I didn't say I wouldn't comment on my own post - but look at the chart calling itself "absolute" and I got a simple question for you - if it is absolute then how could the amount of gold be decreasing? It must be some was acquired privately. And hard not to wonder - just how much gold is held as such in BIG accounts.
But I looked after 1998 and seems Switzerland has been a loser - must be them Swiss bank accounts are losing value!
But heaven's to betsy - if there is gonna be some accounting of it - Fort Knox is closely tied to the places under the big Alps in Switzerland - correct?
Well - follow the money I reckon for any audit worth its salt!
This is my final comment to my last comment - but I read another article somewhere - I think I can link it maybe later - but it put forth the Poland is acquiring some gold so I went back and checked out the chart and sure enough there is Poland (dark brownish in color) in the mix of things amongst those places acquiring gold. Glad that article was confirmed but look at the percentages - it could be too late Poland - but still - good idea to fill the coffers with something of value.
How much you want to bet some of that gold is what is the term - "reparations" - but that would be a side bet. Fact of the matter is Poland is adding to its gold reserved - as well as China (got plenty already), Russia (one of the larger producers), Turkey (seeing the writing on the wall), and India as well (a yellowish color hard to differentiate from Italy in the chart).
~
Fact of the matter is if one is willing to explore an individual well picked out chart in extreme detail - well there is so much potential info residing therin.
~
Bottom line is some are fixed in possession basically while others are acquiring.
Waiting for the closing comment to the final comment on your last comment 😂
I once read that gold distribution in Europe is around 3% of GDP or something like that. And that the NL had to sell gold to get in line with the rest. Didn't dig into it at the time, but maybe Polish GDP is growing, so they have to adjust?
Underlying idea was that in a currency recent the whole of Europe had a similar backing, so the EU project could survive on the economical level.
So, I'm sort of sorry to be obsessing over this one chart but if I read the colors correctly it seems Turkey's percentage has increased rapidly in recent year (dark green it is).
Might that explain why recently Israel and Greece of all places had some threatening message towards Turkey - I mean I sure as hell hope not but if you want I'll be happy to share an article on this - cause these things are connected - are they not?
Hi Ken. I suspect the gold the US "has" is already pledged against liabilities (Reagan audit), and in the form of old, circulated coinage, which is not "deliverable" in central-banking terms.
So in conclusion - China and Russia are on the rise. Look at the chart.
It gives me pleasure that "others" remain in a fairly significant percentage - but look closely at all the countries "fixed" - they obviously are lacking in ideas for the future and they will be replaced as time moves on and gold switches hands.
Its posted - it speaks of Capitulation, Anger, Depression and Disbelief - but I think the time axis on it is off base!
Place your bets on that - but silver has no doubt been a roller coaster - and really finding value is a long-time effort - but silver - it has value - that is known.
Will do. Seriously - your sudoku puzzles have been too easy but your charts are hardly that - and I appreciate your daily updates - especially since I have decided to completely disavow the Moon of Alabama - being I got censored at that place.
Must be a bunch of old farts hang out there - shooting the shit and acting all smart when the world is changing in front of their eyes and "b" is censoring those trying to add to the discourse.
Read long ago that China produces in excess of 1300 tons annually from its internal mining operations, but I never see it mentioned these days. I'm guessing that the PRC is sitting on in excess of 30,000 tons.
Now if you know about China producing gold then I am all ears. I think most of it comes out of South Africa and maybe some other places - here let me do a search on that.
Here is the question for the "ai" - where is most gold mined
~
China is the world's largest producer of gold, followed by Russia and Australia. In 2025, China led with approximately 380 metric tons of production, while Russia and Australia each produced roughly 320 metric tons.
The largest individual gold mining complex is Nevada Gold Mines in the United States, which accounts for about 2.9% of global production. Other major single-mine producers include Muruntau in Uzbekistan and Grasberg in Indonesia.
Top Gold-Producing Countries (2025 Estimates):
China: ~380 metric tons
Russia: ~320 metric tons
Australia: ~320 metric tons
Canada: ~220 metric tons
United States: ~170 metric tons
While China leads in annual mine output, Australia and Russia hold the largest gold mine reserves globally.
~
Oh gracious me you may be onto something - and that will only push the curve quicker to who owns the gold and whose possessions are static.
~
So thanks - I learned something there and at the end of the day it comes down to the basic LAW of supply and demand.
