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Silver Sales Up As Supply Slips



January 07, 2012 – Comments (1)

For the first time in history, Silver Eagle & Maple Leaf sales will surpass domestic silver production in the U.S. and Canada in 2011

The demand for American Silver Eagles and Canadian Maple Leaf coins has increased tremendously over the past several years.  2011 will be the first year in which official coin sales will surpass domestic silver production in both countries.

Even though each country has seen declines in their domestic silver production over the past decade, U.S. silver production declined a whopping 30% yoy (year over year) in October.  According to the USGS in their most recent Silver Mineral Industry Survey, silver production fell to 81,400 kilograms in October— compared to 117,000 kilograms the same time last year.

Full article

Also, from Peter Schiff:

1 Comments – Post Your Own

#1) On January 07, 2012 at 9:51 PM, Starfirenv (< 20) wrote:

Kdak- Thanks for sharing as this one got by me.  There are a lot of changes happening that I think can be attributed to the divergence (and investor awarenes) of paper metal (i.e. the travesty that is SLV or GLD) and phyz.

If one were to couple these #s with the fact that (as per Ted Butler via Jeff Neilson@ Bullion Bulls)-

"In 1959 there were 9 BILLION ounces of known, global stockpiles (at a time when our planet had less than half the current population). Butler observes that 90% of that silver is now gone – even making a generous allowance for 100's of millions of ounces of “scrap” silver which could appear on the market (given a significant increase in price).

"Thus in a world with twice as many people, and with an ever-increasing number of uses for silver, we have 90% less silver..."

Here's a little tidbit of interest on the subject of diminishing supply, as much silver is "spent/consumed"-

"Polyester sportswear already consumes 1,200 TONS of silver per year, which (at 32,000 ounces per ton) works out to over 38 million ounces of silver permanently consumed every year – in just one application. To put this into context, there are supposedly only 600 million ounces in total, global inventories at the moment."

It looks like the stars are lining up for those who like the stupid shiny stuff.

Much from here-

Best and rec #1.

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