In 2011 the price of silver topped $48 per ounce, but just a few years later we’ve seen it collapse to such levels that it is now becoming nearly impossible to for mining companies to get it out of the ground and make any sort of profit.
Many believe the price of silver, and it’s precious metal counterpart gold, is being manipulated by top-tier financial organizations that include large investment firms as well as Western central banks. Through the use of heavy leverage and coordinated attacks it is believed that these ‘cartels’ are working to keep the price of silver and gold low in an effort to prevent these resources from supplanting the global reserve status of the U.S. dollar. It’s gotten so bad that the Chinese government has actually decided to open their own precious metals exchanges just to try and counter the manipulation.
Now, even the private mining sector is saying enough is enough.
In an interview with Future Money Trends, Future Majestic Silver Corp. CEO Keith Neumeyer says that manipulated paper markets are not representative of the physical price of silver. According to Neumeyer, it costs about $16.50 to get silver out of the ground and with it’s current “paper” spot price trading at about a dollar over that, it is becoming more and more difficult for mining companies to break even, let alone maintain profitable businesses.
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