| Author |
 Topic  |
|
|
Nickelless
Administrator
USA
5580 Posts |
|
|
highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 09/16/2009 : 22:25:36
|
| There was just shy of 800 million ounces consumed last year. Thats the only thing that was missing from that article. |
Copper Penny Investing
www.portlandmint.com |
Edited by - highroller4321 on 09/16/2009 23:55:18 |
 |
|
|
Nickelless
Administrator
USA
5580 Posts |
|
|
highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
|
|
2old
Penny Pincher Member
188 Posts |
Posted - 09/17/2009 : 10:31:12
|
| IF: According to the USGS silver production in the world in 2008 is estimated at 20,900 tonnes of silver or 671 million ounces of silver, a new record for silver production. AND: There was just shy of 800 million ounces consumed last year. MY GUESS IS: After recycling or scraping was put into the equation there would be quite an abundance of silver. I do not think it has been scarce, since it was removed from coinage. |
|
|
|
Nickelless
Administrator
USA
5580 Posts |
 Posted - 09/17/2009 : 10:45:57
|
quote:
Originally posted by 2old
IF: According to the USGS silver production in the world in 2008 is estimated at 20,900 tonnes of silver or 671 million ounces of silver, a new record for silver production. AND: There was just shy of 800 million ounces consumed last year. MY GUESS IS: After recycling or scraping was put into the equation there would be quite an abundance of silver. I do not think it has been scarce, since it was removed from coinage.
The abundance or scarcity of silver should be reflected in audited inventories of COMEX and others, not just in the paper silver market. I think it'd be pretty hard to prove that there's an abundance of actual physical silver available for delivery, and I have yet to hear about a large ongoing supply of silver coming from recycling. The only reason silver's price is relatively low (or at least had been until going above $17 this week) is likely because COMEX and other big players are cooking the books. The big players can't prove that physical silver in the amounts reflected in paper silver contracts is available for physical delivery, because what they claim in the books only exists on paper. If you don't hold it, you don't own it. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
Edited by - Nickelless on 09/17/2009 10:46:49 |
|
|
|
buyingsilvers
Penny Collector Member
441 Posts |
Posted - 09/17/2009 : 11:03:20
|
quote:
Originally posted by 2old
IF: According to the USGS silver production in the world in 2008 is estimated at 20,900 tonnes of silver or 671 million ounces of silver, a new record for silver production. AND: There was just shy of 800 million ounces consumed last year. MY GUESS IS: After recycling or scraping was put into the equation there would be quite an abundance of silver. I do not think it has been scarce, since it was removed from coinage.
please show how silver is typically recovered from junked items. AFAIK, silver is typically "consumed", and not easily recycled. It's not like you can take silver soft drink cans and throw them into a recycle bin. |
|
|
|
2old
Penny Pincher Member
188 Posts |
Posted - 09/17/2009 : 14:02:57
|
OK. I know opinions are like belly buttons, everyone has one, but here are my thoughts. I am 61 years old, I have bought and sold heavy metals in various forms since about 1976. It is hard to comprehend just how much silver went into bullion once it was removed from coins on a global basis. I got my biggest lesson on this when I finally realized just home many Morgan Dollars still exist. Think boxcars! When I say recycled, I am talking about that recovered from things like film, aircraft wire and a multitude of other industrial and medical sources. Then you have a constant flow of silverware, scrap jewelry and coins that come into coin dealers and are melted down. Check out the history of Silvertowne, it has an e on the end. The small town coin dealer I work with, scraps an average of 60+ ounces GOLD a WEEK. I never asked him about silver. Multiply that by how many other sources like him. What really scared me about investing in silver was an article I read about twenty years ago (I think) about the abundance of silver and a train load of silver that was heading to a U.S. port to be shipped to England. The article was about how this silver was being taken off of the market to stabilize the price of silver. In other words, the market was being manipulated, and in my belly button, I feel, silver and gold prices are severely manipulated. By my calculations, if sliver is worth $17.00, gold should be at $1,800.00. I could play with either and would prefer gold due to the space it takes up, but if you are in it to make money, there are much better plays. Copper has been good to me this year, I wish I had paid more attention to aluminum. But you can only do so much.
I like this Rydale penny idea, and bought one with a friend. He wants 50 gallon barrels. My first thought was one ton, now, I am thinking two tons. The liquidity kind of bothers me, but a possible five to one payoff, keeps me interested.
If you think gold and silver are they way to go, follow your heart, but look around at other plays and see if there are other opportunities. Hint:Palladium may be a good play if the U.S. Mint actually makes a new Saint Gaudens like the gold one out of palladium, not because they will use that much, but it may become more popular. Dunno. Place your bets. Only bet what you can afford to lose! |
|
|
| |
Topic |
|
2009 world silver production
Forum Locked
