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How Much Silver Bullion Was Sold By The Top Three Official Mints So Far This Year?

How Much Silver Bullion Was Sold By The Top Three Official Mints So Far This Year?

The top three official mints sold a great deal of retail silver bullion products in the first half of 2020.  However, the sales figure could have been a great deal higher if the various government mints weren’t forced to shut down production.  The top three official mints in retail silver bullion sales are the U.S. Mint, Royal Canadian Mint, and the Perth Mint.

According to the data from the 2020 World Silver Survey, for last year’s figures, the Royal Canadian Mint sold 25.8 million oz (Moz) of silver bullion products, followed by the U.S. Mint at 19.5 Moz and the Perth Mint with 12.7 Moz.  The majority of the 19.5 Moz of U.S. Mint silver bullion products sold last year were from the 14.9 Moz of Silver Eagles and 1.5 Moz of the Five-ounce American The Beautiful Silver Coins with the remainder in Silver Eagle Proofs, collectibles, and various numismatic coins.

However, both the Royal Canadian Mint and the Perth Mint also sell silver bars.  The Royal Canadian Mint sells 10 oz, 100 oz, and kilo silver bars besides its Silver Maples and various other official silver coins and numismatics.  Unfortunately, since 2015, the Royal Canadian Mint no longer provides the sales figures for its Silver Maples.  I will contact the Royal Canadian Mint to see if they will provide this data.

Regardless, if we look at the first half of 2020, here is the increase in silver bullion products from these top three official mints.

In the first six months of 2020, these top three official mints sold 34.9 Moz of silver bullion products versus 24.1 Moz during the same period last year.  That turns out to be 10.8 Moz more silver bullion products sold 1h 2020, or 45% higher than during 1H 2019.

…click on the above link to read the rest of the article…

U.S. Mint Silver & Gold Eagle Sales Explode In August

U.S. Mint Silver & Gold Eagle Sales Explode In August

With the recent update from the U.S. Mint, Silver and Gold Eagle sales surged in August.  While Gold Eagle sales continue even higher during August, the real explosion took place in the Silver Eagle figures.  After the U.S. Mint adapted its fabrication processes to incorporate protections for employees due to the virus, production and sales of Silver and Gold Eagles took off again in August.

And, when I say that Silver Eagle sales EXPLODED in August, I wasn’t exaggerating.  In June, the U.S. Mint sold a bit more than one million Silver Eagles, but this more than quadrupled in August.  Total Silver Eagle sales in August were 4,477,000, higher than the total sales from August to December 2019 at 3,591,500.

In just one month, the U.S. Mint sold more Silver Eagles than during the last five months of 2019.  That is an impressive figure.  We finally see monthly sales figures similar to the monthly sales figures that took place during 2015 when the U.S. Mint sold 47 million Silver Eagles.

Already, Silver Eagle sales for January to September (first ten days) 2020 are higher at 19.1 million versus 14.8 million for full-year 2019.

If Silver Eagle sales continue to be healthy for the rest of the year, and the U.S. Mint can keep up with demand, we could easily see a total of 25-28 million sold for the entire year.  Furthermore, it seems as of premiums on Silver Eagles are finally coming down to a more reasonable level for investors.  Interestingly, investors are willing to pay these high premiums for Silver Eagles to acquire these U.S. Government official silver coins.

Now, if we look at the Gold Eagle sales for August, there were also quite impressive at 121,000 oz.  The U.S. Mint sold 121,000 oz of Gold Eagles in August compared to 152,000 oz for full-year 2019.

…click on the above link to read the rest of the article…

Another Big Month For The Silver Price?

Another Big Month For The Silver Price?

Precious metals investors are wondering if the Silver Rally will continue in September.  After the silver price reached nearly $30 in August, it has been consolidating lower over the past few weeks.  However, silver tried to surpass the $29 level but fell last week along with the broader markets.  So, the trend for silver in September may rely upon the broader markets.

