WORLD SILVER PRODUCTION: 3 Charts You Won’t See Anywhere Else

The rate at which global silver production increased over the past century is quite astonishing.  When Columbus arrived in America (1492), the world was only producing 7 million oz of silver a year.  Today, the world’s largest primary silver mine, Fresnillo’s Sauicto Mine, produced three times that amount in just one year (22 million oz, 2016).  Yes, we have come along way in 500 years.

Just think about that for a minute.  One silver mine last year produced three times the global amount in 1493.  According to the U.S. Bureau of Mines 1930 Report on Summarized Data of Silver Production, the average annual silver production in the world from 1493 to 1600 was 6.9 million oz (Moz).  If we look at the following chart, we can see how world silver production increased over the past 500+ years:

As we can see, average annual world silver production increased from 6.9 Moz during 1493-1600, to 13 Moz from 1600-1700, 18 Moz from 1700-1800, 51 Moz from 1800-1900, 274 Moz from 1900-2000 and a stunning 722 Moz from 2000-2017.  Again, these figures represent the average annual silver production for each time period.

In the current period, 2000-2017, the world has produced 103 times more silver per year than from 1493-1600.  However, the next chart shows the total silver production for each period.  From 1493-1600, the world produced a total of 747 Moz of silver, compared to 13,000 Moz (13 billion oz) in just 18 years from 2000-2017:

Now, the reason the last silver bar on the right of the chart is lower than the previous one has to do with comparing 18 years worth of silver production (2000-2017) versus 50 years (1950-2000).  It took 50 years to produce 17,061 Moz during 1950-2000 versus 13,000 Moz in the 18 years from 2000-2017.

If we compare world silver production from the different periods, here is the result:

Percentage Of World Silver Production (1493-2017)

2000-2017 = 26.4%

1950-2017 = 61%

1900-2017 = 82%

While a little more than a quarter of all world silver production (1493-2017) was produced in the past 18 years, 82% were produced since 1900.  That is a lot of silver.  It turns out that 40.4 billion oz was produced from 1900-2017 out of the total 49.3 billion oz produced since 1493.  Interestingly, more than half of that silver was consumed in industrial silver applications.  I will be writing more about that in future articles.

The last chart I find quite interesting.  If we go back a little more than a century, the United States was the largest silver producer in the world.  In 1915, the U.S. produced 75 Moz of silver out of the total 189 Moz mined in the world that year:

Thus, in 1915, the U.S. produced 40% of all world silver production.  Mexico came in second in 1915 by producing 39.3 Moz.  However, U.S. silver production in 2017 will only be 34 Moz versus the estimated 870 Moz globally.  Thus, U.S. silver production only accounts for 4% of world mine supply versus 40% back in 1915.  What a change in 100 years.

Lastly, the U.S. imports approximately 22% of world mine production each year.  That is 193 Moz of the total 870 Moz in 2017.  While domestic mine supply is only 34 Moz, the United States has to import more than a fifth of global mine production to meet its silver market demand.

HOW TO SUPPORT THE SRSROCCO REPORT SITE:

My goal is to reach 500 PATRON SUPPORTERS.  Currently, the SRSrocco Report has 158 Patrons now!   Thank you very much for those who became new members and new Patrons of the SRSrocco Report site.

So please consider supporting my work on Patron by clicking the image below:

Or you can go to my new Membership page by clicking the image below:

Check back for new articles and updates at the SRSrocco Report.  You can also follow us on Twitter, Facebook, and Youtube below:

Enter your email address to receive updates each time we publish new content.

I hope that you find SRSroccoReport.com useful. Please, consider contributing to help the site remain public. All donations are processed 100% securely by PayPal. Thank you, Steve

73 Comments on "WORLD SILVER PRODUCTION: 3 Charts You Won’t See Anywhere Else"

  1. I don’t care about silver and never will. It is trash.

    Don’t believe it? Look at the price for yourself. $16 an ounce. All but worthless.

    • Government sponsored troll are the real trash and scum of the earth. I would change all of you for just an ounce of silver, that is how worthless you are.

    • Oh dolph, don’t you get tired of going around to multiple sites posting the same tired anti silver rhetoric? (Yeah, I see you elsewhere too.) $16 an ounce is a joke and people should be buying it by the truckload now.

    • Terrible, terrible bait mate.

