Andy
Hoffman from Miles
Franklin joins us to for a clarion call about the true, real
world value of PHYSICAL SILVER. With the market value of all
available Bitcoins now more than $5 BILLION, compared to around $21
Billion for all investable PHYSICAL
silver, Andy says “What we’re seeing is a speculative mania.”
Andy
reminds us that the Chinese are fed up, and have now publicly drawn a
line in the sand AGAINST the US Dollar, “The
Chinese just made this incredible announcement that they no longer
want to accumulate currency reserves. That is probably the most
bullish thing I have heard for precious metals in my twelve years of
watching this. They have $3.6 TRILLION of currency reserves and they
want OUT. There’s only $100 billion of gold mined in a single year,
worldwide. And $15 Billion of silver. The point is that gold and
silver are way undervalued compared to the amount of buying that’s
going to be coming into them.”
Back
to Bitcoin, I ask Andy, if $1,000 USD is possible for a single
Bitcoin, what is one ounce of physical silver really worth?
Andy says, “Alternative
currencies are a viable concept… but Bitcoin doesn’t have
intrinsic value, whereas silver for instance is the second most used
commodity on earth, in fact three quarters of ALL production is used
for things other than investment.”
As
for concrete value for an ounce of physical silver, Hoffman’s take
is this: “My
long standing price target, if it weren’t rigged, I would say it
should be $1,000 – $4,000 an ounce right now. And that’s simply
using the math of how much money the government SAYS has been printed
and how much gold they SAY they have in reserve. And of course they
have printed a lot more than they say and they have a lot less gold
than they say.”
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