hat tip/Louis-smaulgld.com
For the first time since 2002 global silver mining/scrap production dropped. Silver is a direct reflection of electronics demand and manufacturing. Without silver our world would not be the same. The computer or phone you’re reading this on would not exist. The TV, wiring in your house, just for starters, would not work without silver. Silver is a great indication of how our economy – globally – is growing or contracting. It appears there was a contraction in 2016. Just remember, the economy is robust and growing, or so they say on TV.
What does it mean?
Well, according to what we have witnessed over the past three weeks with the rigged COMEX silver ‘price mechanism’ absolutely nothing. Could it be the criminals at the CME Group and bullion banks had an advanced copy of the Silver Institutes report and have been beating down silver in preparation of this news being released today? Anything’s possible.
Silver production declined 32.6 million ounces. This decrease was in both mine production and scrap. In the grand scheme of things, it’s not that much of a drop, but in a market the size of the silver market it is a significant amount. With just over 1 billion ounces coming to market in 2016 this represents a 0.32% of the overall market.
Global silver mine production in 2016 recorded its first decline since 2002, largely the result of lower by-product output from the lead/zinc and gold sectors. Coupled with less silver scrap supply to the market, which posted its lowest level since 1996, as well as a contraction in producer hedging, total silver supply decreased by 32.6 million ounces (Moz) in 2016. Source
This post was published at SilverSeek on May 11, 2017.
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