    • Silver is what? . .
      Bitcoin is a trap! Everybody should know the following ->

      Bitcoins are created via National Security Agency (NSA) Hashcode. It is very very likely that the NSA created Bitcoin and has a comnfortable backdoor to its “machine”. The NSA also claimed to have found the anonymous creator of bitcoin! BECAUSE they are the creators and need to divert the attention!

      THIS IS MY URGEND WARNING IN CLEAR WORDS!!
      The NSA presumably has a build-in switch to kill ALL BITCOINS IN A SECOND by simply injecting changes into the code.
      So the question is: DO . . . YOU . . TRUST . . THE . . NSA / US Goverment??

      Why would they do this? There are MANY reasons which fit exactly into the widespread plan for a one world goverment led by the US.

      Goals behind Creation
      1. Get people interested, educated and comfortable in/about/with digital currencys for the next global world currency. There are even signs that thousands of fake transactions are created to exaggerate the bitcoin popularity as high as possible.

      Collaps of Bitcoin.

      2. Destroy wealth to re-establish more trust and dependence in/on banks.

      3. Blame it on foreign hackers to justify wars on Iran, Russia, China, North Korea etc or who ever . . Iran is leading the list.
      We should remember what General Wesley Clark said 2006 about a memo he was informed about shortly after the 9/11 attacks: “This is a memo that describes how we’re going to take out seven countries in five years, starting with IRAK, and then SYRIA, LEBANON, LIBIYA, SOMALIA, SUDAN and, finishing off, IRAN.”

      4. Blame it on hackers to impose new laws and surveillence programms to control ALL money.

      5. Ruin the trust in every other non-goverment-crypto-currency

      6. Offer a “NEW” “safer” blockchain crypto world currency which fills the newly created need/love for a crypto currency. BUT in “better” and “safer” hands!

      7. Eliminate the possibilty for bankruns and every defence against debt-enslavement.
      The end of resistance against the fiat banking system.

      https://thehackernews.com/2013/09/NSA-backdoor-bitcoin-encryption-sha256-snowden.html

      http://www.zerohedge.com/news/2017-06-12/exposed-real-creator-bitcoin-likely-nsa-one-world-currency

      • The speculation I find fun is, the Chinese use their cheap hydro power to mine the majority of Bitcoins for $2000 to $3000 per coin. Chinese sell highly inflated bitcoin to South Koreans and Japanese. North Korea hacks exchanges and miners and steals bitcoins. Then …

    • Are you just stupid or being sarcastic? I hope the later. Hey, Nimrod that $16.00 silver was once worth a $1.00 silver coin. That dollar you hold in you pocket was once worth “at least” $16.00 value of the silver you call trash. What has more value?
      The sad truth is you think your educated until you open that yap.

