Not one financial expert I follow agrees with me, they mostly think gold and silver are totally decoupled, and the GSR has no meaning in the modern era.
Very timely essay, Matt. I have an order in right now with Cloud Hard Assets here in Georgia. I've been buying from them off and on for over 10 years. Their over spot prices are less than APMEX and, they have free shipping and insurance -- and quick delivery.
I already have junk silver but, your logic (which to me is always very sound) compels me to add some junk silver to my order.
I would add one more link to the ones you provided that I have used.
Hopefully you can give us the real assessment from the ground. I am told the place is a powder keg right now but of course Europe in general is a "real information" free zone. In particular, perhaps you could let us know if it is true the Garda has been filled with foreign goons and mercenaries?
To readers.... this topic is illustrated in Doomsday Reef. Somedays you want to buy a cabbage, somedays 5 lbs of coffee, and somedays you need a big overhaul on your boat.
In the "Free State" area of New Hampshire (around Keene), there are gas stations and country stores where they prominently post the price of gas in your choice of US dollars or pre-1965 silver coins. I don't get by that way very often, but when I do, I make sure to stop in and patronize that store (though I pay in fiat dollars, not silver, since I prefer to KEEP my stash for a rainy day).
I am not a financial expert but I understand common CENTS when I see it. If the silver market is a much smaller entity with so many growing uses- how can it be worth so little in relation to gold???? Well, we know the answer.
But if Keynsian economics dissappear as every previous country's fiat system has- then silver will be all important in a worldwide Austrian economics model.
Besides, the US constitution states only gold and silver is to be used as money.
But how we got intangled illegally with fiat money is a story for another day.
The situation is certainly more complex than whatever is dished out to the public.
Last time I checked, silver was a byproduct of copper mining. On the other hand, much of the gold might be hidden worldwide. Both seem to be phantom images from a rigged Stock Market, where both are sold a thousand times and exist only on paper.
Commoners don't stand much chance in a world of barter, because they eventually run out of resources. Those with skills are likely to be enslaved in much more spectacular ways than at the moment. The worst part is that one cannot eat precious metals after the feudo-anarchist "economy" settles for them as its currencies. Forging will also be a problem.
I actually had a 10 minute talk with my corner store owner a week ago.
We agreed to exchange silver for food and merchandise in his story as long as we can use an exchange rate that works for both of us. The Asian owner didn't bat an eye at my proposal.
I have a substantial cache of fine silver that I purchased in the late 90s.
I also have a nice inventory of gold being a former goldsmith many pieces never sold.
For years I bought up .925 silver a flea markets at discounted prices. Most didn't understand the value of it. Old spoon collections, ugly jewellery, broken necklaces, silly silver rings. My top find was a .925 silver flute that I got for $80 at value village.
The lock downs in 2020 acted like Martial law in my country. It actually made the situation worse and caused mass unemployment and drove up crime.
Here in Central America it has gotten bad.
I was warned but I'm stubborn.
Sicarios going rate is $40 for a low level Jr type.
Kidnapping normal. Extortion normal. Homicides normal. Home invation or theft again normal. Violence bursts put at any moment. The police are overwhelmed and don't get paid enough to take the risks. They are fed up and tired.
I have been watching the social decay slowly happen for 5 years now. What comes next I have no idea?
If currency collapses, It will be wolves and sheep according to a high level intelligence/ security official I know. when he speaks I listen.
That, however, can be combined with WW3 on TV (resulting in martial law), an "alien attack" (to "unite humanity"), another plandemic, or something as mundane as solar flares (the list is longer):
The silver smashing will only work during normal times, not during any kind of SHTF when the only price for PMs will be the price for physical delivered to your hand, and paper ETFs are all a memory.
Excellent observations and conclusions Matt! I see you and I are of the same era of McDonald's advertisement campaign in the 60's (before Nixon knee capped the "Gold and Silver Standard") that went, "Feed a family of four, at McDonald's for under a dollar." That's right friends. That was their slogan. On an interview I did a year or so ago, I sent the host of the show, links from Youtube. I also made note that in 1972, after we began the full speed ahead printing press, McDonald's had to change that to "Feed a Family of Four for under Four Dollars". That's how fast things went into a spiral. After Nixon resigned, Ford had a full recession on his hands. We would never really come out of it and we're still in it. It has never turned around. Ford's slogan was WIN. That stood for Whip Inflation. But I digress.
