Silver Pyramid Power

If the global annual mine production of silver were cast into one large silver pyramid, it would be approximately – wait for it – only 65 feet high on a base of only 65 feet square.  Rather tiny!  For future reference, this is one “silver pyramid.”

At current market prices, the global production of silver would be about $16 Billion.  It is difficult to understand and appreciate what an 11 digit number means, so the equivalents for $16 Billion – the market value of global annual silver production – are approximately:

a)  6 days of Bernanke era Quantitative Easing at $85 Billion per month – you remember – digital dollars conjured from nothing for the supposed purpose of recapitalizing banks, levitating the stock market, and improving the US economy.

b)  7 days of average increase in the official US national debt.

c)  8 days of expenses for the US military

d)  21 days of crude oil imports into the US.

e)   7 months of bonuses for Wall Street.

f)   1 / 250th of the balance sheet of the Federal Reserve

Summary:

The Federal Reserve was conjuring up enough dollars for QE to buy the equivalent of one silver pyramid every 6 days in the Bernanke era.  In that context silver seems inexpensive and dollars seem overvalued.

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