How The Investor Fundamentally Changed The Silver Market

While silver investors continue to be discouraged about the low price, the market has experienced a fundamental change that needs to be understood.  Ever since governments removed silver from official coinage, over 50 years ago, the market has been supplemented by several billion ounces of silver.  The majority of that supply has been depleted.

The reason the United States and other countries stopped producing official silver coinage wasn’t due to any monetary conspiracy; rather it was based on a straightforward problem; supply versus demand.  Because industrial silver consumption had skyrocketed after World War 2, the silver market would have suffered deficits if the U.S. Treasury didn’t sell silver into the market.

It was quite simple; there just wasn’t enough silver to go around.  So, governments started to reduce, then eliminate silver from their coinage in the 1960’s.  A lot of this silver, known as “junk silver,” was either purchased by investors or remelted and sold back as supply into the market.  While there is no way of knowing how much of the older official junk silver remains in the market, the majority of it was recycled for much-needed supply.

We can see the dwindling down of government stocks and older official silver coinage in the following chart:

The BLUE bars represent silver scrap supply, and the OLIVE colored bars show the amount of net government silver sales.  From 2000 to 2013, governments sold 636 million oz (Moz) of silver into the market.  Net government sales were from stockpiled silver and older official coins.  However, in 2014, this supply totally dried up.  For the past four years, there haven’t been any government silver sales.

Another interesting aspect of this chart is the declining amount of silver scrap supply.  Even though the price of silver during the 2015-2017 period was much higher than from 2000-2007, scrap supply is considerably less.  For example, the price of silver in 2000 was $4.95 while global scrap supply was 181 Moz.  However, the silver price has been three times higher (2015-2017), but the average scrap supply has been 140 Moz.

Moreover, total supply from net government sales and recycled scrap in 2000 was 241 Moz… more than 100 Moz than during 2015-2017.  This is a significant fundamental change in the silver market.  The demonetization of silver by governments, especially the U.S. Treasury was a necessary step to meet the insatiable global fabrication demand.  Unfortunately, the negative side-effect of this official policy decision was the elimination of silver as money or store of value to function only as a mere commodity….  its valued based on its cost of production and supply and demand factors.

However, something changed in 2008 when the U.S. and world faced a collapse of its financial system.  As investors became worried about the exponentially rising amount of debt and money printing, purchases of silver as an investment soared.  According to the 2017 World Silver Survey, silver coin and bar demand tripled from 62 Moz in 2007 to 197 Moz in 2008.  Also, Official Silver Coin sales also increased tremendously after 2007:

In 2007, total Official Silver Coin sales only totaled 45 Moz, but this number surged to 135 Moz in 2015.  From 2007 to 2017f (f = forecast), Official Silver Coin sales totaled 1,045 Moz (1+ billion oz).  If we include the official coins sold since 2000, the grand total is nearly 1.3 billion oz.  Now, what is important to understand about the 1.3 billion oz of Official Silver Coin sales is that this investor inventory will likely never be recycled as scrap to supply the market.  Furthermore, the majority of the 1-100 oz silver bars will never be recycled as scrap either.

While it is true that both official silver coins and bars will be sold back into the market, they will be repurchased by other retail investors.  Thus, the majority of silver investment inventory is LOCKED OUT as a future source of supply for the global fabrication demand.

According to the Metals Focus 2015 Report on The Silver Scrap Market, only 3.5% of total scrap supplies in 2015 were from recycled coins.  And, the majority of that scrap coin supply came from older unsold European official silver coins and blanks.  Of the total supply of silver scrap in 2015, 55% was from recycled industrial scrap, 17% from Silverware, 14% from Photography and 10.5% from Jewelry.

What is quite interesting is that most silver jewelry isn’t recycled.  The low price of silver jewelry doesn’t motivate holders to take it down to the pawn shop for cash.  For example, only 8% of total silver jewelry demand in 2015 was recycled.  However, industrial silver recycling amounted to 18% of total industrial silver consumption in 2015.  If we include recycled silver from photographic usage, the total amount increases to 20%.

In conclusion, the investor has removed a certain amount of silver from the market.  A large percentage (95-97%) will likely never be recycled and used as a future supply for global silver fabrication demand.  Thus, any increase in global silver fabrication in the future will be met by stagnating or falling supply as world mine production continues to decrease while scrap supply remains subdued.