    • I agree. Silver has been one of the largest scams on the net with unrealistic price forecasts of $100 to $940 and not based on any economic or financial reality. There are global macroeconomic events effecting the price. One is that since silver is rarely used anymore in monetary systems this a greatly effected worldwide demand. Another is 70 to 89% of demand is industrial, manufacturing and retail jewelry all depending on low prices. Another is when price reaches a certain point industry simply used more copper and less silver also effecting worldwide demand. Still another is because the constant flow of new technology less silver is used in products every year also effecting worldwide demand. It gets worse. Most silver mined is a by-product of mines looking for other base metals and they simply cannot cut back on production without cutting back on overall production so they have been flooding the above ground supply and cannot get rid of the crap. Many mines do not even state these numbers because price would drop further. Last month US mint sales of gold and silver fell 92%. Barricks earnings fell off a cliff all due to a lack of demand. Also world trade has been slowing also effecting worldwide demand. The metal has simply moved from a monetary based metal to an industrial based commodity all depending on low prices.
      Now as Europe has been collapsing since 2011 and will totally collapse in 2018 capital has been moving out to dollars and US equities. The largest consulting firm on the planet, Armstrong Economics have computer models which track both domestic and international capital flows. Back in 2011 the models forecast that the Dow would hit 22,000 then 23,000 and onto 38,000 to 42,000 all due to the capital flight out of Europe. First two targets have been hit. Capital is simply being parked in markets with large pools of liquidity and that is dollars and US equities and will continue. The models are forecasting in 2018 the Monetary and the Sovereign Debt Crisis hits there along with the pension crisis. Just recently Italy announced a plan to abandon the euro and use another instrument for a medium of exchange of goods and services, Merkel’s government has collapsed, most German cities and provinces are broke due the cost of the migrants, another bank in Italy is in trouble and the pension crisis has hit Spain already and will run out in 2018. Europe will not survive in its present form and capital is leaving. The ECB didn’t help when they wiped out share and jr. bondholders in the 3 failed banks in Italy and Spain and caused investors to dump these remaining “assets” across the whole EU banking sector causing them to be unable to access credit markets to raise additional funds. Europe is toast.
      Now as we move into 2018 the capital flight will accelerate and cause massive dollar strength and move US equities higher and crush gold and silver like last year from August to the end of the year. There was so much capital converted from euros to dollars that this actually caused a dollar shortage in foreign markets. Last June the models forecast that if gold did not break the 1362 reversal level at July’s close we would see price weakness indicating the capital flight out of Europe is accelerating again and will cause massive dollar strength. Gold dropped from the 1362 level to around the 1180 handle and the dollar had massive strength. We are heading there again.
      Now Martin Armstrong and his staff two weeks ago spent a week in Europe consulting with existing and new clients and they stated they being swamped. Their clients are institutional investors, large financial firms, multinationals who need to manage their foreign currency holdings, hedge funds, large traders, central banks and governments. All are preparing and bracing for the collapse. They also stated they are being swamped for consultations from government officials who now fear legal problems when the funds finally run out. The only thing propping it up is the ECB creating 60 billion euros a month out of thin air and buying all the toxic sovereign and corporate debt. The shit is ready to hit the fan there and with 510 million people in the EU, when pensions are stopped and people and businesses are cut off from deposits total chaos will erupt. This is where we are heading.
      There is an old saying, “Follow the money” and that is exactly what the models do!
      Many have woken to the silver scam and are selling in droves and moving into cryptos. Over at silverdoctors they even have a paid troll who verbally attacks people who have a different opinion. They even sunk to the level of deleting my comments. They are the same as the left wing libtards who attack people with a different opinion. This simply shows how desperate they have become.
      Enough said!

      • jj,

        You wrote a bunch there in your last comment. Well done.

        However, you have no idea what you are talking about. But, please… feel free to continue as you provide a lot of motivation for additional comments on the site.

        So, thanks for keeping the site lively.

        steve

        • So your entire post revolves around how Europe is falling apart and that the capital flight will all flow into overvalued US stocks and a dollar that is about to lose its Petrodollar status and crypto currencies while NOBODY is going buy Gold and Silver when the entire financial system is on the Brink?? The dumb money (including yourself) certainly won’t buy precious metals and will just follow the herd but there trillions worth of fiat money controlled by the Smart money and they know that the future valuation of Gold and Silver will not be anywhere near the current prices.

          • AK,

            Were you responding to me or someone else? Because I did not discuss how Europe is falling apart.

            steve

    • Silver is the most important metal on the planet. The world as we know it today would seize to exist without silver. So while the price is much lower than it should be given its importance which causes you to not like it, it certainly isn’t trash.

      • A very modest silver buyer, I turned to silver after my two small businesses failed due to the ’01 and ’08 crashes. My house went underwater—so I lost all faith in real estate. Had a little cash, but I saw that the Dodd/Frank bill made sure that any money in the banks was THEIR ASSET, not mine. What’s a micro-player to do? Bitcoin is ridiculously technical and dependent on the grid….can’t afford gold. Silver is my insurance. Beats the value of the dollar, even for this not-brilliant, small town hick. I’m glad it’s cheap now, cause I’m buying. Finally.

        BTW, Thank you, Steve, for all your research! Great site!

  2. Hi Steve, a while back you did some analysis of the shift to “high grading” by a number of principle miners. The trend toward high grading was deemed to help the miners weather the price decline. Mine the rich seams whilst price is low (to make a margin) versus shortening the economic life span of the mine was the general conclusion – correct me if I am wrong there. Is this a topic that you will be revisiting / have you done anymore work on this?

    • Roberto,

      You bring up an excellent point. Actually, I have had an email exchange with a geologist in the mining industry. He tells me that High-Grading of mines is much worse than investors realize. I plan to have a conversation about this in more detail in the next few weeks.