I discussed this in my newest YouTube video update, Another Big Month For The Silver Price?  In the video, I explain some of the forces that will impact the silver price in September.

Furthermore, the $26 level on silver’s weekly chart is a significant support level going back ten years.  As you can see, once silver broke above the $26 level in late 2010, it remained above it until 2013.

We need to keep an eye on the broader markets as they will be one of the larger drivers of the gold and silver prices in September.  However, at some point, I believe the precious metals will DISCONNECT from the broader markets as investors move into gold and silver to protect wealth.

If you have not seen this article, it’s worth a read as Peru’s silver production declined in July, suggesting that the virus is still impacting the mining industry in the country.

With Peru’s silver production declining in July, this could cause more issues in the silver market as investors continue to move into the shiny metal.

SILVER IS THE BETTER INVESTMENT: Massive Financial Bubbles Everywhere

SILVER IS THE BETTER INVESTMENT: Massive Financial Bubbles Everywhere

The market will finally realize that silver is a better investment when the world’s financial bubbles start popping everywhere.  This will cause the silver price to reach levels that will make the past $50 record seem relatively insignificant.  It’s not a matter of if, it’s only a matter of when.

I discussed this in my newest video update, SILVER THE BETTER INVESTMENT: Massive Bubbles Everywhere.  In the video, I explain why trading tomorrow, on the last day in August, may set a significant trend for silver heading into September.  If silver can close above $28.50+, it will set up a much more positive technical move for the metal to continue towards $30+.

In the video, I also show how the silver price had three nice BREAKOUTS with another possible BREAKOUT at the $28 level.  Again, trading in the U.S. Markets tomorrow will likely set the trend for September.

This Analyst Says Gold’s Pullback is Proof that Higher Prices Are to Come

Precious Metals Soaring

This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: Gold has more room to run, why central banks have been buying gold for over a decade, and two massive gold nuggets worth $250,000 found in Australia.

Standard Chartered: Gold has more to show this year despite hitting a new all-time high

For a steady asset such as gold, a rapid breach of its decade-old all-time high is quite a showing. Yet, according to multiple analysts, the metal could stagger market watchers some more by the end of the year. Since blazing past $2,000, gold has pulled back as some expected, yet seems unwilling to go below the $1,940 level if the previous two weeks are any indicator.

Standard Chartered Private Bank’s Manpreet Gill attributes gold’s correction to a slight recovery in the 10-year Treasury yield amid an increase in risk sentiment. If this is indeed the reason for the pullback, the development is actually positive for gold, as the general consensus is that sovereign bond yields are on a firm downwards spiral, with no central bank showing any inclination towards elevating its benchmark rate.

“We have quite a bit of one-sided positioning in gold and I think, you know, that’s actually unwound quite quickly. A lot of our proprietary indicators are telling us exactly that,” said Gill, while acknowledging that central bankers are favoring a cap on their bond yields.

In a recent note, Fitch Solutions’ analysts likewise said that gold should keep moving up for the rest of the year and pass its August high in doing so in the absence of any notable headwinds. “We expect gold prices to remain supported in the coming months with rising geopolitical tensions and an uneven and slow global economic recovery,” said the team in the note.

…click on the above link to read the rest of the article…

WE HAVEN’T SEEN ANYTHING YET: The Coming Tiny Silver Market Explosion

WE HAVEN’T SEEN ANYTHING YET: The Coming Tiny Silver Market Explosion

Even though the silver price has surged over the past two months, we haven’t seen anything yet.  Step aside, Tesla.  Watch what happens when investors begin to understand the true meaning of “STORE OF VALUE.”  I can assure you; Tesla is not a store of value but rather a perfect example of the 2000 TECH-BUBBLE 2.0.

