Canadian Silver Mining Production Doesn’t Cover Silver Maple Leaf Demand.
From 2010 to 2014, the amount of silver required to mint Canadian Silver Maple Leaf coins has exceeded Canadian silver mining production by over sixteen million ounces.
The deficit in 2014 was nearly 8.5 million ounces.
In “U.S. Silver Mining Production Doesn’t Cover American Silver Eagle Demand” we noted that since 2010, the amount of silver required to mint American Silver Eagle coins has exceeded U.S. silver mining production by over twenty-five million ounces.
Famed silver analyst Ted Butler informed me the same dynamic exists between Canadian silver mining production and Canadian Silver Maple Leaf demand.
Indeed, there exists a widening gap between Canadian silver mining production, which has remained relatively steady around twenty million ounces a year, and the silver required to meet increasing Canadian Silver Maple Leaf coin demand.
Since 2010, there has been a Canadian silver mining deficit of over 16.5 million ounces required to meet Canadian Silver Maple Leaf coin demand, with a deficit of over 8.4 million ounces in 2014.
Demand for Silver Maple Leaf coins has outstripped the ability of Canadian mining production to meet it the past two years and will probaly exceed mining supply again in 2015.
Historically, domestic silver mining was more than sufficient to cover silver required to mint Canadian Silver Maple Leaf coins. Recent exponential growth in demand for Canadian Silver Maple Leaf coins has overwhelmed Candian mining production. The chart below shows the growth in sale of Canadian Silver Maple Leaf coins starting in 2008.
Canadian Silver Maple Leaf sales through the third quarter of 2015
Also see “U.S. Silver Mining Production Doesn’t Cover American Silver Eagle Demand”
Sources:Canadian Mining Production: U.S. Geological Survey; Silver Maple Leaf mintages: The Canadian Mint
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