Silver money in Mexico. Why silver is no longer used as money anywhere, and how it can come back into circulation anyplace. A message from Hugo Salinas Price to members of GATA Gold Conference, apr...
Silver money in Mexico. Why silver is no longer used as money anywhere, and how it can come back into circulation anyplace. A message from Hugo Salinas Price to members of GATA Gold Conference, april 17-19, Washington, D.C.
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bjohnt9, The aritrage you are referring to would be the price difference between the declared price of the monetized coins and the commodity price of silver per ounce... you could not sell the 30 peso coins and buy the coins back @ 28 peso, since the central bank must declare the price slightly above the commodity price(to cover minting costs); so the saver is thus protected against inflation thru the excess printing of paper, which causes the commodity price to rise in the first place.
This would not work! Consider the following scenario:
I own twenty 1 oz silver coins. They currently are worth 30 pesos each, but the price of silver is only 28 pesos. If I sell my 1 oz silver coins, I would get 600 pesos, but then I could use that money to buy more silver at 28 pesos per coin! I could trade in 20 silver coins, and use the money to buy 21 silver coins. This process could be repeated endlessly!!
Excellent point. The problem seems so obvious, however, that I'm sure it must have been noticed and a solution (no doubt staring us in the face--probably in this video) found.
You are a great inspiration. Somehow I don't think the central banks will willingly agree to a great loss of power represented by your plan. They have a "better" idea - to enslave humanity.
This idea seems to be a way for paper money and silver minted coins to "get along". No way. The cost of minting the silver is priced in terms of the paper money (an inflating currency), so the price will go up drastically and continuously. Central banks would lose their power over people (their reason for existence). You tell me, would they willingly agree to this?
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The aritrage you are referring to would be the price difference between the declared price of the monetized coins and the commodity price of silver per ounce... you could not sell the 30 peso coins and buy the coins back @ 28 peso, since the central bank must declare the price slightly above the commodity price(to cover minting costs); so the saver is thus protected against inflation thru the excess printing of paper, which causes the commodity price to rise in the first place.
I own twenty 1 oz silver coins. They currently are worth 30 pesos each, but the price of silver is only 28 pesos. If I sell my 1 oz silver coins, I would get 600 pesos, but then I could use that money to buy more silver at 28 pesos per coin! I could trade in 20 silver coins, and use the money to buy 21 silver coins. This process could be repeated endlessly!!