Since 2007, the silver market has experienced a profound change.  Investors concerned with the increasing amount of debt and leverage in the system have decided to acquire physical silver investment.  While demand for silver bar and coin declined this year, it is still much higher than what it was before the 2007 U.S. Housing and Banking Crisis.

Lastly, the reason to own investment silver hasn’t changed even though the low price isn’t reflective of the massive amount debt and money printing issued by the Fed and central banks over the past decade.  Yes, it’s true that STOCKS, BONDS, REAL ESTATE & BITCOIN are where the masses have flocked to currently, but their highly inflated values are a temporary phenomenon.

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52 Comments on "How The Investor Fundamentally Changed The Silver Market"

  1. Steve,

    When you say ” A large percentage (95-97%) will likely never be recycled and used as a future supply for global silver fabrication demand. Thus, any increase in global silver fabrication in the future will be met by stagnating or falling supply as world mine production continues to decrease while scrap supply remains subdued.”, does this mean that even if silver were to go to say $50/oz that the supply of “scrap” silver wouldn’t increase significantly? And if not, why not?

    Thanks,

    SteveW

    • DisappearingCulture | December 29, 2017 at 3:58 pm | Reply

      “… does this mean that even if silver were to go to say $50/oz that the supply of “scrap” silver wouldn’t increase significantly? And if not, why not?

      Well when silver goes to $50/ounce some additional silverware & jewelry will come to be recycled, but most of grandma’s silver utensils already have been. Other than that modern coins [bars and rounds also of course] are sold to the public [investors, collectors] as a .999 or .9999 product.
      Recycled silver [like sterling .925] is melted and refined to .999
      Also when one sells scrap like sterling, let’s say the silver content of what you are selling is 100 ounces. You are going to get paid 80% [we buy gold & silver places offer less] of the spot price of the 100 ounces. That’s becasue the refiners only buy through agents like jewelers. My jeweler friend pays 80%. He gets around 10% more from the refiner. It cost $ [and energy] to melt & refine to purity. Pure silver [and even recognizable older 90% silver coins] sell for more than a recycler/refiner will offer, so they will go to the higher price.

    • SteveW,

      Yes, if the price of silver shot up to $50, we could see more scrap supply come from the various industries, but this would be short-lived. However, more of that recycled scrap silver would be made into COINS & BARS, which would not come back into the market. RINSE & REPEAT.

      steve

  2. To 99% of world population, silver is just a grandmothers cookie plate. Like copper is an essential commodity for an electrician. Gold however, makes people alert when we talk or write about it.

    Silver will shine only after the fogs of fiat dissapear. I even see a future for copper within the next monetary animal spirit. Now, as we speak, people are into the crypto train to Jupiter.

    Even the Kings money, gold, is trashed as soon as the average Joe can choose between a Krugerrand and a $100,- bill.

    • DisappearingCulture | December 29, 2017 at 4:01 pm | Reply

      “Even the Kings money, gold, is trashed as soon as the average Joe can choose between a Krugerrand and a $100,- bill.”

      Currently about 13 $100 bills for a one ounce Krugerrand!

    • None of my friends (we are in the senior category) have any respect for gold or silver. Their interest is absolute zero.

      They see gold and silver as being too difficult to purchase and sell. They have over the years stashed $100.00 notes on top of their wardrobes and don’t see any reason why they should change now. It is all too difficult.

      Investing in banks over the years have served them all well. Their brokers continue to promote them (the banks). They see no reason to change. Why would they take any notice of a friend when they have a qualified respected broker who has served them well over the years.

      Life is good!

      • DisappearingCulture | December 29, 2017 at 5:02 pm | Reply

        The brainwashing is nearly complete.

        And look how quickly they forgot what happened in 2008. After it happened few tried to understand what DID happen [of course they wouldn’t have found the truth in the mainstream media]…and why the fundamental problems were never fixed; that the manufactured recovery is far from fundamental recovery. Most don’t know the next recession will indeed come; that historically this is the 3rd longest time in U.S. history we have gone without a recession [may now be the 2nd longest].

      • It is amazing to see how many people (our age) have the same belief.

        People whose parents had a tiny bit of land, a tiny bit of gold, and a tiny nest egg…all went to great extremes to get it.

        Now, these same people have been retired for 25+ years with a monthly stipend (not to mention bumper to bumper healthcare, etc.) that is more than their parents made in a year. In most cases by a long shot. Who think they will live forever.

        Let’s not forget that most of them also have investment accounts with extreme amounts of money in them as they worked for corpco or big gub.

