Today Nomi Prins, who has given speeches to the World Bank, IMF and Federal Reserve, told King World News that the United States may once again begin stockpiling silver as a strategic reserve. This would have an enormous impact on the already thin physical silver market. Global silver production is only 819.7 million ounces a year, and the last time the US stockpiled silver it reached a jaw-dropping peak of 3.3 billion ounces. The question is where will all of that silver come from and how high will the price of silver have to go in that kind of market? Here is what Prins had to say.
July 19 (King World News) – Eric King: “Nomi, it’s interesting that you mentioned the strategic importance of copper and that JFK scenario (section 232 study in 1962 that JFK had done back in the Cold War on the use of copper as a strategic defense mineral and the fact that the US is now studying stockpiling copper as a strategic reserve based on 232 study) because I’m sure you are aware at that time that the United States had a massive strategic stockpile of silver that was in the billions of ounces (3.3 billion). A lot of that had to do with the fact that the US not only repriced gold during the Great Depression, but also silver.
So instead of the 22 cent low (in the Great Depression), the US repriced silver to $1.29 an ounce (as well as implementing the Silver Purchase Act of 1934 which mandated that the US government increase its silver reserves). This helped to create the enormous silver stockpile. But around 2003, that massive strategic stockpile was exhausted, it was gone. And that’s when we really began to see the silver market take off on the upside. I wonder if the US is also going to revisit stockpiling silver?”
Nomi Prins: “Well, I think that’s very interesting because of the fact that they’ve opened an investigation into stockpiling copper under 232, and you are right there was a tremendous purchasing of what we call non-monetary silver reserves (by the US). So not even for monetary and central bank keeping purposes, but literally for the use value of silver. We could see that with silver. If that happens, and silver has that industrial use purpose which means it is important for building military equipment and so many other things, we very well could see that from this administration. And that would definitely boost the demand for silver and the price of silver and the mining companies involved in that process…to continue listening to Nomi Prins discuss why this would make the price of silver skyrocket as well as her thoughts on gold, uranium, and the mining stocks CLICK HERE OR ON THE IMAGE BELOW.
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To listen to Alasdair Macleod discuss what to expect next in the gold, silver and mining share markets and much more CLICK HERE OR ON THE IMAGE BELOW.
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