Warren Buffet and Billion Dollar Silver Profit

September 12, 2009  |   Posted in Silver Articles, Silver Eagle, Silver Investing   |   0 Comments  

In 1997, Warren Buffet purchased 130 million ounces of silver as an investment at $4.40 per ounce (total value $572 million). By April 11, 2006, the price had risen to $12.66 per ounce, a paper gain of over one billion.

Silver certificates, authorized in 1878 and issued in exchange for silver dollars, accounted for nearly all of the $1 notes in circulation until November 1963, when the first $1 Federal Reserve notes were issued.

Can we exchange our $1 Federal Reserve note for a silver dollar? No.