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Silver Very Undervalued from Historical Perpective of Ancient Greece

Silver Very Undervalued from Historical Perpective of Ancient Greece

goldcore.com / By Mark O’Byrne / March 9, 2017

– What wages in ancient Athens can tell us about the silver price today
– Wages paid in silver in ancient Athens compared to wages today
– Silver massively undervalued compared to the past few thousand years

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Today we look at the wages paid to oarsmen on warships in ancient Athens in 450BC.

I bet you’ve never read a Money Morning that began like that before.

Why on earth would I want to do such a thing?

Because it tells us a great deal about the silver price today…

How wages in ancient Athens compare to today

In The Economy of Ancient Greece, historian Darel Engen describes how the Athenian unit of money – the talent (about 26kg of silver) – could purchase nine years of a skilled man’s labour. If we assume 250 working days in a year, that works out at about 11.5g of silver per day – a little under 0.3 of a troy ounce.

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