U.S. Silver Mining Production Doesn’t Cover American Silver Eagle Demand.
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.
The deficit in 2015 is projected to be approximately twelve million ounces.
In reviewing U.S. Mining data for “Peak Silver has not Arrived in the United States,” we noted that there was no significant downward trend in recent silver mining production. We noticed, however, a widening spread between U.S. silver mining production and the amount of silver required to mint one ounce American Silver Eagle coins.
While silver mining production in the United States has consistently ranged between 1140 tonnes and 1280 tonnes annually since 2003, with 2015 silver mining production projected to be within that range, (see chart below) the demand for silver to mint American Silver Eagles has increased 413% since 2003. (from 9,153,500 American Silver Eagle sold in 2013 to 47,000,000 sold in 2015)
While there may or may not be significant declines in U.S. silver mining production over the next couple of years, there is a widening deficit between the amount of silver mined in the United States and the amount needed to meet explosive demand for American Silver Eagles. Domestic silver mining production has been inadequate to meet American Silver Eagle demand the past four out of five years.
Over the past three years, the deficit was 28,194,554 ounces with a deficit of over 12.2 million ounces projected in 2015.
Demand for American Silver Eagles has outstripped the ability of U.S. mining production to meet it the past three years.
Historically, domestic silver mining was more than sufficient to cover silver required to mint American Silver Eagles. Recent exponential growth in demand for American Silver Eagles has overwhelmed U.S. mining production.
Sales of American Silver Eagles have set annual records the past three years.
U.S. Silver mining production was at its peak when demand for American Silver Eagles was near its lows.
Silver mining in the U.S. peaked in the late 1990’s.
Also see “Canadian Silver Mining Production Doesn’t Cover Canadian Silver Maple Leaf Coin Demand”
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