Jim, in his blog “Gold, cryptocurrency, and hyperinflation,” states that,
Silver, these days, is an industrial metal. In the long depression, it was spontaneously demonetized, because people used banks and banknotes for small transactions, and it has been steadily demonetizing further and further.
This is true. Silver has been abandoned as money. Since 1966 our coins are made of garbage. No one knows how much silver a steak dinner is worth. (A steak dinner at Delmonico’s is one ounce silver, always has been, always will.) It’s just that no one knows how to use it anymore.
Silver WILL be ascendant again. Silver will be the coin of the realm. The question is, “when?”
It will be when the no one wants dollars, euros, or yuan. When that happens there’ll be folks using crypto for sure, but not many. It’s a hedge now. They won’t want to transact with it. They’ll hold and/or arbitrage with it for something they can quickly and privately transact with. Some folks think it’ll be a less secure, light crypto. Maybe, but why fuxxor with that when silver is there?
Private
Fast transactions
Dumb people can use it
Techno-agnostic
Lindy
Non-collectivist
Silver will be back. When the comex contracts break, it’ll be back.