I know this post may not be read by many, but I am happy to insert this part of my comment, a little lower than the average eye might be willing to read. (you know, the dirty trick that the press likes to pull when they have to print the truth. Kind of like any WH with bad news; they like to release it on Friday afternoon)
Having a background in Electrical and Mechanical Engineering, I learned early on in 1975, the basics of electricity, that Silver was the best conductor. What is interesting is that in a table of Relative Conductivity (listing from the best to the least in my college textbook on the subject) you see Silver as the top performer. Then comes copper and at a 70% distant 3rd place you find Gold. But wait! This book shows Silver is 105% (which we know is an incorrect expression) and Copper is listed at 100% conductivity. Could Silver have something special in it? I still have a spool of 60/40 Silver solder from 1973 of Radio Shack origin. This begs the question, why is Gold prized that much higher than Silver? We know that almost the exact same amount of each metal exists. We know Silver is an industrial giant and preferred over all others in sensitive circuits such as munitions. Copper, had always been the more plentiful and acceptable alternative for electronics in the Commerical markets. Physics may have an answer that may be more of a secret buster, should it be discussed more in public than it is. It may be why China of all countries, is scooping up silver at a massive rate. I give you a theory from the past that was called "Cold Fusion".
We all thought that was a dead and stale donut from decades past. Take a look around and you will see that Silver, was at the center of the engine designs offered back then. You will also see, that DARPA had been awarding grant money since 2010 to study "Cold Fusion".
I offer this little tidbit about Silver. It's called Silver 108. Look it up. You might find it very interesting that if you bombard silver with a particular amount of radiation, you will excite and bring to life, a number of isotopes. Long and the short of things is that most of our common metals we have in our pockets only have half-lives of seconds to a few minutes if bombarded with the right kind of radiation. However, Silver108... Well, I'll let you look that up for yourselves.
Did we experience yet another Faucci like transportation of science to China and this time from a DARPA funded study? Maybe it's not called Cold Fusion. Perhaps with the idea of Silver108 being a power source is real, and we can call it "Warm Fusion"?
Imagine a metal, so easily found on the surface as so much of it has been mined for centuries that it can be stored and handled in its natural state and not require any special handling until it had been introduced into a breeder reactor. What if that reactor core had a half-life of over 450 years? So, at being exhausted creating power, it might last 10 years. Pretty dang cheap I would say. Especially at $33/ounce. I wonder what uranium ore costs?
Oh, heck. I'm just working on a Science Fiction book anyway. I'm just thinking out loud.
Great work as always Matt and thanks to all who have shared this time with me.
imo (& Others much more knowledgeable) Gold will “Incease” in Value as the USSA Feral Reserve dollars Continues to Decline, On Purpose, to Lessen the “worth” of the Debt.
Silver will have to “Close the Gap” increasing % wise more than Gold.
The USSA Empire will Collapse and/or be Intentionally Replaced, by hopefully a Restored USA with Sound* Money. (*2000 years of gold & silver as Money?)
Money is a Medium of Exchange, for Basics 1st, like Food/Water, & Security. Get All Available for immediate use. Only an idiot cheats their future survival.
There is new tech that infuses gold into paper money. A couple of states are doing this already as it is specifically allowed by the Constitution. This makes gold feasible for retail. I doubt the tech would be doable in a collapse scenario but if enough is around pre-collapse, it could be an alternative. That would also help with security and easy recognition. Few people even know about it now.
During a SHTF period, gold in tiny sealed plastic chips or infused into other materials will be hard to trust. People will be afraid it's counterfeit. Only coins can be scratch and acid tested. Gram-size gold items might work in a high-trust nation under rule of law like Thailand, but I don't see it working during a "wild west" period in the USA. I could be wrong.
Basically agree and that is why I urged it be normalized before the SHTF. Those certificates have pretty intense anti-counterfeiting technology but people are unfamiliar with it, creating vulnerability.
Catherine Austin Fitts has talked about this. I believe there are 22 states that are in the process of making gold & silver "money" in the state. Payments could be made out of the account that holds the PM's. There would be a behind the scenes conversion to current dollars in the payment system or, something like that!
I picked up all of my gold over a decade ago during a 401(k) rollover, and used the COVID-era CARES act to get physical possession of it without the excise and spread the tax over three years. A bunch of silver also came with that shipment, most of which I distributed to the adult children (with children of their on) with explicit instructions that this was for emergency use only.
I hung onto the gold, which is now worth 3x what I paid and 2.5x what I was taxed for it, because it's extremely portable value if I need to E&E. Sure, I can't buy groceries with it, but for 3 of them I could by a horse and tack.
$100,000 in Gold weighs about 2 pounds and is the size of a cell phone. $100,000 in Silver if I recall correctly is over 150 pounds. A guy could fit a couple of million in a magazine chest rig in Gold. You'd need a vehicle like a pickup for that much Silver.
