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Think You’re a Silver Bug? See How High You Score on Our Trivia Quiz

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March 14, 2018 - 2:09pm

Our customers tend to buy more silver than gold. And as Mike Maloney has said many times, he believes the silver price will rise much more in the coming wealth transfer than the gold price will. If he’s right, there are some truly exciting times ahead for those of us who own lots of physical silver.

If you’re a silver believer like us, check out our 10-question quiz to see if you can call yourself a GoldSilver silver bug…

2018 Silver Trivia Quiz

1. Which silver coin was manufactured first?

a. Silver Eagle
b. Silver Maple Leaf
c. Silver Krugerrand

Bonus Question: Why does GoldSilver not offer the Silver Krugerrand?

2. Why does Jeff advise against buying 1,000-ounce silver bars? Pick 3:

a. They’re not as attractive
b. They’re heavy
c. May require an assay to resell
d. They’re not as pure as smaller bars
e. Refining takes longer
f. Counterfeiters like them

3. In January 1980, at silver’s peak, what was the approximate number of ounces it took to buy a median-priced US home?

a. 5,500
b. 10,100
c. 1,600

4. What are the 3 criteria we use to determine if a silver round will someday fetch a higher value above and beyond an increase in the underlying silver price? Pick 3:

a. Limited mintage
b. Refiner that created it
c. Bullion level pricing
d. Design detail
e. Universal appeal
f. Creator’s name engraved on it

5. Why is Mike Maloney currently buying more silver than gold?

a. Silver is always lower priced than gold
b. The gold/silver ratio is high
c. Silver’s industrial uses are vital and growing 

Bonus question: Does Mike buy only silver? 

a. Yes
b. No
c. Depends on the gold/silver ratio

6. Where does Mike Maloney store most of his metal?

a. Home safe
b. Bank safe deposit box
c. Professional storage account

7. What is the primary reason silver tends to outperform gold? 

a. It is a much smaller market, so incoming funds have a greater impact
b. It was used in US currency
c. There are more silver bugs than gold bugs

8. In what circumstance would junk silver be ideal?

a. Gifting
b. Transporting
c. Barter

9. What is the primary difference between a coin and a round? 

a. Rounds come in different sizes
b. Coins are prettier
c. Coins are produced by governments, rounds by private mints

10. What is the #1 selling product at GoldSilver? 

a. Silver Eagle
b. Silver Eagle monster box
c. Junk silver bags

Answers:

1. The Silver Eagle was first manufactured by the US Mint in 1986. The Silver Maple Leaf was introduced in 1988. The silver Krugerrand was just made last year for the first time.

Bonus Question: GoldSilver does not offer the silver Krugerrand because the premiums are excessive—one site currently sells them for more than silver’s all-time high of $50!

2. We personally avoid 1,000-ounce silver bars because 1) They weigh 68.5 pounds each, so aren’t easy to move around—could your kids or grandkids pick them up if they needed to? 2) They tend to require an assay for resale, which entails cost and takes time, which could keep you from using the proceeds for something you really need on short notice. 3) These large bars have been the target of counterfeiters in the past, one reason they tend to require an assay.

If you haven’t seen one of these, it’s true they’re not all that attractive. Purity should be as high as other silver products, and refining does not take longer—it’s just a matter of having the molds. Coins with intricate designs require more steps than simply pouring a big bar and stamping it.

3. As our article shows, it only took 1,603 ounces of silver to buy the median-priced home in the US in January 1980, based on the average silver price that month. And if you snagged the top of the market it only took 1,245 ounces. We think the ratio has an excellent chance of returning to that low level again, so keep accumulating!

4. Our article Should I Buy Collectible Silver? The 3 Criteria to Look For lists the 3 criteria as limited mintage, bullion level pricing, and universal appeal. The other criteria listed may add value, but ultimately don’t determine if the silver Round will fetch a price above spot someday. Our new silver Athena Round easily meets all these criteria.

5. Mike is buying more silver now because the gold/silver ratio is high. It’s stretched to historic levels so probably won’t stay there long. But while it’s so lopsided he is focused on silver.

Bonus Question: Mike favors silver because he believes it will outperform gold in the next mania, like it has done many times throughout history. But no, he does not buy only silver. He buys gold, too. How he allocates his purchases depends on the gold-silver ratio at the time.

6. Mike stores the vast majority of his metal in our private storage locations. This article and video explain why.

7. The silver price tends to move more than gold, both up and down, because it is a much smaller market. It takes less money entering or exiting the sector to impact its price. We believe this will have an enormous impact on its price in the next crisis, when the masses crowd in.

8. There can be a number of uses for junk silver, but of the choices offered it is clearly more ideal for barter than gifting (there are many more attractive choices for gifts) or transporting (junk silver is bulky and thus heavier to transport)

9. The word “coin” technically implies is was produced by a government mint. Rounds come from private mints.

10. You were close if you answered Silver Eagles, but the all-time #1 selling product at GoldSilver.com is the Silver Eagle Monster Box. It remains our best seller today.

Are You a Silver Bug?

If you scored 9 or 10 correctly, we think you’re a “GoldSilver” silver bug!

There are lots more questions that could be asked about silver, of course. And this was probably too easy for many of our readers—but it does represent a good reminder of why we like silver so much. If you enjoyed it let us know in the comments section.

https://goldsilver.com/blog/think-youre-a-silver-bug-see-how-high-you-score-on-our-trivia-quiz/

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About Jeff Clark / Commentary Author

Senior Precious Metals Analyst, GoldSilver

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