OK now - lets do some math. The largest mine taking the "ai" at its word is in Nevada and accounts for 2.9% globally. So if you add up the numbers that amounts to about 60 metric tons give or take and that is less than 1/5th of China and Russia and Australia production - so it hardly amounts to much but must represent about 1/3rd of what is made in the United States - can anybody say "target" on that place - I can.
You see this ain't no game - tis the real deal - and if you gonna take out leadership in one place don't be surprised if the same sort of thing happens to you and your kin.
Cause easy targets are abounding - there is a smorgasbord of them to be frank about it - and I didn't choose this - I didn't want it - but it is the outcome of what is happening in the world today. Is it not?
So make a choice - what do you want?
I'm tired and sick - sick and tired of babies being buried in rubble in Gaza and that gets to the heart of the matter - in the current day. That is what is demanding some resolution - even if it has to be the hard way I reckon.
Correct - 30 silver coins are hardly worth putting Jesus on the cross are they?
But the babies buried under rubble present day in Gaza - they are priceless and seems nobody realizes that this matters. It has to stop if things are going to get better.
But better ideas beckon - so for heaven's sake - lets put a stop to it.
So lets add it up - 380 + 320 times 2 = 1020. Correct?
So add 220 and 170 to it and that gives the top five producers.
Correct. It gives 1410.
Fair enough to think all the "others" account for about 1/3 at least and that brings the total to 2115 give or take - does it not?
Take 2.9% of that and it gives about 60 freaking metric tonnes - does it not?
61.335 to be precise - but 60 captures it closely enough - and really if all the gold is coming from that place alone - well it is obvious and evident - that place could be a target no doubt.
It just depends on what is being done with the gold emanates from that mine in Nevada - but tis more than evident - gold is switching hands and many things - many things are out of balance.
Michael Hudson was working for Chase Bank in the 1960s. Around 1967 he did balance-of-payments analysis on US gold. The balance was neutral except for the Vietnam war. The US bled $US out of Vietnam, which were repatriated for gold by French and German banks. See that now?
The US Treasury was presented the analysis by the Rockefeller (David?) that Hudson worked for, and declined to officially receive it.
So that was the end of the "gold standard" I reckon - when hands got forced?
What a shame that is - and now after years nay decades of kicking the can down the road - what do the us citizens have in place of it - mountains of debt I reckon 40 trillion at least - and that spells the end of the empire - cause all debts MUST be paid.
So to take this to its grisly end - run the chart out a bit more in time and soon enough the one of the bottom fixed in view no longer has the most gold and better ideas beckon.
So - how about a damn audit on Fort Knox - cause we deserve to know the truth of the matter - and this is god-damn serious.
I could talk your head off about each of the charts above - and maybe I will - but I'd like to have some confidence that the "gold claimed" by the us of a actually resides in Fort Knox or whatever. Is it real or not?
Moreover, if you look at Germany's progression on the same chart above - you must realize there were some transactions that occurred - and fair to wonder - who the hell is playing around with OUR money!
I just did my duty as a farmer growing these peppers I got going here in Fries, VA. I picked one ripe of the vine - I knew it was hot and I bit it off on the bottom. I chewed it enough to know I needed to spit it out but I suffered a bit more and did that in private!
So now I know - these peppers on that plant that was overwintered are now ripening and they are fiercesome.
It ain't my debt - but they are my peppers.
You want one - I got a feeling they would grow well in Tejas - if the soil is prepped properly.
It ain't my debt - just like it ain't my money, but it is my pepper and if the image goes through I'll post it at my place John Day - it is for real - I know - I feel it still - it is potent.
Oh contraire - it is our debt - but tis time for some changes - time to split up I reckon - and then the debt is null and void - let the bankers pay it back.
With that said if it ain't our money it ain't our debt.
I don't feel like it is my debt. It is "odious debt" to me, and to you. There is the facade of "democracy", but the main function of the facade is to distribute the debts of the owners onto the entire population and their "heirs" in perpetuity.
This is the benefit we get John Day - at least I am a paid subscriber here get to read the material early!
So is this the same Michael Hudson I've seen on some videos and interviews - the same one who has said the economist out of the University of Chicago are dipshits?
Pledged is usually leased or swapped, not sold. The bar stays on the books at full value while someone else holds a claim on it, and leases get rolled, so "duration" ends up theoretical. Whoever borrowed it may well have sold it on. But everyone pretends to not know that.