        Remember the old arab saying…”my father rode a camel, I drove a car, my son has a G5, his son will ride a camel”

  3. Well go out 15 years, how will the US dollar be then? I rather place my bet on gold and silver which is money. I think with the EROI and debt issues this will come to a head long before then. The truth will be exposed either way in time. Thank you Steve for all your hard work!!!

  4. The one thing stopping me from buying silver is the huge spread from dealers. Currently, to buy a silver coin, the buy price is $1.68 above spot. Then to sell it, the sales price is about 40 cents below spot. So buying right now, the price has to rally a little over $2 just to break even. It seems the best business to be in is a dealer rather than an investor. If I found a marketplace where I could buy and sell closer to spot prices I’d be very happy.

  5. Hi Steve,
    Interesting story regarding silver supply.
    Do you think you could comment on Wolf Richter’s latest article titled “The Biggest Story of 2017 US Oil Exports Boom as OPEC Cuts Production”.

    https://wolfstreet.com/2017/12/29/us-oil-exports-boom-2017-as-opec-cuts-production/

    • Michael,

      While the U.S. has exported more oil, due to the lower WTIC CRUDE price vs BRENT, we still need to import 3+ million barrels of oil per day. The Net Oil Imports are about 3 million barrels per day. Now, the reason why we are exporting oil is that our domestic refineries can only take so much of the high API Shale Oil. Most of the Shale Oil has a very high API Rating and does not include middle distillates.

      Furthermore, the price of WTIC oil now at $60 is getting ready to get clobbered. The commercials have the highest RECORD SHORT position going back 20 years:

      This is very BAD NEWS for the Oil Bulls.

      Regardless, while U.S. shale oil production may continue to increase, it will not last long.

      steve

      • At this moment in time….

        My short term charts (Monthly) tell me oil will pull back in price temporarily whilst the long term charts (Qtly/Yrly) say oil will go up in price to around. I have marked $74.00 as the price sometime in 2018/2019. There is nothing magical about that price; it is just a strong resistance point on the chart. It is in fact 50% the high price of oil ($148.00) back in September 2009.

  6. Billy Lone Bear | December 29, 2017 at 8:31 pm | Reply

    Steve,

    I’ve heard that gold has a production cost of approximately $1000 an ounce. As much as Id like that to be true in a bullish way, i find it difficult to fathom that if silver has a maximum production cost (inefficient primary mines) of around $20, and if silver is found at a ratio of about 1:16 to gold in the earth the highest I could see it being would be somewhere in the $200 to $300 range.

    Keep in mind certain costs should be exactly the same such as minting, sales, transportation etc etc no matter if the material is gold, silver, or any other metal for that matter.

    Thanks in advance.

    • Billy Lone Bear,

      According to my Estimated Breakeven Analysis, the primary gold mining industry’s production cost is between $1,100-$1,150. Also, my break-even for the primary silver mining industry is $15-$17.

      That being said, there are two ways to value things:

      1) COMMODITY PRICED MECHANISM: Cost of production & supply-demand forces
      2) STORE OF VALUE: based on economic energy and rarity

      Right now, gold and silver are being valued as COMMODITIES. However, they also behave like money and stores of value. So, they should be valued differently than most other commodities, energy, metals, and goods-services.

      Now, for the future value of silver, that is a hard one to predict. First, I stopped putting out price targets several years ago. It is a fool’s game.

      Second, with so much debt, leverage and derivatives in the world, we have no idea how high the price of gold or silver can go when the MARKETS CRACK. Also, most STOCKS, BONDS, & REAL ESTATE get their value from burning energy in the future. Hence, their values are based on the economic principle of NET PRESENT VALUE. On the other hand, Gold-Silver get their value from burning ENERGY IN THE PAST. Thus, they are a store of ECONOMIC ENERGY, while STOCKS, BONDS, & REAL ESTATE are ENERGY IOUS.

      So, when the markets finally crack, we are going to see the MOTHER OF ALL DEFLATIONS. However, the values of gold and silver will be tremendously INFLATIONARY.

      steve

  7. Thank you Steve for not printing anything from Tom Cloud. He would write that silver rose 6%
    from $16 to $17 in December. In this way he can sell more silver. The truth is that silver
    is down 66% from its high a few years back. Proper perspective necessitates keeping this in
    mind. Keep stacking Steve. I’ll wait a few more years before I add any more to my collection.

