The major monetary metal in history is silver, not gold
For most of mankind throughout most of history, silver has been the much more important monetary metal, familiar as the metal of daily commerce. Gold was used only for very, very large payments, which most people make only rarely, if ever.
Both silver and gold are monetary metals, i.e., they both benefit from monetary demand. (Monetary demand is also called “investment” demand. It is demand for silver as silver, and as an ingredient making something.) Most analysts miss silver’s monetary demand because they focus on silver’s use in industry. Certainly, since silver was politically demonetized beginning in the mid 1870s a vast amount of purely monetary demand disappeared. Today, most silver is used in fabrication, roughly split three ways among silverware and jewellery, photographic, and other industrial uses. But when confidence in central bank issued fiat money begins to fade, when fear strikes investors’ hearts, they run not only to gold, but also to silver. Especially in America.
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