Another point, circulated Silver coins as a rule of thumb weigh about ten ounces less per thousand Dollars than uncirculated. 715 circulated, 725 uncirculated.
We don't disagree. Gold is for large transactions, and for portability in moving wealth. But if all you have are 1 oz gold coins, and you need to buy a bag of food, then what?
There are 2 Al Stewart songs that cover this well.
I definitely agree with the practical utility of Silver for daily commerce. I have a friend who believes ammo would be a good currency. A .22 for a nickel, 9mm for quarter etc. A subject for another day: What would be the ideal fleeing for your life with a chest rig full of kilo bars "gun?"
To quote the Miles Franklin CEO Andy Shectman “ the metals market can stay irrational longer than we can stay solvent” . I hope he is wrong , here is to strong hands!
Very timely essay, Matt. I have an order in right now with Cloud Hard Assets here in Georgia. I've been buying from them off and on for over 10 years. Their over spot prices are less than APMEX and, they have free shipping and insurance -- and quick delivery.
I already have junk silver but, your logic (which to me is always very sound) compels me to add some junk silver to my order.
I would add one more link to the ones you provided that I have used.
https://www.silverrecyclers.com/Calculators/coin_calculator.aspx
Finally, I asked Jim at The Burning Platform post your article.
https://www.theburningplatform.com/2025/05/07/an-overlooked-aspect-of-the-gold-silver-ratio/
Thanks for the links and the Burning Platform recommendation!
Np, my friend. Enjoy your trip to Ireland. When are you going?
Very soon. No social media until late next week.
Hopefully you can give us the real assessment from the ground. I am told the place is a powder keg right now but of course Europe in general is a "real information" free zone. In particular, perhaps you could let us know if it is true the Garda has been filled with foreign goons and mercenaries?
To readers.... this topic is illustrated in Doomsday Reef. Somedays you want to buy a cabbage, somedays 5 lbs of coffee, and somedays you need a big overhaul on your boat.
You read the book for sure!
Thanks for the coinapp recommendation. Great info and I’ll share it around.
In the "Free State" area of New Hampshire (around Keene), there are gas stations and country stores where they prominently post the price of gas in your choice of US dollars or pre-1965 silver coins. I don't get by that way very often, but when I do, I make sure to stop in and patronize that store (though I pay in fiat dollars, not silver, since I prefer to KEEP my stash for a rainy day).
I am not a financial expert but I understand common CENTS when I see it. If the silver market is a much smaller entity with so many growing uses- how can it be worth so little in relation to gold???? Well, we know the answer.
But if Keynsian economics dissappear as every previous country's fiat system has- then silver will be all important in a worldwide Austrian economics model.
Besides, the US constitution states only gold and silver is to be used as money.
But how we got intangled illegally with fiat money is a story for another day.
You are right on the money!
I wish you well.
All great points, thanks.
The situation is certainly more complex than whatever is dished out to the public.
Last time I checked, silver was a byproduct of copper mining. On the other hand, much of the gold might be hidden worldwide. Both seem to be phantom images from a rigged Stock Market, where both are sold a thousand times and exist only on paper.
Commoners don't stand much chance in a world of barter, because they eventually run out of resources. Those with skills are likely to be enslaved in much more spectacular ways than at the moment. The worst part is that one cannot eat precious metals after the feudo-anarchist "economy" settles for them as its currencies. Forging will also be a problem.
Jeez...I thought Matt Bracken was the only 'black-pilled' person here! ;-)
Matt and I only talk about facts. :)
Investments for commoners have become nearly impossible with any form of guarantee:
https://rayhorvaththesource.substack.com/p/the-investment-game-is-over
Yes, that’s what’s concerning. Only the very wealthy elites get the heads up on buying and selling. We plebes get the scraps.
I actually had a 10 minute talk with my corner store owner a week ago.
We agreed to exchange silver for food and merchandise in his story as long as we can use an exchange rate that works for both of us. The Asian owner didn't bat an eye at my proposal.
I have a substantial cache of fine silver that I purchased in the late 90s.
I also have a nice inventory of gold being a former goldsmith many pieces never sold.
For years I bought up .925 silver a flea markets at discounted prices. Most didn't understand the value of it. Old spoon collections, ugly jewellery, broken necklaces, silly silver rings. My top find was a .925 silver flute that I got for $80 at value village.
Silver is fine in peacetime. Using silver under martial law seems a bit more problematic:
https://rayhorvaththesource.substack.com/p/martial-law
Anarchy is even worse.
We are sort of in uncharted waters now Ray.