    • Hi Joe. I don’t think that anyone here listens to any of these guys and buys any silver from them. (At least I hope not) Most people that I know buy pm’s because they believe in them and want them long term. In fact, I know very few that even have them.

      If you have 10k oz., you are far above most, kudos to you…for your grandkids, even better yet.

      Tangible is everything whether it is land, cows, pm’s, guns, ammo, seeds, food, water, friends and family etc. Remember that.

      • Wise words lastmanstanding…

        When my friends have a go at me, I say to them; “The time is coming when you guys might appreciate a friend or two”.

        So look after me ….. Lol

    • The truth is that silver is up 1,500 % since 1970. Proper perspective necessitates keeping this in mind. Just wait, it will be better to buy at 50.

  8. Good observation and charts Steve. Now, Most certainly the investor (or central bank) demand for gold literally IS the market for gold, particularly as the industrial uses are small compared to its reputation as wealth preservation. So why would not Silver behave at least partially as a wealth preservation tool as well. Is JP Morgan holding +600MM oz for fun?

    Further, silver is the poor man’s gold as they say. As long as a fiat currency is stable, Silver’s industrial uses will perhaps predominate, but when fiat’s falter, and gold rises, then with gold price, so will go the other precious metals, including silver.

    AND Then, watch. If gold is in investment demand, then, logically, so it is with silver. But silver is more easily purchased by the little guys, potentially millions of them with the resulting demand measurable in 100’sMM oz. This is fuel for a silver inflation factor phenomena. The gold:silver ratio drops precipitously to 1:45 or 1:30 or even perhaps to its ancient ratio of 16 or 20 to 1, like its abundance in the earth’s crust. So then, would the gold value go down? or does the silver price go up even more? The leverage on silver is tremendous. If gold doubles, silver likely doubles, so you might have $2600 AU to $34 AG (1:76 like the current ratio) but then if investment demand still squeezes the PM business, due to lack of supply, an adjustment of the current Au:Ag ratio to say a 1:35 CREATES $74 silver with NO additional stimulus. hmmm $17 to $74 = 435% as against a 100% gold move. that is leverage I would seek out. Now play that on your futures contact and, Wa La, JPMorgan makes a real killing and so do you with a long holding position.

  9. If silver originally was pulled from monetary use due to a higher industrial demand, and that demand is equal to or greater than the demand back in the 1960’s, then how will silver get back to being a monetary metal? There is no push for that from TPTB, obviously industry that needs silver wouldn’t want that, and retail investment is falling considerably. Every day that bitcoin/crypto becomes closer to a monetary reserve currency, silver comes closer and closer to merely being an industrial metal only. One could argue that the more industrial use a commodity has, the worse it will act as a monetary medium of exchange as liquidity dries up when industry needs the metal.

    • yes, EXACTLY SD, and then what happens when liquidity (above ground supply) dries up? Industrial demand bids up the price, decreasing the industrial demand at the same time increasing the perception among the masses that silver IS a valuable (precious) metal….boosting individual demand. World class silver mines are NOT elastic. They take much time and money to bring on line …….I would say even harder than gold mines.

      Silver’s appeal to the major mass of little guys is likely the MAJOR price driving factor in an unmanipulated diminished supply situation. Silver WAS more of an industrial metal back when Kodak was king. It is and has been for eons ….poor man’s gold. If one buys 500 bucks of AG coins, you have sometime (almost 30 oz.) verses a puny little gold coin. Human nature goes to work there. More is seemingly better when funds are limited. At least you have something …. a hem … for you Bit bobble fans.

    • SD,

      You stated the following, “If silver originally was pulled from monetary use due to a higher industrial demand, and that demand is equal to or greater than the demand back in the 1960’s, then how will silver get back to being a monetary metal?”

      I believe the BIGGEST misunderstood issue is that TPTB or the ELITE will be able to keep the Global Economy from collapsing. We are in the final stages of GLOBAL EMPIRE COLLAPSE. The collapse is coming not because the ELITE or TPTB want it to, but because of the Falling EROI- Energy Returned On Investment. There is nothing the Elite can do to stop the coming collapse.

      Matter a fact, the ELITE & TPTB will suffer the most during this collapse.

      You must start looking at Gold-Silver as stores of ECONOMIC ENERGY, rather than mere commodities. The Commodity Priced Mechanism only works in a functioning economy. We are heading towards a global collapse. Thus, individuals who were smart enough to protect themselves will have purchased physical gold and silver.