So the point of an audit isn't the counting. It's the encumbrance question: is it there, and does anyone else have a claim on it? Weighing bars is the easy half.
China has no reason to bother. Opacity is working nicely for them while they're still buying.
No doubt on that - and one wonders where the gold resides. I suspect much of it is in private hands - fine let them have the metal - but it sure as hell ain't our debt.
~
As a side note - here is the pepper I just put to the test - and basically the pepper outlasted me - I had to spit it out!
Nixon defaulted on gold because he could not deliver. Supposedly the BoE got the last of what he delivered, and only 40% of what they came for...
The US is shown as having So-Much-Gold, but Reagan found it to all be pledged already, and it is probably not in a deliverable form, but old coinage, in need of refining.
The bank of england out of the city of london no doubt hardly deserves the gold - in fact rumor I heard is gold is departing that place - you know - it flows from the hands one one entity to another.
When Roosevelt told all the citizens to "turn in your gold" I'd be happy if I had some ancestors who refused and fact of the matter is I think I might have a stray coin or another from that time - but I ain't got much.
If I was around then or if it happens again I will politely refuse and say simply - I ain't got nothing of yours.
Is this a case of bond yields way up, inversely affecting gold ETFs? At what point does massive govt. and private buying of physical gold cause a turnaround in ETF prices?
This is replying to no-one in particular, Mr. Buffalo Ken and Dr John Day MD, of which I am also 1! Old gold coinage in Fort Knox may have been mostly melted down, according to the US Mint. Old Silver coinage was sold off in the major General Service Administration (GSA) sales in the 1970s-1980. Current GSA and other silver and gold sales are ongoing via the US mint with newly minted coins. But old (pre 1933) coins are all now worth MORE than the bullion melt value, often many times more! The trouble with silver is it is NOT classified as a Tier 1 asset under Basel III banking rules, whereas gold is. This means gold can 100% be counted as reserves against amounts lent out. So central banks aren't buying de-monetized silver to keep as reserves, only gold. Silver remains more of an industrial metal. But wait until Basel IV reclassifies silver! 😗 Maybe 100 years from now? 😂. Nevertheless I am NOT bearish about silver, just less committed.
So that is why GLD and SILV I think it is are fraught with potential loss.
So might PSLV and CEF be if the renege on their principle - but supposedly they have the physical material there in vaults presumably well protected.
If you own metal through paper - then just like the paper has been diminishing in differences for what is actually paid - so will the value of the "paper ownership" of the metal.
At the end of the day - best to have physical in hand - but not too much so as to make yourself a target.
This is my last comment on the above chart I'm affixiated with - but look closely in 1998 there was a shift.
So if it goes up for some - it must go down for others in a chart absolute - correct?
So look closely in 1998 some gold was stolen from "others".
I didn't say I wouldn't comment on my own post - but look at the chart calling itself "absolute" and I got a simple question for you - if it is absolute then how could the amount of gold be decreasing? It must be some was acquired privately. And hard not to wonder - just how much gold is held as such in BIG accounts.
But I looked after 1998 and seems Switzerland has been a loser - must be them Swiss bank accounts are losing value!
But heaven's to betsy - if there is gonna be some accounting of it - Fort Knox is closely tied to the places under the big Alps in Switzerland - correct?
Well - follow the money I reckon for any audit worth its salt!
1978 Gold officially demonitized. 1998, "Washington Agreement" on monetary gold https://learn.apmex.com/learning-guide/history/washington-agreement-on-gold/
This is my final comment to my last comment - but I read another article somewhere - I think I can link it maybe later - but it put forth the Poland is acquiring some gold so I went back and checked out the chart and sure enough there is Poland (dark brownish in color) in the mix of things amongst those places acquiring gold. Glad that article was confirmed but look at the percentages - it could be too late Poland - but still - good idea to fill the coffers with something of value.
How much you want to bet some of that gold is what is the term - "reparations" - but that would be a side bet. Fact of the matter is Poland is adding to its gold reserved - as well as China (got plenty already), Russia (one of the larger producers), Turkey (seeing the writing on the wall), and India as well (a yellowish color hard to differentiate from Italy in the chart).
~
Fact of the matter is if one is willing to explore an individual well picked out chart in extreme detail - well there is so much potential info residing therin.
~
Bottom line is some are fixed in possession basically while others are acquiring.
Place your bets.
