100% the metal they were being told it was. Look at the tungsten scandal and now China claims they can turn copper into gold'ish. At least with bills you had establishments to backup securing them, whether its a bank admitting your balance was stolen and replenishing it or the police if someone stole your paper money or gold. But with crypto you have no options if it's stolen. Even if you hold it in a company like Mt Gox, you're SOL. At least with physical assets you have physical means of protecting it or monitoring. With anonymous digital you have jack shit.
While a lot of you believe you're technically savvy, and you all are compared to the majority of the world, you're ignorant to the fact that your savvy is what makes crypto enticing and that the majority of the world lacks the foundation to share this trust of a system they don't understand. Remember "in god we trust" and "all others pay cash" was a saying for a reason. This is all based on trust, and right now trust isnt there for majority to use crypto just like it wasnt there for people to trust paper cash over metal for a long while
>>4503112
>An ounce of fine gold is priced about 83 times the price of an ounce of fine silver, but there is about the same number of ounces of fine gold and silver in existence. In terms of concentration in the Earth's crust, the ratio of silver to gold by weight is 10:1.
But think about where the price came from. It's value comes from how it's sold on comex. gold is oversold 233:1 and silver 517:1 per >>3495349 and other posts. The other fact is silver is used in manufacturing and the past 10 years the silver demand in manufacturing has exceeded the mining outputs. So the value would raise higher and faster on silver than gold, even if China didn't come up with a way to replace gold with copper a few weeks ago.
I'm not positive of the numbers you found because it's said they mine 1b oz a year of silver because manufacturing uses 800m oz.
>>http://www.answers.com/Q/How_much_silver_is_mined_each_year
>Around 233.7 tons of silver are mined each year and around 215.3 are used. Around 190.234 tons of gold are mined each year and around 182.9 tons are used.
>>https://en.wikipedia.org/wiki/Silver_mining_in_the_United_States
>United States mines produced 1,170 tons of silver in 2014, 17% of the silver it used. 63% of consumption was imported, from Mexico, Canada, Peru and Chile, and the remainder was derived from recycling.
Note from the wikipedia page that silver rose from $4/OZ in 2001 to $13/OZ in 2007 to $49/OZ in 2011, then chase started shorting it to buy millions of OZ. So if you take into consideration silver is 517:1 and could be $49/OZ and gold is 233:1 and $1250 simple math could make gold $291k/OZ ( 233x ) and silver $25k/OZ or ( 1688x ).
My guess for why Chase did it is possibly to hedge a FED bust and be able to back their ledger with silver while others couldn't, or since they had a broker busted for shorting at the same time they bough, maybe it was just a good investment to buy for 25 cents on the dollar.