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From the standpoint of recorded history, we have been living during a comparatively brief and unique period where the price of silver is severely depressed. This period comprises roughly 130 years to date. The demonetization of silver really put a whammy on the silver price, depressing it to absurd levels down. Ironically, or perhaps not, silver evolved into the premier industrial metal during this same period and has been massively consumed - a unique and unprecedented circumstance for all of silver's long history. There is probably far less physical silver per capita today than anytime previous. Therefore, any monetization of silver today or tommorrow would require a valuation of silver higher by one to two orders of magnitude. So the $500 per ounce figure is hardly hyperbole. In fact, for centuries during the Roman era circa 100BC-200AD, a silver denarius (almost exactly the same silver weight as a US 90% silver dime) purchased 8-12 hours of manual labor. This equates today to a silver valuation approximating $1000 per troy ounce pure silver.
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