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
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?
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Silver Remains in Deficit
The silver supply/demand dynamic went further into deficit in 2015.
How Much is a Year’s Worth of Global Silver Mining Production Worth?
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.
Known Stockpiles
Central Banks do not hold silver.
Amount of Silver in COMEX Warehouses
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
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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