      The collapse in the value of the $300+ trillion in STOCKS, BONDS, & REAL ESTATE will force the value of gold and silver up to unimaginable levels. However, I can’t predict their future values, except to say they will offer the BEST OPTIONS in troubled times ahead.

      steve

  10. 636m ounces? Big deal .. jpm got 675m ounces.

  11. 2018 is going to witness cryptocurrency skyrocket. The blockchain tech is becoming increasingly popular and desired. IBM went all in with its 70 or so data centers just as a quick example. If any of you are still grasping onto your smart caps, you’ll invest in crypto. If bitcoin doesn’t hit $50,000 by the end of 2018, I’ll eat my hat.

    • Block chains (AKA Distributed Legers) Yes, Bitcoin ?? What’s the big deal there KM, others have made more claims AND will eat more interesting items ……. :>) Talk is cheap. WHY is the question. answer that.

      • The why is simply because as the dominos start to fall, this is the coin that people know. Is Bitcoin the greatest….no, but it is the most well known. I am both a silver junkie and a crypto junkie and when I see the shtf, it will take 2 minutes to convert my cash to coins…crypto coins. Do you think I would write a check and sit and wait for the U.P.S. guy at that point?

        • If the dominos do start to fall, first, panic selling and Bitcoin (BC) or silver buying efforts MAY likely swamp the market and trades will become much more difficult. BC is already difficult and NOT trade in 2 minutes. Second, other than being the first DL, Bitcoin is nothing special, there are over 1000 crytos and NONE of them are really currency…they are portrayed that way for marketing purposes, but ask the IRS if they are currency.
          Third, If the central bank money was not in the equity market, the Markets would not have inflated and hence the money for Bitcoin would NOT have bubbled. When stocks fall the inflationary cash available for BC dries up and the price falls, most likely because it is nothing but digital code… no intrinsic value….almost as bad as fiat money cause you need a pile of cheap electricity to trade it.

          Actually waiting for the UPS guy is wise. AT LEAST YOU WILL HAVE SOMETHING REAL IN A COUPLE DAYS…. and besides there are other ways of getting control of PM oz. quickly, especially if one anticipates the market.

  12. I bought 30 ounces of silver rounds for $450. Made $510 in 3 months, I’m a little guy, and I’m pleased with whay I made. I would have kept it longer, but I needed the funds from an emergency, was happy to make the profit of $60 in that short time.

  13. I like the SRSorroco Report because the author always has his facts . I agree with his conclusions on Silver & Gold , but I do not agree with his conclusions on the Major Oil companies creating a Global crisis and here is why : In my 26 years in the American gas & Petroleum Industry I believe that as some of the Major Oil companies go under they will be bought out by smaller oil companies . This has been happening in America for the last two decades i.e. the Marathon Petroleum buy out of the Hess retail gasoline stations on the East Coast and others like Amoco by BP and Gulf oil by Chevron and others .There will be a Global financial crisis which will be brought on by massive debt by countries and corporations all over the world .

    • Remember the golden rule Carl. “He who has the gold, makes the rules!” I have a friend from Russia. I asked him how he came to the US. He told me, in best Russian accent: I was very rich man in Russia, one morning I woke and money worth nothing;it was only paper. I told him I was buying Gold & Silver, he said to me, you very smart man…I too am in the PPS, (petroleum production system). Big oil’s global crisis is already here as crack’s are beginning to appear in the production of peak oil! (OFDK)Oil Fizzle Dragon King and the BIGMES, Big mad Energy scramble, will completely change the landscape and how big oil debt bomb will explode. Look up Louis Arnoux. American’s have no idea how the fabric will change suddenly.

    • Carl Richardson,

      I wish I could agree with you. Believe me you, I don’t want to see the U.S. Oil Industry Collapse. However, your idea that as the Major Oil Companies go under, smaller ones will buy them out and flourish, isn’t really working out. The reason oil companies got BIG in the first place was due to the Falling EROI – Energy Returned On Investment. It was easier to go BIG than try to make money as a small oil company. The only reason most of the smaller oil companies are surviving is due to their ability to add more debt.

      I believe we are going to see the collapse of the U.S. Shale Oil Industry within the next 2-5 years. Now, I could be wrong on the timing, but it won’t be by much.

      steve

  14. Gold & Silver have been, are, and will be true money forever.
    Undeniable.
    Thousands of years of history prove this to be true.
    JP Morgan said it best:
    “Gold is money. All the rest is credit”.