Unfortunately, the glitz, glamor, and allure of Technology will only last as long as the world is capable of supplying lots of cheap and available oil.  Technology doesn’t really solve problems; it just consumes one hell of a lot more energy with the illusion of a FIX.  Tesla isn’t solving our problem with fossil fuel addiction.  Without the burning of one hell of a lot of oil, natural gas, and coal, Elon Musk wouldn’t be able to roll just one of his Model 3 Electric vehicles off the assembly line.  This is the BAD JOKE that most “Renewable Energy Aficionados” would like you to ignore.

Again, let me clarify the term “Renewable Energy.”  The only thing renewable about Solar & Wind Power is that the sun will continue to shine, and the wind will continue to blow.  Thus, they are renewable and free.  However, the highly sophisticated Technology that produces wind and solar power units is NOT RENEWABLE.  We can prove this by the thousands of tons (soon to be hundred thousand tons) of wind blade waste that will be disposed of in landfills across the world.

If someone can honestly say that the dumping of thousands of tons of wind blade waste is renewable, then maybe I don’t understand what the term “Renewable” really means. 

…click on the above link to read the rest of the article…

CHART OF THE WEEK: Mexico & Peru Silver Production Big Declines Again In May

CHART OF THE WEEK: Mexico & Peru Silver Production Big Declines Again In May

According to the data released by Mexico and Peru’s governmental mining data, domestic silver production continued to be depressed in May.  Interestingly, the production data just released from Mexico’s INEGI shows that the country’s silver production in May was even less than what they reported for April.

I first wrote about this in my article, World’s Two Largest Silver Producers Mine Supply Cut Drastically In April.  The combined silver production loss from Mexico and Peru in April was 432 metric tons or 53% versus the same month last year.  Peru accounted for the largest of the decline in April at 237 metric tons (mt) compared to 195 mt for Mexico.

However, Mexico’s silver production in May dropped to 298 mt compared to 301 mt in April.  Here is the combined silver production by Mexico and Peru from April 2019 to May 2020:

The net loss of silver production from Mexico and Peru over the last three month period (March to May) is 770 mt, or 32% less than it was during the same period last year.  Thus, just these two countries have lost nearly 25 million oz of silver production.  I imagine once we factor in losses of silver production from other countries, we could see upwards of 35-40+ million oz decline so far.

But, this is only PHASE ONE of the collapse in global silver production.  I stated that as the U.S. and the global economy begin to roll-over in the second half of 2020, and onwards, we are going to see a reduction in base metal demand.   With so many people becoming unemployed, the global recession-depression will cause a significant decrease in copper, zinc, and lead demand.  Thus, in PHASE TWO, demand for base metals will decline, and with it, the curtailment of copper, zinc, and lead production.

…click on the above link to read the rest of the article…

Gold’s (And Silver’s!) Time Has Arrived

Gold’s (And Silver’s!) Time Has Arrived

Are you well-positioned for it?

Peak Prosperity publishes ALERTs very rarely, and only when my co-founder Chris Martenson and I are concerned enough to take personal action.

On May 8, I released an ALERT informing our premium subscribers that, concerned by the ramifications of the global central banks’ response to the coronavirus,  I was moving a material percentage of my portfolio’s cash reserves into precious metals, notably into silver as the gold/silver ratio then of 110:1 remained near a record high.

Since the issuance of that ALERT, gold has broken above it’s previous all-time high price, moving up 14%, from $1,717/oz to $1,950/oz.

And silver has performed strikingly better: rising over 55% from $15.75/oz to $24.50/oz. As anticipated, the gold/silver ratio has fallen nearly 30% to 80:1.

However, much more important than this near-term pop in the precious metals is their outlook going forward.

We’ve been writing for years here at PeakProsperity.com about gold and silver’s extreme undervaluation given the risks we’re facing in our monetary and financial systems. And yet, for years, the metals languished as capital flowed eagerly into “paper wealth”, fueled by central bank liquidity, record low interest rates, and a rampant increase in debt and deficits.

Back in 2017, Grant Williams famously and correctly nailed the neglected state of the precious metals in his prescient work, Nobody Cares.

