Chris Duane was a 30 year old millionaire working at his family’s East coast car dealerships when he walked away from it all to become a citizen journalist. He sold his house in 2005 and started renting just before the real estate crash. He says, “The collapse is going to unwind all social and financial contracts worldwide.”
He tells people to, “Get out of every single paper asset you own because it’s all going to be worth nothing. . . . If you’re not ahead of the curve, you’re going to be historical road kill.” He also thinks sometime in the next three years, “the dollar will be completely worthless.” When that happens, Duane predicts, “mass hysteria, power grabs and food riots.” His number one investment is physical silver because it is in short supply and extremely undervalued. Greg Hunter goes One-on-One with Chris Duane.
From USAWatchDog:
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
Greg Hunter is a right on guy.
Chris Duane is a pretty sharp cookie—makes good points every time. Was again struck hearing him say that 1/10th of an ounce of silver throughout history represents 12 hours of hard work….and what that really means. BTFD any time ya see one.
The 1/10 oz Ag historical average is a very important argument. More so than any of the (also valid) commodity market fundamentals’ arguments. And not surprisingly it’s one of the strongest points to make if you want to convince someone of Ag’s importance both then and now.
I also like the comparison that in Roman times 1 oz gold bought you a fine handmade tailored tunica, just as it now buys you a fine handmade tailored business suit (not that I wear those LOL don’t worry).
The 1:9 or 1:10 Au vs Ag extraction rate… don’t be too rigid on that one. One is a commodity being used up, the other merely stays above ground. That being true, it also means that for both industrial and monetary buying motives one needs to factor in that gold reserves above ground are vast. History somewhat shows that $POG/$POS ratio 5:1 at times wasn’t uncommon. Just as we had 80:1 not all that long ago. The really interesting is would a ratio reversal be possible, e.g. Au:Ag < 1. I think it could and it would have tremendous consequences vis-a-vis the monetary side of the PMs. Probably would drag platinum and palladium into that side as well by then.
Just some thoughts, best all,
R3K
And all the best to Chris and his family of course
I think after using the “Edit” feature, when it gets put back into the forum all HTML gets stripped and so one loses markup like paragraphs etc. Pretty annoying.
Chris Duane’s courage to commit totally to the ownership of silver was one key reason I went all in. No—I did not sell my home and there is no way I will part with my Long Version Only Deep Purple In Rock at the Apollo 8 track tape, but I’m almost there.
Great interview, Chris hits the bullseye. DEBT the downfall of the world. The Elite are causing it, get everyone in DEBT then the controlling begins. I think the dollar is going to collapse a lot sooner than Chris says. I won’t disappear but it will be worth hell of a lot less.
I disagree with Chris when it will happen, I believe it will happen when the Derivatives Collapse and everything else will fall to shit. But it won’t happen until the Elites are ready.
Like Chris I have my stack and still adding to it every chance I get, 1/10, 1/4, 1 oz it doesn’t matter. Feed Me!! Feed Me!! Feed Me!! Keep Stacking Folks.
I think he meant 1/10 Oz of gold. Right now 1/10 of Oz of silver is $2.73/day which I wouldn’t even open an eye for, not even Chinese work for that.
Actually the 1/10th oz of Silver is correct.
Where I live I pick up people needing a ride into town. They work 12 hour days, six days a week, in 100 deg F plus temps. They make about $4 per day.
He is elaborating on all of the worlds 7 billion population where the wage scale is not as lucrative.
I see it every day.
And these are the good times — what will it be like when the dollar collapses and the world economy dies?
This was a good interview with Chris he seemed to be vary happy
Actually the 1/10th oz of Silver is correct.
It appears to be correct in third world countries, but I was under the assumption he refered to developed world as the Roman Empire. The lowest wage I could find was $82/year.
The total value of world income is closing in on $70 trillion (£43.9tn) per year, and there are seven billion people in the world, so the average income is heading towards $10,000 (£6,273) per person per year. Easy.
Listening to this guy is like listening to myself. Absolutely agree with everything he has ever said. Smart Fella!
So let’s see. 1/10 oz silver, was 25 oz a year salery. Take 30K in todays fiat foolery, and that’s about $1,200 an ounce.
OK. Hit the reset button, I can retire.
Global Avg pay $10,000.00/25oz= $400/oz equivalent in todays money.
From the time of Gaius Marius onwards, legionaries received 225 denarii a year (equal to 900 Sestertii); this basic rate remained unchanged until Domitian, who increased it to 300 denarii.
denari = 6.8 gr. or 49.4 oz/yr pay for soldier.
And one might make the case that the soldiers of the legion were paid average-or- better wages, compared to say a farm worker in the field or something similar. Interestingly enough, a couple weeks back at church the pastor was teaching about the fable of the lost coin, and several times in his discussion he made reference to how the woman losing the single silver coin would be a BIG deal, as that would represent virtually a day’s wages back then. I just sat there and smiled to myself, and counted up how many “days wages” I have in my stack, and counting…
Don’t calculate the value of your stack in today’s dollars and say “well, the 1/10th oz / day wage is flat out wrong”. That, to me, simply points out just how BADLY out of whack the price of silver is today due to the manipulation of the paper markets.