    Credit, just another name for debt.
    And debt is the lot of the slave.
    Barter is the medium of the peasants.
    Silver is the money of gentlemen.
    Gold is the money of kings.

  15. Steve,

    WHY will the elite, tptb, suffer the most from a collapse (12/30, 9:24 am). Surely you don’t just mean they will lose lot more fiat cause they have more. That’s not suffering.

    I.e, elite still own a lot more real wealth (arable land, pm, lead, isolation, free of debt more then any commoner regardless of all the toys they lose. They’ll stay fed and free of internment camps lot longer then my sorry ass, seems like.

    Or were you just trying to cheer us up for the new year? Appreciate it if so, but even a half believable defense would help more

    • Couple weeks ago at 5pm fri I had occasion to drive from Love Field Dallas to small town about 40 mi north. Only good route is N. Tollway. Trip took hour and a half. All those drivers out there with me are the ones who will suffer.

  16. Another consideration for the industrial use of silver is its relationship between price and quality.
    Sure there is silver in phones, computers, etc, but not much in any one unit.
    A doubling of silver price would add very little to retail price of our toys.
    INMO Apple would take just as much silver off mkt at $200 per oz as it does at $20.
    When price does pop, industrial won’t stop it.

  17. If you would like a better appreciation of GOLD and some of our other metals..

    Treasures of the Earth: Metals – Nova Documentary [HD]
    https://www.youtube.com/watch?v=4aV9mDpejBA

  18. Hi all and Happy end of 2017 and 2018.

    This post it´s for Admin. In few days will be avaiable in Europe – Spain (and all world), CryptoSilver (Based on BlockChain). http://www.cryptosilver.eu with 100% phisical back 999 silver grams.

    Please read the website carefully and give us your opinion. It´s a real proyect from real shops and metal investors, with real industrial scrap silver , coins and ingots.

    And there are CryptoGold too.

    Thanks.

    • Tell me why would I buy a crypto tied to one of the most controlled metals in the world when other coins are free to appreciate?

      • you would rather have a crypto based in ones and zeros like TulipCoin?

        • I would rather have Giorgio explain his product in depth than to have an old parodiam rehashed.

        • PS. The whole world including this page is based in ones and zeros, some have accepted this and some resist.
          Sure cryptos are ones and zeros and they will be around until no power left to energize. Some will recognize the new paridigm, some will resist.

          I recall an old cowboy in my town who would not get on airplane. He said he had been many places where he had to take his own food and water, but he was going nowhere if he had to take his own breathing air.
          Seems there still a few old Cowboys around.

  19. Billy Lone Bear | December 31, 2017 at 3:25 pm | Reply

    Is there any idea as to what 2017 silver total production is/was?

  20. Happy new year to all readers and Steve!

    Thank you for all the information; articles, posts and the diversity of the comments.

  21. “I believe the BIGGEST misunderstood issue is that TPTB or the ELITE will be able to keep the Global Economy from collapsing. We are in the final stages of GLOBAL EMPIRE COLLAPSE. The collapse is coming not because the ELITE or TPTB want it to, but because of the Falling EROI- Energy Returned On Investment. There is nothing the Elite can do to stop the coming collapse.”

    Falling EROI may be moot if these elite have the “free” energy of Tesla or their anti diluvian ancestors. To assume they do not is to underestimate our enemy. The collapse is planned and controlled. Whether it be their “order out of chaos” or the LORD’s fire and brimstone is yet to be determined.

  22. Ray has a question: I am 80 yrs. old and seeking advice. I figure I am never to old to listen and learn. When I was 35 I bought a house in central California a block from the beach. I put down $12,000 and paid $36,500 for the house. I raised my family in that house and retired at age 62 in 1999. I sold that house by the beach for $950,000 in 2016 and moved to Oregon at aged 78. I bought a home in Oregon with an attached apartment an 30 acres with water rights from a local year round running creek and 3,000 Christmas trees ready to sell. I paid $346,000 cash. I also Paid cash for about 12,500 ounces of silver and kept some cash with neither in the bank. I also have food storage and other things I might need stashed. I owe nothing. My question? Will this be enough to get my wife and I along with a few family and friends through the hard coming times? I am open to advice and will appreciate any suggestions. I am not trying to be a smart ass, I really am wondering. Please respond, especially Steve.

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