      But, yes.. I believe the mines are high-grading more to stay profitable.

      steve

      • Yes, if possible, they MUST hi grade to keep the average ore grade value just ABOVE the cost of production, which of course, utilizes oil as a significant portion of that cost at the mine level.

        But, the pendulum swings both ways: when the value of silver is higher, ALL MINES will knowingly shift to a LOWER grade ore so to stay at about the same necessary profit margin, but at a higher cost per ounce to match the expected price. This, in turn, extends mine life.

  3. Is the increase due to massive mechanization that will be crippled when EROI of oil catches up with us?

    • It would be interesting to know how much silver can be excavated from Earth’s crust.

    • ljess,

      The peak of Global Silver production may have already taken place in 2015. However, when global oil production peaks, we will see a cliff like decline in global silver mine supply.

      steve

      • hi steve, what do you think happens to mining stocks after another oil price/ supply shock? gold/ silver price is likely to rise, but so would the mining costs.. thanks!

  4. THIS…actually makes silver seem a hell of a lot more common than I thought. Didn’t someone say that there was only 1 ounce of silver per 4 people on planet earth in bullion form right now? Wouldn’t that be at the most 2 billion ounces? Yet it says we’ve produced 40 billion in 115 years and consumed half? Wouldn’t that then be around 20 billion minimum in bullion form?

  5. Steve, it’s not that this type of thing isn’t interesting. Because it is.  
    Fact is though, I’d be a  SRSrocco Report Patron right now, IF Silver was actually worth something.
    Double or Triple Silvers suckass price would be very significant to me.
    At the moment, and likely for the rest of my life I will be underwater from closely reading interesting things over the last 7 some years that so many, like you, talking up the value of silver, that just ain’t so.

    • Silver was almost flat from 1999 to 2005 (in EUR) and what happened from 2006 to 2010? So if someone was buying for 6 years he or she could made a profit in years after accumulation. Even greater profit could be made between 2011 to 2013.

      It’s almost flat since 2013 which doesn’t mean it’ll stay like that for another 10 or 20 years.

      But yes… everyone wants to buy today and be a millionaire tomorrow.

    • It’s all about timing. You can’t be married to any investment. Silver and gold appear managed in a regular cycle. In 2001, silver was around $4.25/oz. If you had bought then you’d be up 4×, even holding through the 2011 peak. Back then, one guy wouldn’t buy “because you get too much for your money.”. Another guy started stuffing empty paint buckets in the garage with silver rounds.

    • 4 oz, you mention the ‘price’ of silver AND its value in one post. Could you please explain?

      Trillions of iou’s will be looking for the fire exits when buying up equities by central banks doesn’t do the job anymore. Don’t rip off your own face, don’t look in the mirror. See through it. Through the fogs of fiat you’ll see the ugly face of degrowth.

    • Right you are Sammy…it is all about timing. So my -time- begins in March 2011. Goes w/o saying that as it turns out was a crummy time to begin buying lots of Silver. Have said for years that I know people will pay $50+ an ounce for Silver—-because I’ve done it!  And did it gladly. I’m not dumping on Steve…I can’t begin to say how much I appreciate reading and hearing him. Truly, I would be a Patron, were I not someone who has, a-la- James Turk been consistently adding and dollar cost Averaging non-stop since I began buying Silver; And Yee-Haw! Here in 2017 I’ve brought my DCA all the way down to $30. Yippie, No small task. So as I mentioned I am substantially/seriously underwater, even still.

      So Jan, while I’m sure I come across as jaded, I’ve been buying a hell of a lot longer than today, and by no means am expecting to be a millionaire tomorrow….or ever for that matter.

      houtskool, I always like reading your comments on Steve’s work and while Silver has great Value to me, and I believe, as Turd Ferguson has said for so long, “Your silver has never been more valuable…” $16 Silver is some where between sick and ridiculous for all kinds of reasons. Yes, Silver means a lot to me, but I also hate it. I really do. And I’m someone who likes it. In my State on every 5th street corner you can buy an 1/8th of an ounce of pot for $18 — and lots of people do. They “Vote” their pocketbooks all the time….and it’s clear to them what is more valuable.

