silver is a scarce material

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... silver is a scarce material. Our uses of silver are growing as our population and our economy grows. The hard fact is that silver consumption is now more than double new silver production each year. ...
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Fun quiz - who said this and what was the context? Don't cheat by looking at the answer until you placed a guess!

President Lyndon B. Johnson introducing The Coinage Act of 1965. He also said:
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Some have asked whether our silver coins will disappear. The answer is very definitely-no.

Our present silver coins won't disappear and they won't even become rarities. We estimate that there are now 12 billion--I repeat, more than 12 billion silver dimes and quarters and half dollars that are now outstanding. We will make another billion before we halt production. And they will be used side-by-side with our new coins.

Since the life of a silver coin is about 25 years, we expect our traditional silver coins to be with us in large numbers for a long, long time.

If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content.
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Remarks at the Signing of the Coinage Act | The American Presidency Project

www.presidency.ucsb.edu www.presidency.ucsb.edu

lol. What a hoot.
 
Last edited:
either Keith Neumeyer or Eric Sprott

What did I win?
 
Replies to the thread from here on out should be below the fold, so feel free to discuss/comment on the answer now if you like.

It amazed me to hear the claim that demand was twice production back then. Demand is greater than production right now, but nowehere near twice as much. Things change I guess.

Also, the part I quoted in the answer/spoiler box was some real comedy gold.
 
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Fun quiz yes, but for US people only!

So unfair
:D
 
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