A year ago, as gold managed to break above it’s longtime ceiling of $1,350/oz, we began loudly alerting our readers that the years of neglect were finally over. That, indeed, investors were beginning to “care” again.

Fast forward to where we are today, a pandemic and +$5 trillion in global central bank liquidity later, and now it’s seeming that suddenly Everybody Cares about the precious metals.

Gold’s — and silver’s — time has arrived. Precious metals are finally back in a secular bull market.

Key questions to address at this moment are:

…click on the above link to read the rest of the article…

Silver “Scarcifies” – Precious Metals Supply and Demand

Silver “Scarcifies” – Precious Metals Supply and Demand

On Monday, Silver got Scarcer – and Simpler

On 23 July, we said:

Well, it’s complicated.”

The action on 27 July was not.

Silver spot price vs. September basis

Notice the big drop in the basis starting around midnight (London time). It falls from over 7% to under 2%.

To refresh: Basis = Future(bid) – Spot(ask)

For the first two and half hours, the spot price is not moving. So, the only way the basis can drop is if the price of the September silver future is dropping. In other words, selling of futures. But while that was going on, there was enough buying of spot to keep it steady.

Then, perhaps some market participants became aware of the buying of spot. Or perhaps some other buyers got excited. Somebody was buying in size, because between around 2:30 and 3:00am, the price shot up from around $23.10 to $24.40. +$1.30.

After that, the price jitters sideways but ends up to about $24.65. And the basis ends up around 3%. There are periods when the basis correlates with price, e.g. from 10:00 to 14:00. During these periods, the price was driven by speculators in the futures markets positioning and repositioning.

And there are also times when they move in opposite directions, e.g. from 6:00 to 7:30. This means that price was driven by buying and selling of physical metal.

Receding Abundance

It is important to note that the price of silver went up, a lot, while the abundance of the metal to the market went down a lot. The Monetary Metals silver basis reading for Friday was 5.3%.

We have written a lot in recent months about the absence of the market makers. This is why the basis has been so high. If the market makers came back, we would expect the basis to be pulled in quite a bit.

We do not believe that this occurred, suddenly, between midnight and 3:00AM Monday morning in London.

…click on the above link to read the rest of the article…

Massive Investment Demand Puts Silver Back On The Mainstream Radar

Massive Investment Demand Puts Silver Back On The Mainstream Radar

With silver up 30% for the month, the shiny metal is now back on the Mainstream Media Radar.  Yeah, it’s been seven long years since silver traded at $24, but now it looks as if it is just in the beginning stages of a new Bull Market.

Last Friday, CNBC ran an interview with Bill Baruch, president of Blue Line Capital.  He said that when silver was trading at $22 on Friday, he expected more gains.  And, this precisely what took place this week.

This is what Bill Baruch stated during his interview:

Bill Baruch, president of Blue Line Capital, expects more gains.

“I love the precious metals and have always said that you need a portion of your portfolio at minimum in precious metals, so silver has some room to run here,” Baruch said on CNBC’s “Trading Nation” on Thursday.

Baruch says the charts suggest $26 per ounce could be the next hurdle, a level of resistance stretching to 2011 that could now become support. If it moves past that, he says ”$30 could be in the cards, too.”

When Bill Baruch made that comment last Friday, silver was trading at $22.  I published the weekly chart below in my article last Wednesday titled, BULLISH MARKET UPDATE: Silver Price Gets The Green Light To Move Higher, showing the next target level of $26-$26.50:

And, on late Monday night during Asian trading, silver reached a high of $26.27, in the middle of the $26-$26.50 target level.  However, in a very short period, silver sold off $4 before recovering back to $24.

With the silver price up 30% in July, along with reaching the $26 target level, it seems like the next move is a correction lower, consolidation before the next leg higher.

I replied to someone via my SRSrocco Twitter Feed, why I thought silver had put in a short-term top:

…click on the above link to read the rest of the article…

UPDATE: Silver Breaks Out Above $21, What’s Next For Investors?

UPDATE: Silver Breaks Out Above $21, What’s Next For Investors?

