Silver investor David Morgan: Use silver as alternative currency

When it comes to alternative currencies, the talk these days is usually about gold, bitcoins and local forms of money. However, one investor believes the best form of an alternative currency is silver bullion, a timeless precious metal that has suffered in the market as of late.

David Morgan, the creator of and publisher of The Morgan Report, sat down with The Daily Ticker on Wednesday to discuss silver, its history and how he is attempting to utilize it as a form of legal tender.

Morgan began the interview by confirming that silver will experience short-term volatility. Although it is beginning to stabilize, Morgan sees silver trading at these levels for the next little while. Lack of silver availability and robust demand, especially in the Asian communities, are reasons why silver hasn’t been gaining in the markets this week like gold.

In a financial crisis, consumers and investors will see silver as the monetary metal of choice. One of the reasons is that the value per unit is less than gold. Therefore, in a bartering economy, silver would be used more than the yellow metal.

“Silver has been used as money in more places and more times than gold ever has,” stated Morgan.

According to Morgan, silver has a long history of being used as money. In many languages around the world, the word for money is silver. Gold is money, but in commerce silver has always been the metallic standard.

Utah passed legislation in 2011 that allows gold coins to be used to pay for goods and services, but Morgan is hoping the Beehive State adopts a silver program. Morgan noted he will be writing in The Morgan Report later this month or next month to implement a metals-based debit card. He says it would be the best and most practical method to use the alternate currencies.

Silver is inching towards $24 (at the time of this writing) in the Thursday morning trading session. It’s up $1.02, or 4.5 percent, at $23.86. Gold is gaining ground again and is on pace to hit $1,500.

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