There are both hard rock and beach sand types of titanium deposits, but the hard rock deposits need to be at least 10 percent titanium while the beach sands often are economic with only two or three percent titanium.

The combination of these two concerns—the drift toward socialism and the willingness to violate law—appear to me to be capable of raising the level of civil disorder to a point where such disorders could be positive influences on the price of gold and silver.