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2.4 Million Ounces of Silver Withdrawn From Brink’s & HSBC Vaults Wednesday!!
11-16-2012, 05:15 PM #1
Ghost of 51:50 Member
Posts:285 Threads:58 Joined:Nov 2012
11-16-2012, 06:03 PM #2
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
I'm not sure how unusual this is. Two weeks ago the SLV dumped some 20 million(?) paper ounces on the market and only succeeded in dropping the price some 20 cents.
11-16-2012, 08:34 PM #3
Ghost of 51:50 Member
Posts:285 Threads:58 Joined:Nov 2012
(11-16-2012, 06:03 PM)Shadow Wrote:  I'm not sure how unusual this is. Two weeks ago the SLV dumped some 20 million(?) paper ounces on the market and only succeeded in dropping the price some 20 cents.


Depends on what they need it for.


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11-16-2012, 08:39 PM #4
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,286 Threads:1,438 Joined:Feb 2011
I would never buy paper PM's. That gig is just about over for them.

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11-17-2012, 05:06 PM #5
オタマジャクシ Member
Posts:1,310 Threads:32 Joined:Nov 2012
Industry uses 486.5 M t oz of silver annually and consumption is increasing.

Total supply is 1,122.5 Mt oz and he supply is increasing about 6% per year as new mines open (this is 3/4 mining and 1/4 recovery of scrap).

2.4 Mt oz is about 1.1% of the annual consumption of silver.

2/3rds of the remainder is coins and jewelry and 1/3rd of the remainder (about 164 M t oz) goes to investors.

Silver production estimates since the dawn of man are in the 46 to 53 billion ounces range.



China is interesting. Since 2005 they went from a 2500 tonnes silver exporter to a 3500 tonnes net importer (112527614t oz). Imports plus production would make them a roughly 220 M t oz consumer.

China gold is also interesting.
In 1970 South Africa produced 67% of the worlds gold. Today China is the largest single producer (13.2+%) and is planning on doubling production.

According to the WSJ China produced around 360 metric tons of gold (11.5 M t oz) last year but consumed nearly 800 tons.

China claims to have "only" 1054 tonnes of domestic gold reserves (no one believes that). This has a value equal to 1.6% of their foreign exchange reserves.

Since the dawn of man 165,000 tonnes of gold (5.3 billion troy ounces) have been produced.


It is unclear if the precious metal vigilantes have a point. Since ocean mining of precious metals is a untapped field and asteroids are on the shopping list it is hard to tell where peak precious metals really is.
11-17-2012, 05:36 PM #6
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,286 Threads:1,438 Joined:Feb 2011
Agreed, there may be no such thing as peak anything when technology is sufficiently developed to let us reach it.

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