An Illustration of The Tiny Size of the Silver Market – Podcast

Could Someone Buy All The Available Silver?

Available Annual Global Silver Mining Production At Current Prices Could be Purchased for Less Than $10 Billion.

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Earlier this year Rory Hall from The Daily Coin and I discussed the hypothetical “What if 1% of the U.S. Labor Force Saved in Silver? We quickly discovered that if a small percentage of the U.S. Labor force (without even considering workers world-wide) began saving small amounts of silver each month, current mining supply couldn’t come close to satisfying this new demand.

Chart Showing The Impact of 1-4% of the U.S. Labor Force Buying 1-6 Ounces of Silver a Month For a Year

1-4 % of labor force buys silver

The impact of a small increase in the percentage of people investing in small amounts of silver would have a dramatic impact on demand.

What if instead a rich individual(s) or consortium of investors wanted to buy as much silver as possible. How much could they acquire and how much would it cost them?

The answer to both questions is – Not Much.

In 2015, global silver mining production increased to about 900 million ounces.*

Where did the silver go?

silver demand by sector 2006 and 2015

Dramatic increases in silver coin and bar demand over the past ten years have reduced the percentage of silver used for industrial demand from about 70% to about 50%.

silver demand and use 2015 Silver Institute

Silver coins and bars have been constituting a greater percentage of over all silver demand (in red) in recent years.

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Silver Remains in Deficit

silver supply demand deficit 2015 SI

The silver supply/demand dynamic went further into deficit in 2015.

How Much is a Year’s Worth of Global Silver Mining Production Worth?

value of global silver mining production in 2015

Of the approximately 900 million ounces about 450 million ounces go to satify required industrial demand, leaving about 450 million for investment demand and jewelry, the value of which is just $9 billion.

According to Forbes 2016 list of the richest individuals there were 122 people with a net worth over $9 billion.

Where can you go shopping for silver?

How to get at that global silver mining supply.

From the Primary and Secondary Silver Miners

Here are the top silver mining countries in 2015

[caption id="attachment_45242" align="alignnone" width="575"]silver mining output by country 2015 compared to 2014

The top two silver mining countries, Mexico and Peru increased their output in 2015.

Rounding out the top twenty silver mining countries in 2015 were (in order from 11-20) Guatemala, Kazakhstan, Sweden, Canada, India, Indonesia, Morocco, Turkey, Dominican Republic and Armenia.

  • The top 10 silver producing nations in 2015 produced 737.3 million ounces.
  • The top 10 silver producing nations accounted for 83.2% of global silver mining production.
Percentage of global silver mining output by country 2015

The United States, once a major silver producer, now accounts for less than 5% of global silver mining production.

Known Stockpiles

Central Banks do not hold silver.

Amount of Silver in COMEX Warehouses

comex warehouse silver july 8

There was about 150 million ounces of eligible silver in COMEX approved warehouses as of July 1, 2016 of which about 25 million was registered for sale.

To get at this silver one would have to buy contracts and take delivery – a sure way of boosting the price and perhaps insuring you never get your silver.

See –

Why Comex Wont Default

You Don’t Beat the Casino at the Casino

Amount of Silver in Silver Exchange Traded Funds

SILVER ETF HOLDING AUGUST 26 2016

As of June 30, 2016 there were about 580 million ounces of silver in ETFs (worth about $12 billion), with about 350 million ounces in the largest ETF SLV.

Good luck getting at any of that silver, even if you purchased shares of the ETFs.

*According to the Silver Institute, global silver mining production increased about 2% in 2015 to 886.7 million ounces. Their findings mirror the reports of Societe Generale, the CPM Group, Statistica , the Peruvian and the Mexican governments that indicated that silver mining production increased in 2015.

Also, the United States Geological Service estimate for 2015 also shows an increase in global silver mining production

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Further Reading:

Is there a Silver Shortage?

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