OFFICIAL SOURCE: Global Silver Supply Deficit Surges On Revised Data

Jon Corruption, Government, Market Commentary, Precious Metals, Silver

If the cumulative global silver deficit since 2004 of one billion ounces wasn’t large enough, a data revision published by the Silver Institute shows the actual figure was much higher. How much higher? A great deal when the additional revised amount would totally wipe out all the silver at the Comex and Shanghai Futures Exchange warehouses.
The Silver Institute receives its figures from the GFMS Team at Thomson Reuters. The GFMS Team also puts out the World Silver Surveys. Some of the data from the World Silver Surveys are published on the Silver Institute website.
Before I get into the details of this deficit revision, I want to discuss the notion put forth by many precious metals investors that ‘NONE’ of the information from the Silver Institute should be trusted. These folks claim that ‘ALL’ the data is manipulated.
While I agree that this data is being researched, quantified and published by Thomson Reuters, one of the largest data-news organizations in the world, there is a lot of good information in these World Silver Surveys. Matter-a-fact, much of the silver mine supply data is taken from government sources such as the USGS in the United States.

This post was published at SRSrocco Report on May 15, 2016.