Forget Gold, Use Silver as Currency: David Morgan
Only few days ago Goldman Sachs was shouting "Sell, sell, sell...gold" . Wonder what kind of TA are they using and how are they justifying loses that they caused to their customers. If they continue "changing their minds" at this rate, we can expect a "new direction" every few days.
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When it comes to alternative currencies, gold is usually the tender of choice. David Morgan, publisher of The Morgan Report and creator of Silver-Investor.com, disagrees. Morgan says that when it comes to precious metals as legal tender, silver is the best bet.
Silver is less expensive than gold, which makes it easier to transport and use. “In an absolute crisis, silver would be would be the monetary metal of choice. Its value per unit is a lot less than gold,” Morgan says.
The lustrous metal has been synonymous with money throughout history. “Silver has been used as money in more places and more times than gold ever has,” Morgan tells The Daily Ticker.
Silver is trading near $23 an ounce in the futures market, having recovered only about 5% from recent lows. The precious metal reached record highs of $50 an ounce in 1980 and again in 2011 when the Hunt Brothers famously tried to corner the market.
Gold, in contrast, is trading near $1,425 an ounce, up 8% from its 52-week low reached last week. Yesterday Goldman Sachs (GS) reversed its April 10 sell recommendation on gold, saying the precious metal could trade as high as $1,530 within the next three months.
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