The long-awaiting day has finally arrived.  After five long years, silver has finally reached its previous high of $21 set back in 2016.  So, now that the silver price has reached and broken through the $21 level, what’s next for investors?

Before I show the charts, let me clarify the difference in silver prices shown below and on Kitco.com.  Kitco.com uses the London Metal Exchange (LME) silver price quotes that are approximately 30-40 cents less than the silver futures on the U.S. based Chicago Mercantile Exchange (CME Group) that Investing.com (below) and Stockcharts.com uses for silver price charts.

Yesterday, I was quite busy on my twitter feed, providing updates on the silver price.  Here were a few of my Tweets during early trading yesterday:

As I had mentioned on several articles and Twitter, silver had to break above the critical $19.75 level for it to be able to attempt the next target level of $21.  And, yesterday, that is precisely what the silver price accomplished.  Once silver broke above $19.75 and then $20, it consolidated into an ASCENDING TRIANGLE formation, which can be very bullish or positive for a continued move higher.

The silver price did push through that level and closed near the highs of the day.  Then in Asian trading last night, traders continued to pile into the shiny metal, pushing it up even further.  However, when silver reached the $21 level, it consolidated around $20.90 before pushing through once again:

…click on the above link to read the rest of the article…

An Excellent Seasonal Buying Opportunity in Silver Lies Directly Ahead

An Excellent Seasonal Buying Opportunity in Silver Lies Directly Ahead

Gold’s Little Brother

Today I want to put a popular precious metal under the magnifying glass for you: silver.

Silver, often referred to as the “little brother” of gold, has a particularly interesting seasonal pattern I would like to share with you.

Shiny large good delivery door stops made of silver – about to enter interesting seasonal phase. [PT]

Silver’s seasonality under the magnifying glass

Take a look at the seasonal chart of silver. In contrast to a standard price chart, the seasonal chart shows the average pattern of silver in the course of a calendar year. For this purpose, an average was calculated from the price patterns of the past 52 years. The horizontal axis shows the time of the year, the vertical axis depicts price information.

Silver price in USD per troy ounce, seasonal pattern over the past 52 years – Silver starts to rise at the end of June

Source: Seasonax

As the chart illustrates, there are two favorable seasonal phases in silver. The first one begins in mid December (i.e., on the right hand side of the chart) and lasts until February (due to the turn of the year on the left hand side of the chart; arrow to the left).

The second one starts at the end of June and lasts until the end of September (arrow to the right).

In addition I have highlighted the beginning of this second phase with a circle.

The silver price rose in 31 of 52 cases!

The imminent strong seasonal period in silver begins on 28 June and ends on 21 September. A positive performance was recorded in 31 of the 52 cases under review.

During this phase silver generated an average gain of 4.87 percent, which corresponds to an annualized return of 22.71 percent.

…click on the above link to read the rest of the article…

Which Country Is the Largest Silver Investor In The World??

Which Country Is the Largest Silver Investor In The World??

Over the past decade, these top five countries were the leading silver investors in the world.  From 2010 to 2019, citizens in these countries invested over two billion ounces of silver bars and coins.  Which country was the largest investor of silver?  Actually, I was surprised by the data.

Since 2010, investors from India, China, United States, Germany, and Canada purchased a tad bit more than two billion ounces of silver bar and coin.  To be precise, it was 2,004 million oz.  The world’s largest investor of physical silver bullion products turned out to be Americans.  U.S. citizens invested in 929 million oz (Moz) of silver bars and coins over the past decade.

Indian investors came in second at 615 Moz, followed by Germany (265 Moz), China (139 Moz), and Canada (56 Moz).  While I wasn’t shocked that Americans were the largest physical silver investors, I was quite surprised at the amount purchased by the Chinese and Canadians.

According to the data from the Silver Institute’s 2020 World Silver Survey (by Metals Focus), while the Royal Canadian Mint produced nearly 26 Moz of Official Silver Coins in 2019, it’s citizens only purchased 5 Moz of silver bars and coins last year.  Thus, most of the Silver Maple Leafs were bought by Americans or other foreigners.

