Loading ...Houses in my area were 25,000 to $40,000. If you had a $1,000 face value of junk silver coins, it was worth $35,000, which was $48.95/oz. There are 715 ounces of Silver in a $1,000 face value bag.
Today the houses in my area average about $700,000. So a $1,000 silver bag would need to be $700,000 divided by 715 ounces in a bag, spot So today, for Silver to match 1980’s high, it would have to be $979 for one ounce of Silver.
I know, that sounds crazy, but at the moment, one of the two, houses at $700k and Silver at $52, one of the two are lying. Maybe houses will come down as Silver goes up.
P.S. house prices were held down back then. They were about $40,000 in 1968 and still around $40,000 around 1980, because the bozo bankers raised the interest rates to 21% during the 1970s. To hold gold and silver prices down as much as possible.
The fed held the Dow down too, the Dow stared under 1000 from the 1968 peak until June 1982 the Dow was still under 1000 at 796. Thats when I got a mailgram from James Dines, to sell all inflation related assets and to go into the Dow at 796, a perfect call on his part.
He also stated or recommended, he’s never seen anything like this, but we can buy 30 year gov’t Bonds paying 16% for 30 years with no call back provision. Another perfect call, as rates dropped after that, so the bond prices gained value as the rates dropped.
Naturally it all started because the US Gov’t STOPPED backing the US Dollar with Gold at $34/oz because the natural market price was around $140/oz. We cut off the foreign countries like Europe from stealing out gold on the cheap.
But after 1971, they proceeded to take away our manufacturing jobs instead of our gold. So they finally gave us permission to own gold again. In 1971. I also remember being in the back of a gold and Silver redemption store. There were numerous buckets of Silver coins. I asked the owner, (of seven stores) where is all this silver going?
He said it was going to the docks in Manhattan to be shipped overseas. Again the foreigners were robbing the dumb ass USA again. My son and my brother were selling classic muscle cars, and several of them were shipped overseas too.
They just kept robbing us, that’s when the stealing started getting worse, 1971. All my dumb ass friends and relatives even started buying imported cars, of witch was ANOTHER drain of USA wealth. But not me, I only buy Chevy or GMC cars to this day.