The lock downs in 2020 acted like Martial law in my country. It actually made the situation worse and caused mass unemployment and drove up crime.
Here in Central America it has gotten bad.
I was warned but I'm stubborn.
Sicarios going rate is $40 for a low level Jr type.
Kidnapping normal. Extortion normal. Homicides normal. Home invation or theft again normal. Violence bursts put at any moment. The police are overwhelmed and don't get paid enough to take the risks. They are fed up and tired.
I have been watching the social decay slowly happen for 5 years now. What comes next I have no idea?
If currency collapses, It will be wolves and sheep according to a high level intelligence/ security official I know. when he speaks I listen.
Sorry to hear about your place, and I'm sure it's not any consolation that most of the world operates like that...
Dunno about over there, but here, in rural Kentucky, everyone is armed to the teeth, so everybody is polite, and nobody is taking chances.
The next step is a convoluted introduction of the CBDC:
https://rayhorvaththesource.substack.com/p/the-final-stage-to-a-one-world-government
That, however, can be combined with WW3 on TV (resulting in martial law), an "alien attack" (to "unite humanity"), another plandemic, or something as mundane as solar flares (the list is longer):
https://rayhorvaththesource.substack.com/p/a-shortlist-of-whats-coming
Everyone is polite to me and the family because they know it isn't a cell phone under my shirt.
I have no idea what they will throw at me next Ray? Maybe the slow social decay and the trash fire will continue on for years to come.
I just rolling with the punches and adapting as it unfolds. We are lining up the ducks and planting food with the rains arrival.
Tobacco and ginger beer on the list.
All you and I can do is depart from this world as human beings. Others might consider the same:
https://rayhorvaththesource.substack.com/p/the-final-encounter-with-the-enemy
SILVER PRICE IS MANIPULATED **PROOF** https://www.youtube.com/watch?v=6Jds3O_fe-E&t=162s
The silver smashing will only work during normal times, not during any kind of SHTF when the only price for PMs will be the price for physical delivered to your hand, and paper ETFs are all a memory.
Excellent observations and conclusions Matt! I see you and I are of the same era of McDonald's advertisement campaign in the 60's (before Nixon knee capped the "Gold and Silver Standard") that went, "Feed a family of four, at McDonald's for under a dollar." That's right friends. That was their slogan. On an interview I did a year or so ago, I sent the host of the show, links from Youtube. I also made note that in 1972, after we began the full speed ahead printing press, McDonald's had to change that to "Feed a Family of Four for under Four Dollars". That's how fast things went into a spiral. After Nixon resigned, Ford had a full recession on his hands. We would never really come out of it and we're still in it. It has never turned around. Ford's slogan was WIN. That stood for Whip Inflation. But I digress.
I know this post may not be read by many, but I am happy to insert this part of my comment, a little lower than the average eye might be willing to read. (you know, the dirty trick that the press likes to pull when they have to print the truth. Kind of like any WH with bad news; they like to release it on Friday afternoon)
Having a background in Electrical and Mechanical Engineering, I learned early on in 1975, the basics of electricity, that Silver was the best conductor. What is interesting is that in a table of Relative Conductivity (listing from the best to the least in my college textbook on the subject) you see Silver as the top performer. Then comes copper and at a 70% distant 3rd place you find Gold. But wait! This book shows Silver is 105% (which we know is an incorrect expression) and Copper is listed at 100% conductivity. Could Silver have something special in it? I still have a spool of 60/40 Silver solder from 1973 of Radio Shack origin. This begs the question, why is Gold prized that much higher than Silver? We know that almost the exact same amount of each metal exists. We know Silver is an industrial giant and preferred over all others in sensitive circuits such as munitions. Copper, had always been the more plentiful and acceptable alternative for electronics in the Commerical markets. Physics may have an answer that may be more of a secret buster, should it be discussed more in public than it is. It may be why China of all countries, is scooping up silver at a massive rate. I give you a theory from the past that was called "Cold Fusion".
We all thought that was a dead and stale donut from decades past. Take a look around and you will see that Silver, was at the center of the engine designs offered back then. You will also see, that DARPA had been awarding grant money since 2010 to study "Cold Fusion".
I offer this little tidbit about Silver. It's called Silver 108. Look it up. You might find it very interesting that if you bombard silver with a particular amount of radiation, you will excite and bring to life, a number of isotopes. Long and the short of things is that most of our common metals we have in our pockets only have half-lives of seconds to a few minutes if bombarded with the right kind of radiation. However, Silver108... Well, I'll let you look that up for yourselves.