Waiting for the closing comment to the final comment on your last comment 😂
I once read that gold distribution in Europe is around 3% of GDP or something like that. And that the NL had to sell gold to get in line with the rest. Didn't dig into it at the time, but maybe Polish GDP is growing, so they have to adjust?
Underlying idea was that in a currency recent the whole of Europe had a similar backing, so the EU project could survive on the economical level.
So, I'm sort of sorry to be obsessing over this one chart but if I read the colors correctly it seems Turkey's percentage has increased rapidly in recent year (dark green it is).
Might that explain why recently Israel and Greece of all places had some threatening message towards Turkey - I mean I sure as hell hope not but if you want I'll be happy to share an article on this - cause these things are connected - are they not?
Here is the article:
https://www.sott.net/article/507664-Eastern-Mediterranean-A-new-military-axis-against-Turkey
Just doing my duty.
Nice chart up above from 1950 onwards with respect to possession of gold -
Central bank gold holdings by country since 1950 was the title of the graph.
How bout an audit on Fort Knox - just to make sure the graph is accurate.
I doubt it is.
Place your bets!
For now, I think if an audit happened, I doubt much people would believe it either way...
You got a point - but when suffering commences the probability of accountability increases exponentially.
Either that or some folks start hanging on lampposts or perishing in bunkers.
tis a cruel world we live in needlessly No1.
~
Ask Billy Strings....
https://www.youtube.com/watch?v=VFEZOjtrwls
Ah yes, but how much of it is gold and how much is tungsten?
Just you wait! With all the wars going on, tungsten will be soon more worth than gold!
Hi Ken. I suspect the gold the US "has" is already pledged against liabilities (Reagan audit), and in the form of old, circulated coinage, which is not "deliverable" in central-banking terms.
Exactly - but speculation is just that. Tis time for an audit of Fort Knox - and without the federal reserve involved.
So in conclusion - China and Russia are on the rise. Look at the chart.
It gives me pleasure that "others" remain in a fairly significant percentage - but look closely at all the countries "fixed" - they obviously are lacking in ideas for the future and they will be replaced as time moves on and gold switches hands.
Place your bets!
China may have 3 times as much as advertised, since China is a major producer, and China only has to announce gold bought internationally.
Also check the picture of all the mines that China has their fingers in...
Oh crap, beg your pardon - I tried to find that image but I got stuck on a silver one I'm going to post at my place after I hit this "reply" in green!
Its posted - it speaks of Capitulation, Anger, Depression and Disbelief - but I think the time axis on it is off base!
Place your bets on that - but silver has no doubt been a roller coaster - and really finding value is a long-time effort - but silver - it has value - that is known.
Will do. Seriously - your sudoku puzzles have been too easy but your charts are hardly that - and I appreciate your daily updates - especially since I have decided to completely disavow the Moon of Alabama - being I got censored at that place.
Must be a bunch of old farts hang out there - shooting the shit and acting all smart when the world is changing in front of their eyes and "b" is censoring those trying to add to the discourse.
Oh well - such is life.
Read long ago that China produces in excess of 1300 tons annually from its internal mining operations, but I never see it mentioned these days. I'm guessing that the PRC is sitting on in excess of 30,000 tons.
Now if you know about China producing gold then I am all ears. I think most of it comes out of South Africa and maybe some other places - here let me do a search on that.
Here is the question for the "ai" - where is most gold mined
~
China is the world's largest producer of gold, followed by Russia and Australia. In 2025, China led with approximately 380 metric tons of production, while Russia and Australia each produced roughly 320 metric tons.
The largest individual gold mining complex is Nevada Gold Mines in the United States, which accounts for about 2.9% of global production. Other major single-mine producers include Muruntau in Uzbekistan and Grasberg in Indonesia.
Top Gold-Producing Countries (2025 Estimates):
China: ~380 metric tons
Russia: ~320 metric tons
Australia: ~320 metric tons
Canada: ~220 metric tons
United States: ~170 metric tons
While China leads in annual mine output, Australia and Russia hold the largest gold mine reserves globally.
~
Oh gracious me you may be onto something - and that will only push the curve quicker to who owns the gold and whose possessions are static.
~
So thanks - I learned something there and at the end of the day it comes down to the basic LAW of supply and demand.
OK now - lets do some math. The largest mine taking the "ai" at its word is in Nevada and accounts for 2.9% globally. So if you add up the numbers that amounts to about 60 metric tons give or take and that is less than 1/5th of China and Russia and Australia production - so it hardly amounts to much but must represent about 1/3rd of what is made in the United States - can anybody say "target" on that place - I can.
You see this ain't no game - tis the real deal - and if you gonna take out leadership in one place don't be surprised if the same sort of thing happens to you and your kin.
Cause easy targets are abounding - there is a smorgasbord of them to be frank about it - and I didn't choose this - I didn't want it - but it is the outcome of what is happening in the world today. Is it not?
So make a choice - what do you want?
I'm tired and sick - sick and tired of babies being buried in rubble in Gaza and that gets to the heart of the matter - in the current day. That is what is demanding some resolution - even if it has to be the hard way I reckon.
Correct - 30 silver coins are hardly worth putting Jesus on the cross are they?
But the babies buried under rubble present day in Gaza - they are priceless and seems nobody realizes that this matters. It has to stop if things are going to get better.
But better ideas beckon - so for heaven's sake - lets put a stop to it.
Shall we?
So lets add it up - 380 + 320 times 2 = 1020. Correct?
So add 220 and 170 to it and that gives the top five producers.
Correct. It gives 1410.
Fair enough to think all the "others" account for about 1/3 at least and that brings the total to 2115 give or take - does it not?
Take 2.9% of that and it gives about 60 freaking metric tonnes - does it not?
61.335 to be precise - but 60 captures it closely enough - and really if all the gold is coming from that place alone - well it is obvious and evident - that place could be a target no doubt.
It just depends on what is being done with the gold emanates from that mine in Nevada - but tis more than evident - gold is switching hands and many things - many things are out of balance.
Without independent accounting of what is in place - there is no way to know!
That is the point.
Tis time for some accountability.
But here is the thing ok?
Over time the possession changes now does it not?
And that is a predictor of the future!
Some places are fixed and they are getting no more - other places are growing in inventory - and they are on the rise.
So - look at the chart and recognize places that are fixed.....and we all ought know - to be fixed in view is to be lost in time.
Michael Hudson was working for Chase Bank in the 1960s. Around 1967 he did balance-of-payments analysis on US gold. The balance was neutral except for the Vietnam war. The US bled $US out of Vietnam, which were repatriated for gold by French and German banks. See that now?
The US Treasury was presented the analysis by the Rockefeller (David?) that Hudson worked for, and declined to officially receive it.
Nixon was left holding the empty bag.
So that was the end of the "gold standard" I reckon - when hands got forced?
What a shame that is - and now after years nay decades of kicking the can down the road - what do the us citizens have in place of it - mountains of debt I reckon 40 trillion at least - and that spells the end of the empire - cause all debts MUST be paid.
https://www.youtube.com/watch?v=aJCSNIl2Pls
This is how it seems to be unfolding John Day - it will be a lot easier with a shovel - but don't holster your gun - otherwise it will be 2 against 1!
~
Back in the day $200,000 was a "lot" of money - and as Clint says - we gonna have to earn it.
"the gun"....
and then just watch the video.....
~
I like listening to the crows in the background...
So to take this to its grisly end - run the chart out a bit more in time and soon enough the one of the bottom fixed in view no longer has the most gold and better ideas beckon.
So - how about a damn audit on Fort Knox - cause we deserve to know the truth of the matter - and this is god-damn serious.
I could talk your head off about each of the charts above - and maybe I will - but I'd like to have some confidence that the "gold claimed" by the us of a actually resides in Fort Knox or whatever. Is it real or not?
Moreover, if you look at Germany's progression on the same chart above - you must realize there were some transactions that occurred - and fair to wonder - who the hell is playing around with OUR money!
I know it's a rhetorical-question, but it's not "our" money, Ken.
We are peons.
If it ain't "our money" it sure as hell ain't our debt.
Agreed?
We are the livestock around here... or "peons". We are not owners. We are property.
I'm a rogue-bovine. you are a bison.
The picture is posted in my latest article of which I have already provided a link on this thread - so I won't again!
Peace!
Ken
too funny John Day MD - a good one.
I just did my duty as a farmer growing these peppers I got going here in Fries, VA. I picked one ripe of the vine - I knew it was hot and I bit it off on the bottom. I chewed it enough to know I needed to spit it out but I suffered a bit more and did that in private!
So now I know - these peppers on that plant that was overwintered are now ripening and they are fiercesome.
It ain't my debt - but they are my peppers.
You want one - I got a feeling they would grow well in Tejas - if the soil is prepped properly.
It ain't my debt - just like it ain't my money, but it is my pepper and if the image goes through I'll post it at my place John Day - it is for real - I know - I feel it still - it is potent.
Oh contraire - it is our debt - but tis time for some changes - time to split up I reckon - and then the debt is null and void - let the bankers pay it back.
With that said if it ain't our money it ain't our debt.
Simple.
I don't feel like it is my debt. It is "odious debt" to me, and to you. There is the facade of "democracy", but the main function of the facade is to distribute the debts of the owners onto the entire population and their "heirs" in perpetuity.
Kings couldn't do that.
Neat trick, huh? ..Michael Hudson again...
This is the benefit we get John Day - at least I am a paid subscriber here get to read the material early!
So is this the same Michael Hudson I've seen on some videos and interviews - the same one who has said the economist out of the University of Chicago are dipshits?
What does ‘pledged’ mean? Is there a duration to that? Or is it outright sold?
What is the advantage of an audit? Are the Chinese also similarly going to audit? Why not?
So many questions sorry, they are not rhetorical.
Pledged is usually leased or swapped, not sold. The bar stays on the books at full value while someone else holds a claim on it, and leases get rolled, so "duration" ends up theoretical. Whoever borrowed it may well have sold it on. But everyone pretends to not know that.
So the point of an audit isn't the counting. It's the encumbrance question: is it there, and does anyone else have a claim on it? Weighing bars is the easy half.
China has no reason to bother. Opacity is working nicely for them while they're still buying.
China is presently not "suspect" but maybe they ought participate in the audit as well. How bout a worldwide audit on where the gold resides?
Agree or not?
We probably all do. But govs don't.
"Because gold is money. Everything else is credit."
No doubt on that - and one wonders where the gold resides. I suspect much of it is in private hands - fine let them have the metal - but it sure as hell ain't our debt.
~
As a side note - here is the pepper I just put to the test - and basically the pepper outlasted me - I had to spit it out!
https://buffaloken.substack.com/p/somebody-edited-me-out
Nixon defaulted on gold because he could not deliver. Supposedly the BoE got the last of what he delivered, and only 40% of what they came for...
The US is shown as having So-Much-Gold, but Reagan found it to all be pledged already, and it is probably not in a deliverable form, but old coinage, in need of refining.
The bank of england out of the city of london no doubt hardly deserves the gold - in fact rumor I heard is gold is departing that place - you know - it flows from the hands one one entity to another.
When Roosevelt told all the citizens to "turn in your gold" I'd be happy if I had some ancestors who refused and fact of the matter is I think I might have a stray coin or another from that time - but I ain't got much.
If I was around then or if it happens again I will politely refuse and say simply - I ain't got nothing of yours.
Is this a case of bond yields way up, inversely affecting gold ETFs? At what point does massive govt. and private buying of physical gold cause a turnaround in ETF prices?
I've been wondering when the deficit in silver will finally turn around the price of silver, but we only went from 10 -> 120 -> 55...
Same with oil...
This is replying to no-one in particular, Mr. Buffalo Ken and Dr John Day MD, of which I am also 1! Old gold coinage in Fort Knox may have been mostly melted down, according to the US Mint. Old Silver coinage was sold off in the major General Service Administration (GSA) sales in the 1970s-1980. Current GSA and other silver and gold sales are ongoing via the US mint with newly minted coins. But old (pre 1933) coins are all now worth MORE than the bullion melt value, often many times more! The trouble with silver is it is NOT classified as a Tier 1 asset under Basel III banking rules, whereas gold is. This means gold can 100% be counted as reserves against amounts lent out. So central banks aren't buying de-monetized silver to keep as reserves, only gold. Silver remains more of an industrial metal. But wait until Basel IV reclassifies silver! 😗 Maybe 100 years from now? 😂. Nevertheless I am NOT bearish about silver, just less committed.
Probably never if the ETF is full of paper.
So that is why GLD and SILV I think it is are fraught with potential loss.
So might PSLV and CEF be if the renege on their principle - but supposedly they have the physical material there in vaults presumably well protected.
If you own metal through paper - then just like the paper has been diminishing in differences for what is actually paid - so will the value of the "paper ownership" of the metal.
At the end of the day - best to have physical in hand - but not too much so as to make yourself a target.