Furthermore, even though there are over 1.4 billion Chinese, it’s citizens only invested 139 Moz in silver bars and coins from 2010-2019.  Chinese tend to favor investing mostly in physical gold bullion.  In contrast, India, with a smaller population than China, invested more than four times in physical silver.  Moreover, Indians prefer silver bars over coins.  The overwhelming majority of the 615 Moz of physical silver purchased by Indians was in bar form… most likely 90+%.

…click on the above link to read the rest of the article…

BREAKING NEWS: Peru Silver Mine Supply Collapsed In April

BREAKING NEWS: Peru Silver Mine Supply Collapsed In April

With the data now finally out, Peru’s silver mine production collapsed in April.  Due to the shutdown of a large portion of Peru’s mining industry, as a result of the global contagion, the impact on the world’s second-largest silver supply was enormous.  While I had mentioned in previous articles that I expected to see silver production from Mexico and Peru to decline significantly, I’m amazed actually to see the real numbers.

Over the past several months, I have checked the Peru Ministry of Mines website for updates on the domestic mine supply figures.  However, they have not updated their monthly production data since December 2019.  I tried writing the Peru Ministry of Mines website to find out why they haven’t been updating their figures, but I received no reply.

I decided to do a bit more digging and found a newly released April 2020 Mining Update in response to the global contagion.  This new Mining Bulletin published Peru’s mine production data for January to April 2020.  According to the recently released data, Peru’s silver mine supply in April fell to 85 metric tons (mt) versus 322 mt during the same month in 2019:

Peru’s silver mine supply collapsed by 74% in just a few months.  If we convert to troy ounces, the year-over-year change was a decline from 10.3 million oz (Moz) to 2.7 Moz.  Thus, the world’s second-largest silver mine supply fell 7.6 Moz in April.  Now, if we look at Peru’s monthly mine supply over the past year, we can see that silver production started to decline in March:

As the Peruvian government started implementing mine closures in the middle of March, silver production fell by nearly 100 metric tons compared to February.

So, if we compare the change in the first four months of 2020 versus the same period last year, here is the result:

…click on the above link to read the rest of the article…

MAJOR FACTOR TO INVEST IN SILVER: Five Billion Ounces Of Mine Supply Economically Lost In Past Decade

MAJOR FACTOR TO INVEST IN SILVER: Five Billion Ounces Of Mine Supply Economically Lost In Past Decade

Silver will likely turn out to be one heck of a better investment than gold due to the rarity of the metal and lack of available supply in the future.  While gold has stolen the show recently, I’ll bet my bottom Silver Dollar that silver will outperform gold during the next financial-currency crisis.

But, before I provide my analysis, I wanted to make a few comments about the analysts who say that “SILVER ISN’T A REAL INVESTMENT” like gold.  I follow many websites and newsletters, and there seems to be this notion that silver is just an industrial metal, and its lousy price performance so far this year, versus gold, proves it isn’t worth of investing.

Yes, it’s true that silver has underperformed gold and may likely experience a paper price selloff once the broader stock markets begin to crash once again.  However, at that time, I imagine acquiring silver retail bullion products will even more difficult than it was during March-April.

Regardless, the reason I believe silver will be one of the few KEY INVESTMENTS to own going forward has to do with the dire energy predicament we face… which I label as the ENERGY CLIFF.  Unfortunately, most analysts that look at silver as more of an industrial metal do not understand the Falling EROI – Energy Returned On Investment and how it’s impacting the global economy and financial system.

So, they continue to criticize the “Silver Pumpers” or “Silver Hypers” as mere charlatans.  I find this simply hilarious when the Federal Reserve just purchased $3 trillion worth of assets in just the past three months.  Furthermore, total U.S. public debt increased $25 billion per day in 2020, more than five times the average daily rate over the past decade.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
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