-- Posted 17 July, 2009 | | Discuss This Article - Comments:
Source: SilverSeek.com
Recently I was asked to do an interview with Philip Judge of The Anglo Far-East Company.
After the interview was completed, Mr. Judge sent our interview out with a short story called "THE METAL OF HOPE."
His missive begins, “In history, gold alone has been the money of Kings. However, throughout most of recorded time there has been a metal far more important to the average man than gold. In the ancient of days it was silver alone that could provide the means for a slave to save and eventually purchase his freedom, which is why silver became referred to as the Metal of Hope.
“In 2009 how much has changed? To this day, silver continues to give daily hope to people right around the world. Modern medicine for example provides early detection, sustaining health and life to many millions, and is built around the irreplaceable metal of silver. X-rays and cardiograms are simply not possible without silver. The element of silver itself is known to provide direct medical benefits to the human body, and exists to some degree in most of today’s pharmaceutical drugs.”
Philip then moves into some ancient history, explaining that, to the population living in Athens, silver provided another form of hope; hope for their very survival. The gist of the story is that those living in Athens around 490 B.C. found a large silver mine that endowed them with the means to build a fleet of 200 warships, thus enabling their defeat of the formidable Persian Navy.
He concludes by stating, “In 480 B.C., funded by the silver mines of Laurion, the Athenians’ fleet achieved the impossible and defeated forever the formerly formidable Persian Navy. The sea battle of Salamis spelled the end of Persian oppression and imperialism. Silver—then as now—the metal of hope.”
Very few these days have put their hope in the white metal. Far more have put hope in the yellow one. But most put their hope in what they believe the new administration will bring back—the American dream. Basically, their hope rides on a system that in times past has always failed, whether it was born in China, Germany, Argentina, or whatever nation state, it did not matter.
Now seven months into the change, not much has varied in the financial realm, as this administration like all others from Nixon on, believes that the government can print its way to wealth. As many times as this has failed—100% of the time throughout recorded history—it strikes me that someone besides the “gold bugs” might point this out.
Some investors who have put hope into something that has never failed—precious metals—have a new concern. Back in May, I was told by a reliable source that HSBC might be getting out of the individual storage business for precious metals. At the time, it was hard to believe. HSBC is one of the biggest depositories in the world, and many of the larger dealers I know and have dealt with over these past decades almost always used HSBC as their recommended storage facility.
The fact is that HSBC is getting out of the individual storage business in the USA. This means that retail clients will either have to move their metals or sell them. This may lead to some selling pressure of physical metal, because some individuals will simply be too pressed for time to make all the necessary arrangements to transfer their holdings to another facility. It is just simplest to “sell out” for a check, instead.
It is my “hope” that all precious metals investors who are presently asked to move their metal from HSBC do so and do not take a paper promise. Keeping your silver (and gold) might just end up being the warship you might need to protect yourself and your holdings!
It is an honor to be.
Sincerely,
David Morgan
Mr. Morgan has followed the silver market for more than 30 years. He wrote the book Get the Skinny on Silver Investing. Much of his Web site, Silver-Investor.com, is devoted to education about the precious metals; it is both a free site and does have a members-only section. To receive full access to The Morgan Report, click the hyperlink.
-- Posted 17 July, 2009 | | Discuss This Article - Comments:
