Silver as an Idaho Currency
In an effort to attempt to bring some potential business and jobs to Idaho, state representatives have introduced a bill which would allow silver to be used a currency in the state, being produced in the form of medallions.
Rep. Phil Hart proposed the bill which was unanimously agreed to be introduced by the Idaho House State Affairs Committee.
The new silver medallions could also be used to pay state taxes.
A similar bill was introduced by Hart in 2009 but didn't go anywhere. Now that the recession continues on, the lawmakers in the state are looking at ways to help get their economy going.
The idea of introducing a bill which would include silver as a currency is fantastic. I wonder what will happen when the silver is far more valuable then the U.S. dollar in the state? That will be interesting; not if, but when it happens. Of course that assumes the mining takes place and the bill voted for approval.
One thing that's unfortunate is the need to offer property- and income-tax incentives to companies agreeing to launch a silver-processing business in the state.
But that's a secondary concern when taking into account the fantastic implication of silver being used as a currency again.
Silver as an Idaho Currency
Showing posts with label Silver Investment. Show all posts
Showing posts with label Silver Investment. Show all posts
Saturday, March 6, 2010
Sunday, June 21, 2009
Silver Prices Going Up - Miners Respond
Silver prices going up
With numerous elements coming together at the right time, silver prices have been going up, and over the long term that should continue.
Those high silver prices have some Colorado miners hoping to rekindle the state's silver trade.
Several miners are working around the Poor Man silver mine in Idaho Springs. Silver prices are up, with futures in silver going up 27 percent just last month. Silver is now trading at about $15.60 an ounce.
The silver boom is caused by economic uncertainty and the fact that silver is used in solar panels. Some miners who lead tours of old Colorado gold mines say they're also poking around abandoned silver mines looking for new veins of silver.
The Denver Post reported Saturday that several people have filed applications with Colorado to explore or reactivate silver mines.
One of them is Al Mosch. His day job is leading gold-mine tours of the Phoenix Mine in Idaho Springs, but on his time off he pokes around the old silver site.
"I did some serious work in here in the 1980s when silver was at $12," Mosch said. "It crashed to $4 and stayed that way for many years. I just shut it down then."
His son, David, a former Colorado School of Mines professor, prospected a multimillion-dollar gold claim that put him in People magazine in 1975 at age 14. Al Mosch still has a claim in the silver mine, and David Mosch is working on new technology to extract silver.
"If he's successful," Al Mosch told the newspaper, "we could reopen a lot of these old claims."
The United States is the eighth-largest silver producer in the world. Most silver produced is used for industrial applications such as battery-making, or photography, or jewelry crafting, with alternative-energy uses on the rise.
Another silver prospector, Tom Treadwell, is working to clear some 30 tons of mud and debris left in Poor Man's main shaft. He said the enjoys looking for a new vein of silver to revive the state's silver mining industry.
Silver prices going up
With numerous elements coming together at the right time, silver prices have been going up, and over the long term that should continue.
Those high silver prices have some Colorado miners hoping to rekindle the state's silver trade.
Several miners are working around the Poor Man silver mine in Idaho Springs. Silver prices are up, with futures in silver going up 27 percent just last month. Silver is now trading at about $15.60 an ounce.
The silver boom is caused by economic uncertainty and the fact that silver is used in solar panels. Some miners who lead tours of old Colorado gold mines say they're also poking around abandoned silver mines looking for new veins of silver.
The Denver Post reported Saturday that several people have filed applications with Colorado to explore or reactivate silver mines.
One of them is Al Mosch. His day job is leading gold-mine tours of the Phoenix Mine in Idaho Springs, but on his time off he pokes around the old silver site.
"I did some serious work in here in the 1980s when silver was at $12," Mosch said. "It crashed to $4 and stayed that way for many years. I just shut it down then."
His son, David, a former Colorado School of Mines professor, prospected a multimillion-dollar gold claim that put him in People magazine in 1975 at age 14. Al Mosch still has a claim in the silver mine, and David Mosch is working on new technology to extract silver.
"If he's successful," Al Mosch told the newspaper, "we could reopen a lot of these old claims."
The United States is the eighth-largest silver producer in the world. Most silver produced is used for industrial applications such as battery-making, or photography, or jewelry crafting, with alternative-energy uses on the rise.
Another silver prospector, Tom Treadwell, is working to clear some 30 tons of mud and debris left in Poor Man's main shaft. He said the enjoys looking for a new vein of silver to revive the state's silver mining industry.
Silver prices going up
Saturday, February 7, 2009
Silver: Prices Going Up in 2009?
While in my opinion there is no doubt 2009 will be a great year for silver, and prices will go up for silver futures, coin and bullion, as well as many silver mining company stocks.
