SUPPLIER SQUEEZE Silver Production 5% withheld, page-116

Interesting read...

late 2021 will see a whole market destruction IMO

The Solution

Bitcoin and other cryptocurrency frameworks have proposed alternatives to this fiat currency system. While underlying blockchain of these solutions most definitely adds value to trust and accountability in the macro or micro economics system, their fundamental problem is that the currency is still not backed by any anchor of scarcity. It is fair to say that each individual cryptocurrency has a limited supply on its own network, there is no limit to the supply of networks.

A tried and tested anchor for the monetary system has always been Gold. As J.P. Morgan once said

‘…Money is gold, and nothing else.’

J.P. Morgan testimony to Samuel Untermeyer, chief counsel of the Pujo Sub-Committee of the House Committee on Banking and Currency (US Congress) – December 18, 1912 | goldmoney.com/research/goldmoney-insights/what-did-jp-morgan-mean

Historically money was backed by Gold in order to provide an anchor of scarcity to the money supply, but it has continued to hold value and withstand the test of time since President Nixon formally ended the Gold Standard in the 1970s.