Monday, January 25, 2021

Tag: Silver hasn’t been this cheap in 5

Silver Hasn’t Been This Cheap in 5,000 Years

by Peter Schiff, Schiff Gold:

We have financial records dating back some 5,000 years and in all that time, silver has never been this cheap compared to gold.

Kanesh was an important trading hub in the Assyrian empire. The city was located in the middle of what is now Turkey, at the midpoint of the route between the Mediterranean and the Black Sea. 

Archeologists have found thousands of clay cuneiform tablets in the region that provide a tremendous amount of detail about ancient financial transactions. For instance, one tablet on display in the New York Metropolitan Museum documents the terms of a loan dating back to the 19th century BC. An Assyrian merchant named Ashur-idi loaned 3kg of silver to two traders, with 1/3 of the amount to be repaid in one year’s time.

Silver hasn’t been this cheap in 5,000 years of human history

by Simon Black, Sovereign Man:

More than 4,000 years ago, the city of Kanesh was quickly becoming an important commercial trading hub within the ancient Assyrian Empire.

Kanesh was located in the dead center of modern day Turkey, so it was perfectly situated on the route between the Mediterranean and the Black Sea, and between Europe and Asia Minor.

As a result, Kanesh became a popular trading post. And merchants, scribes, and moneylenders from all over the Assyrian Empire traveled there to profit from the boom in copper, tin, and textiles.