A major reason there's been so much confusion surround the behavior of gold and silver recently, is because the unusal situation of forced liquidation has kept them down in price while the U.S. dollar has remained strong, even though underlying fundamentals said it shouldn't have.
Because of this, companies were forced to sell their positions in gold and silver and other commodities in order to raise much needed cash, this kept things where they have been for silver and silver futures until recently. It seems companies' positions have largely unwound now, and silver and gold are starting to be the investment of choice for those interested in both safety and getting a return. This will be true for silver, whether it's silver dollars, silver futures, silver bullion, or any type of silver coin, and most well run silver companies. Silver prices in the near future should do very well for silver investors, and whether you take physical possession of silver or buy silver company stocks or silver futures, they should perform strongly in 2009, as prices of silver go up.
This is one of the questions I've been asked about a lot lately, on whether silver prices are going up or will rise in 2009. The answer is almost assuredly yes! And considering the price of silver in contrast to gold is so large, the percentage of silver should outshine gold and probably perform even better in that regard. The one thing to keep in mind is if safety or a haven for your money is more important, gold will be the obvious choice, and it should give a solid return for the 2009 economic circumstances. Silver will do well to, but it could be more volatile than gold, but also has a better chance of making you more money. It's the old risk versus reward this year in silver and gold investing.
We shouldn't be afraid of those worried over the overall commdodity sector, and those making it look like everything connected to raw materials will fall this year. That's going to be absolutely false. I think they're asserting that so you don't pull your money out of their investments and put it into commodities, where is several cases prices should do quite well this year. Obviously we must do our homework in our commodity investing, as a number of raw materials will definitely fall in price, and so will be risky. All we have to do there is understand what sector we're investing in, and what sectors are weak as far as demand for raw materials go.
Back to silver, investing in silver will be profitable this year, and silver prices will rise in general across the board. Silver futures prices will rise along with other commodity futueres, and in some cases phyiscal silver in the form of bars and bullion should rise right along with silver futures. Investing in the stock of silver mining and silver companies, as in all cases, must be handled differently, and things like management and operations is as important as anything else. Silver prices will enable companies to expand, the question is whether it'll be done responsibly or not.
So in answer to the questin of whether prices of silver will go up this year, it is absolutely yes. I think investing in silver futures and physical silver, as far as bars and bullion will be a surety for profit, when you get into silver coins and numismatic value, obviously there are many more factors involved in silver coin prices.
A major reason there's been so much confusion surround the behavior of gold and silver recently, is because the unusal situation of forced liquidation has kept them down in price while the U.S. dollar has remained strong, even though underlying fundamentals said it shouldn't have.
Because of this, companies were forced to sell their positions in gold and silver and other commodities in order to raise much needed cash, this kept things where they have been for silver and silver futures until recently. It seems companies' positions have largely unwound now, and silver and gold are starting to be the investment of choice for those interested in both safety and getting a return. This will be true for silver, whether it's silver dollars, silver futures, silver bullion, or any type of silver coin, and most well run silver companies. Silver prices in the near future should do very well for silver investors, and whether you take physical possession of silver or buy silver company stocks or silver futures, they should perform strongly in 2009, as prices of silver go up.
This is one of the questions I've been asked about a lot lately, on whether silver prices are going up or will rise in 2009. The answer is almost assuredly yes! And considering the price of silver in contrast to gold is so large, the percentage of silver should outshine gold and probably perform even better in that regard. The one thing to keep in mind is if safety or a haven for your money is more important, gold will be the obvious choice, and it should give a solid return for the 2009 economic circumstances. Silver will do well to, but it could be more volatile than gold, but also has a better chance of making you more money. It's the old risk versus reward this year in silver and gold investing.
We shouldn't be afraid of those worried over the overall commdodity sector, and those making it look like everything connected to raw materials will fall this year. That's going to be absolutely false. I think they're asserting that so you don't pull your money out of their investments and put it into commodities, where is several cases prices should do quite well this year. Obviously we must do our homework in our commodity investing, as a number of raw materials will definitely fall in price, and so will be risky. All we have to do there is understand what sector we're investing in, and what sectors are weak as far as demand for raw materials go.
Back to silver, investing in silver will be profitable this year, and silver prices will rise in general across the board. Silver futures prices will rise along with other commodity futueres, and in some cases phyiscal silver in the form of bars and bullion should rise right along with silver futures. Investing in the stock of silver mining and silver companies, as in all cases, must be handled differently, and things like management and operations is as important as anything else. Silver prices will enable companies to expand, the question is whether it'll be done responsibly or not.
So in answer to the questin of whether prices of silver will go up this year, it is absolutely yes. I think investing in silver futures and physical silver, as far as bars and bullion will be a surety for profit, when you get into silver coins and numismatic value, obviously there are many more factors involved in silver coin prices.
Subscribe to:
Posts (Atom)