Silver-Backed crypto? ‘Fantastic Idea’ Says Phil Streible

Silver has been garnering a lot of investor attention, and one expert says he sees prices climbing even higher.

“I think $30-40 silver is entirely possible,” Phil Streible, senior market strategist for RJO Futures, told LODE TV earlier this week.

“If we get over that $20 hurdle and we get the momentum…we should see silver prices move higher.”

Currently, spot silver prices are standing at around $18 an ounce.

However, the long-time silver bug said he doesn’t expect the metal to shoot up quickly. Instead, he would prefer to see a steady move higher.

“The only problem we had the last go around when silver pushed all the way up to $50 was that the margin requirements shot up from just a few thousand dollars to $25,000. That takes a lot of participants out of the market that can’t afford to have that high level of margin,” Streible explained.

“If we have a more organized rally here where it’s just this 30–50 cents per day move, I think it’s entirely possible that silver does that grind higher.”

The Chicago-based analyst maintains his bullish stance on silver, noting that it is still one of the “best” assets to own right now.

“I do like physical silver quite a bit…but logistically, if you have a lot of silver to move around, it’s not efficient,” he said.

That is why Streible said he prefers silver exchange-traded funds or futures contracts.

“I think futures contracts provide some benefit as far as if you’re going to take delivery. Storage is already in place through the exchanges and you have the flexibility to get in and out.”

So, when LODE TV’s host Nick presented him with the silver-backed cryptocurrency AGX Coins, Streible said he thinks it is a “fantastic idea.”

“I’m surprised it hasn’t been explored already. I’m glad to hear you’re working on a project like that and I think it’ll attract a lot of interest,” he said.

“People that generally invest in precious metals really believe in the product and are long-term investors. So, I think if you start that cryptocurrency backed by something like silver, I think it would draw a lot of attention.”

(1) No silver, money etc. is being solicited, and if sent, will not be accepted.
(2) No LODE Token sales will be made or commitments to purchase LODE Tokens accepted until a regulatory compliant prospectus is in place.
(3) A prospective LODE Token purchaser’s indication of interest is non-binding.