{"id":52451,"date":"2020-04-13T14:56:41","date_gmt":"2020-04-13T19:56:41","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52451"},"modified":"2020-04-13T14:56:46","modified_gmt":"2020-04-13T19:56:46","slug":"why-the-price-of-silver-could-skyrocket","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52451","title":{"rendered":"Why the price of silver could skyrocket"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn.sovereignman.com\/wp-content\/uploads\/2020\/04\/silver.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.sovereignman.com\/trends\/why-the-price-of-silver-could-skyrocket-27650\/\">Why the price of silver could skyrocket<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">By the mid-6th century BC, Darius the Great was \u2018King of Kings\u2019, ruling over the vast Achaemenid Empire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By that time, gold and silver had already been in use by earlier civilizations for thousands of years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are cuneiform tablets that are nearly 4,000 years old from ancient Sumeria which record commercial transactions made in gold and silver.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And subsequent civilizations\u2013 the Babylonians, Egyptians, Lydians, etc. all used gold or silver in commerce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Did you know? <\/strong>You can receive all our actionable articles straight to your email inbox&#8230; <a href=\"https:\/\/www.sovereignman.com\/resources\/perfect-plan-b-guide\/\">Click here to signup for our <em>Notes from the Field<\/em> newsletter<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But Darius had a unique idea.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He borrowed the idea of minting gold and silver coins from the Lydians\u2026 but then established a fixed exchange rate between the two metals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Darius decreed that one gold \u201cdaric\u201d was worth 13.5 silver coins\u2013 one of the first examples in history of a fixed, bimetallic standard.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">His idea caught on. And for thousands of years afterward, later civilizations established a fixed gold\/silver ratio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In ancient Greece during the age of Pericles, gold was valued at 14x silver. In ancient Rome, Julius Caesar valued gold at 12x silver.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It remained this way for centuries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even in the earliest days of the United States, eighteen centuries after Caesar, The Coinage Act of 1792 established a ratio of 15:1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(According to the law, one US dollar is supposed to be 24.1 grams of silver, or 1.6 grams of gold. So those pieces of paper in your wallet are not dollars\u2013 they are technically \u201cFederal Reserve Notes\u201d.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In modern times there is no longer a fixed ratio between gold and silver, though its long-term average over the last several decades has been between 50:1 and 80:1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why the price of silver could skyrocket By the mid-6th century BC, Darius the Great was \u2018King of Kings\u2019, ruling over the vast Achaemenid Empire. By that time, gold and silver had already been in use by earlier civilizations for thousands of years. There are cuneiform tablets that are nearly 4,000 years old from ancient [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[374,19586,29396,730,7312],"class_list":["post-52451","post","type-post","status-publish","format-standard","hentry","category-economics","tag-gold","tag-gold-silver-ratio","tag-precious-mtals","tag-silver","tag-simon-black"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52451"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52451\/revisions"}],"predecessor-version":[{"id":52452,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52451\/revisions\/52452"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}