We’ve all heard of doom-saying economists saying it’s time to stock up on gold against an upcoming financial catastrophe. None of those doom-sayers are a former Chairman of the Federal Reserve Board.

On Wednesday, though, as the Federal Open Market Committee prepared to announce the end of the years-long asset purchase program known as Quantitative Easing, Alan Greenspan, the near-legendary Fed chair whose every utterance used to be parsed by market watchers, spoke before the Council on Foreign Relations and advised listeners that under current conditions, gold is probably a good investment.

According to Wall Street Journal reporter Michael S. Derby, “Mr. Greenspan said gold is a good place to put money these days given its value as a currency outside of the policies conducted by governments.”

Greenspan has been talking up gold in a number of settings lately. But he didn’t stop there in his appearance Wednesday. The Fed was about to make a fairly significant announcement about the end of its QE program, under which it has purchased trillions of dollars in assets in an effort to keep interest rates low and stimulate investment. Greenspan weighed in on that program with some surprising comments.

The former Fed chairman from 1987 to 2006 said the QE program had failed to achieve its primary goals. As a means of boosting consumer demand, the asset purchase program, he said, “has not worked,” though it did a good job of increasing asset prices.

Greenspan’s decision to publicly analyze the effectiveness of the QE program on the day his former colleagues were expected to announce its completion was remarkable, if only because during his tenure as Fed Chair, he was notorious for his desire to give the financial media little or nothing of substance to analyze about the central bank’s decision making process.

When compared to gold, silver is much less expensive due to the fact that it is more abundant. Unlike gold, which can be confiscated by the government in times of war or crisis; there are no laws dictating that silver be taken away from you during the same situation. Silver is a much more volatile market, meaning investors can potentially see a bigger increase in monetary gain with silver than with gold. Also, more people store away gold instead of utilizing it, making it a not-so-ideal choice when it comes to investing. Silver is always being used for different reasons, and a majority of the silver mined across the world goes towards industrial purposes, including modern electronics, various batteries, and solar panels. Since it resists corrosion and rusting, it is generally a top choice when manufacturing these devices. Because almost every electronic device uses silver within its hardware, silver is a valuable metal that is often needed and sought after. Due to this demand, along with a need avoid capital loss in developing nations, the strength of silver investments will continue to grow.

Usually, an investor trading silver will purchase bullion bars or coins. There are various sizes of bullion bars, and since they are rectangular with flat edges, they are perfect for storing in a home safe or a bank’s safe deposit box. As coins, silver has been used since the Ancient Greeks developed a currency system. Today when used for trading, silver coins can be allotted into two distinct categories: fine or junk. Older coins minted in the United States were made with only 90% silver, making these coins “junk” silver. Like other precious metals used for investments, silver can be utilized as a hedge in times of financial stress, and can be put forth against inflation, deflation, and devaluation. By doing this, you can reduce any potential losses or gains seen to your individual account. The most important factor in silver prices relies on investment demand, which has been steadily increasing over the years.

Recently, the outlook on silver investments is positive, as prices are rising and the market is full of people interested in looking to buy. While historically, the prices of silver tend to fluctuate, the market value of silver has seen a general overall increase. Precious metals such as gold and silver are always the most benefited commodities when prices turn around, and silver’s price increase usually exceeds that of gold. It’s for these reasons that choosing to invest in silver is a big decision that can have an even bigger pay off.