Did we experience yet another Faucci like transportation of science to China and this time from a DARPA funded study? Maybe it's not called Cold Fusion. Perhaps with the idea of Silver108 being a power source is real, and we can call it "Warm Fusion"?
Imagine a metal, so easily found on the surface as so much of it has been mined for centuries that it can be stored and handled in its natural state and not require any special handling until it had been introduced into a breeder reactor. What if that reactor core had a half-life of over 450 years? So, at being exhausted creating power, it might last 10 years. Pretty dang cheap I would say. Especially at $33/ounce. I wonder what uranium ore costs?
Oh, heck. I'm just working on a Science Fiction book anyway. I'm just thinking out loud.
Great work as always Matt and thanks to all who have shared this time with me.
Yours in liberty,
Vince
imo (& Others much more knowledgeable) Gold will “Incease” in Value as the USSA Feral Reserve dollars Continues to Decline, On Purpose, to Lessen the “worth” of the Debt.
Silver will have to “Close the Gap” increasing % wise more than Gold.
The USSA Empire will Collapse and/or be Intentionally Replaced, by hopefully a Restored USA with Sound* Money. (*2000 years of gold & silver as Money?)
Money is a Medium of Exchange, for Basics 1st, like Food/Water, & Security. Get All Available for immediate use. Only an idiot cheats their future survival.
There is new tech that infuses gold into paper money. A couple of states are doing this already as it is specifically allowed by the Constitution. This makes gold feasible for retail. I doubt the tech would be doable in a collapse scenario but if enough is around pre-collapse, it could be an alternative. That would also help with security and easy recognition. Few people even know about it now.
During a SHTF period, gold in tiny sealed plastic chips or infused into other materials will be hard to trust. People will be afraid it's counterfeit. Only coins can be scratch and acid tested. Gram-size gold items might work in a high-trust nation under rule of law like Thailand, but I don't see it working during a "wild west" period in the USA. I could be wrong.
Basically agree and that is why I urged it be normalized before the SHTF. Those certificates have pretty intense anti-counterfeiting technology but people are unfamiliar with it, creating vulnerability.
Catherine Austin Fitts has talked about this. I believe there are 22 states that are in the process of making gold & silver "money" in the state. Payments could be made out of the account that holds the PM's. There would be a behind the scenes conversion to current dollars in the payment system or, something like that!
I picked up all of my gold over a decade ago during a 401(k) rollover, and used the COVID-era CARES act to get physical possession of it without the excise and spread the tax over three years. A bunch of silver also came with that shipment, most of which I distributed to the adult children (with children of their on) with explicit instructions that this was for emergency use only.
I hung onto the gold, which is now worth 3x what I paid and 2.5x what I was taxed for it, because it's extremely portable value if I need to E&E. Sure, I can't buy groceries with it, but for 3 of them I could by a horse and tack.
$100,000 in Gold weighs about 2 pounds and is the size of a cell phone. $100,000 in Silver if I recall correctly is over 150 pounds. A guy could fit a couple of million in a magazine chest rig in Gold. You'd need a vehicle like a pickup for that much Silver.
Another point, circulated Silver coins as a rule of thumb weigh about ten ounces less per thousand Dollars than uncirculated. 715 circulated, 725 uncirculated.
We don't disagree. Gold is for large transactions, and for portability in moving wealth. But if all you have are 1 oz gold coins, and you need to buy a bag of food, then what?
There are 2 Al Stewart songs that cover this well.
On the Border:
The fishing boats go out across the evening water
Smuggling guns and arms across the Spanish border
The wind whips up the waves so loud
The ghost moon sails among the clouds
Turns the rifles into silver on the border
The Running Man:
Before the phone hits the receiver
You're halfway to the door
The voice said, "get out while you can
There's just ten minutes, nothing more"
Time only for the essentials
Better gather them and run
The false name inside the passport
The gold bars and the gun
I definitely agree with the practical utility of Silver for daily commerce. I have a friend who believes ammo would be a good currency. A .22 for a nickel, 9mm for quarter etc. A subject for another day: What would be the ideal fleeing for your life with a chest rig full of kilo bars "gun?"
9 is worth $2 street value ATM in my town
I have a good stack of silver, including Mercury dimes. Mercury’s are easy to identify and cannot be confused with modern dimes.
Sadly we are getting closer
PM will one of many things in a barter economy. Also commodities such as canned proteins. Alcohol and smokes. And 2A items remember a
“Shot” of whiskey
To quote the Miles Franklin CEO Andy Shectman “ the metals market can stay irrational longer than we can stay solvent” . I hope he is wrong , here is to strong hands!
Thanks Matt