{"id":28337,"date":"2021-06-09T15:19:16","date_gmt":"2021-06-09T21:19:16","guid":{"rendered":"https:\/\/srsroccoreport.com\/?p=28337"},"modified":"2021-09-17T11:19:09","modified_gmt":"2021-09-17T21:19:09","slug":"united-states-imports-nearly-one-third-of-monthly-global-silver-mine-supply","status":"publish","type":"post","link":"https:\/\/srsroccoreport.com\/public\/united-states-imports-nearly-one-third-of-monthly-global-silver-mine-supply\/","title":{"rendered":"United States Imports Nearly One-Third Of Monthly Global Silver Mine Supply"},"content":{"rendered":"

U.S. silver imports remained strong during the first quarter of the year, with March posting the highest monthly volume.\u00a0 Not only did the United States import the most silver in March, it nearly accounted for one-third of estimated monthly global silver mine production.\u00a0 That turns out to be a great deal of silver, especially when comparing it to U.S. gold imports during the same month.<\/p>\n

Total U.S. silver imports for the first quarter of 2021 equaled 1,560 metric tons, up 41% versus the same quarter last year.<\/strong><\/span>\u00a0 In just the first three months of 2021, the U.S. imported over 50 million oz of silver.\u00a0 Now, compare that to the 41 metric tons of U.S. gold imports for the entire quarter… it doesn’t even compare.\u00a0 Moreover, U.S. gold imports for Q1 2021 are 52% less than the same quarter last year.<\/p>\n

As stated above, U.S. silver imports for March totaled 627 metric tons (mt) versus the estimated 2,151 mt of average monthly global silver mine supply.\u00a0 Thus, the U.S. imported nearly one-third of the global mine supply that month.<\/strong><\/span><\/p>\n

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The increase in U.S. silver imports in March was likely due to the strong investment demand after the WallStreetSilver SilverSqueeze event that took place in late January and early February.\u00a0 As more investors move into silver to protect wealth in the future, supply may become an increasing problem, especially as the world hits the SILVER PRODUCTION CLIFF over the next 5-10 years<\/strong><\/span>.\u00a0 To read the article, click on the image below.<\/p>\n

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So, where did the U.S. import its silver from in March?\u00a0 The majority of silver imports came from Mexico (248 mt), Canada (86 mt), Switzerland (85mt), S. Korea (54.8 mt), Poland (36 mt), Kazakhstan (30.2 mt), Germany (26 mt), and Chile (24.7 mt).\u00a0 Interestingly, due to high demand, the U.S. continues to import silver from Kazakhstan and Russia.<\/p>\n

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With Mexico producing 519 mt of silver in March, the U.S. imported 248 mt, or nearly half of the country’s mine supply.\u00a0 Furthermore, the 86 mt of silver imported from Canada was most likely Silver Maples and Royal Canadian Mint silver bars.<\/strong><\/span>\u00a0 Why?\u00a0 Because Americans are buying a great deal more of the Royal Canadian Mint’s silver bullion products than are Canadians.<\/p>\n

According to the 2021 World Silver Survey, of the 33.3 million oz of Canadian Silver Coins & Medals produced last year, Canadians only invested 7.9 million oz of silver bullion.\u00a0 Thus, with U.S. physical silver investment of over 78 million oz in 2020, most Canadian Maples are being exported to the United States.\u00a0<\/strong><\/span> So, 86 metric tons of silver imports from Canada this March equals 2.7 million oz.\u00a0 That seems to be an accurate number of Royal Canadian Mint silver bullion products imported and purchased by Americans.<\/p>\n

With Silver Maple Leaf premiums for 2021 coins averaging about $7.50 per coin, that’s mostly due to strong U.S. silver investment demand.\u00a0 I would estimate that of the 33.3 million oz of Canadian Silver Coins & Medals produced last year; the U.S. likely purchased 60-70% of that figure.<\/p>\n

Because premiums continue to be quite high for many official silver coins, investors are also moving into the different Silver ETFs.\u00a0 As I stated in my Gold Member short report, Institutional ownership of the iShares SLV ETF has hit a record high, especially compared to the lackluster GLD Gold ETF demand.<\/strong><\/span>\u00a0 Not only that, but we also see a surge of Institutional ownership of the Sprott PSLV Silver ETF.\u00a0 To read more, click on the image below.<\/p>\n

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Not only are U.S. investors more interested in the iShares SLV & PSLV Silver ETFs over the GLD Gold ETF, silver imports greatly outnumber gold by a wide margin.\u00a0 According to the USGS most recently released Gold and Silver Mineral Industry Surveys, the U.S. imported 627 mt of silver versus only 16 mt of gold in March.<\/p>\n

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The United States imported nearly 40 times more silver than gold in March<\/strong><\/span>.\u00a0 Furthermore, U.S. silver imports totaled 1,560 mt during Q1 2021 compared to 41 mt for gold.\u00a0 By converting to troy ounces, that equals 50+ million oz versus 1.3 million oz of gold.<\/p>\n

If U.S. silver imports continue to remain strong for the rest of the year, it could account for more than 25% of the global mine supply.\u00a0 Forget about China; Americans are the BIG SILVER INVESTORS.\u00a0 Last year, Americans purchased TEN TIMES more physical silver bullion at 78 million oz of physical silver compared to only 7.7 million oz for the Chinese.<\/strong><\/span><\/p>\n

Lastly, investors who are quietly acquiring silver today will be happily rewarded in the future when more of the world’s investors wake up to the amazing SILVER STORY.<\/p>\n

Any information (data, charts & graphs) that are published for free public use, can be republished elsewhere.<\/p>\n