      Bottom line is I likely have seriously F’ed up putting so  much into Ag. And I am 100% responsible. Many others, not just Steve have published stuff that made me draw the conclusions that I have drawn. Steve in particular a couple-three years ago said and was widely quoted that, “Silver is running on fumes…” and that line has always stuck with me. A lil glimmer of hope, somehow, ya know? Had I not focused on it at what was a really tough time for stackers….maybe I’m in a different vehicle today and my DCA is $40….. ya trackin’ with me??
      I know stackers that are in the next life now….and soon I’ll be there too. And in the mean time I sleep okay as a holder of Phyzz Silver. Have faith that my Silver is valuable; Have heard it said that, ” Now faith is the substance of things hoped for, the evidence of things not seen.”

      • 4Oz., Sometimes better to be lucky than smart. Unless of course you have inside information from those who control things. I, too, thought Ag would continue up from $50, though I did trade some. Hope I live long enough to see it get some respect. Hedge funds dumping metals, buying Bitcoin. Contrary indicator, maybe.

    • The sentiment in the silver community is getting worse by the day as the cryptos have begun their parabolic rise. This is the final capitulation that is needed. I happen to have a lot of faith in what Clif High has been predicting, since he has been right about many things, and he has been predicting for a while that we will see a moon-shoot in the crypto market BEFORE we will see any significant price movements in Silver and Gold. Well, cryptos have gone parabolic and I think we will see some things change dramatically in the next couple years in the physical gold and silver space.

      • @AK: “we will see a moon-shoot in the crypto market BEFORE we will see any significant price movements in Silver and Gold.” – This was my conclusion as well. I made a much smaller investment in crypto and am seeing massive returns, but I can afford to park some money in pm’s for the long run.

        If there is some kind of global deflationary implosion (followed by a hyper-inflationary disintegration) both cryptos and pm’s will absorb all the lost value from stocks, bonds, fiats, and other debts,. plus a huge chunk of real-estate value. The powers that be have been manipulating pm’s for decades but cryptos snuk up on them and the energy that should have been released into pm;s for decades has exploded out into the market in cryptos. Given that many of the banks that actively keep the lid on pms have trillions in dollars of exposure to bad derivatives trades, and that several banks have already been caught in the open, and that no manipulation can last forever, and given historical cycles and trends, I think pm’s will have the last laugh.

    • 4 oz, go put $1,000 in Litecoin then in about 6 mons you will have enough to buy more silver.

  6. Steve is not talking up anything, he is not a price forcaster. Hard to believe that you own silver and call it worthless. Just human nature to appreciate what we are invested, more so talking of silver, a precious metal, and most used money in human history.

  7. Steve,
    Very interesting charts. It would have been nice to see a chart of the EROI covering the same time periods. It’s obvious that silver ore grades have diminished substantially since 1493 and therefore more energy is now needed for extraction. Of course early on…mining was done by hand and now it’s with machines and oil…but energy used per ounce has to be increasing. It also is wild that both of your first two charts appear to be very parabolic in nature (if the second chart covered past 2017 for all 50 years)…similar to what the crypto charts look like over a much shorter time span. How do parabolic moves always end?

  8. Ya …. but what you forget to mention Steve is; the USA is the #1 producer of Paper Silver … if you want a supply shocker chart, put together some charts that show the amount of Paper Silver dumped onto the market every year starting a couple decades ago.

    • Stupid retail folks even don’t understand paper gold & silver. That’s why ‘crypto’,

      Greed they understand.

      Now its popular. That must be good. I saw friends with what’s app threads from friends with ‘profits’ higher than a few months salary. Oh yeah, maybe i can pay off my credit cards.

      Read this; “FOGS OF FIAT” urinating against a tree doesn’t make it grow.

      • James Grant pretty well informed insider once stated the following:
        end of the 70,s I was buying gold and I was standing in line to buy it little did I understand that I was buying gold at peakprice. Therefore
        he stated never buy anything when you have to stand in line as most likely you are buying something that is in a huge bubble. Timing is all with any investment.

        • This is not the time to invest. Consolidate. The casino is on fire, take the chips and run.

        • When I started buying PMs in 2001,I delt with a local shop owner that was in business during the run of the 1970s to 1980s. I often was the only customer. We would talk for a couple of hours before anyone else came in. I got a good education. He showed me his 1980 record book for silver. Parabolic. Told me how he wouldn’t pay spot during the run up, because he knew it was going to crash, and he’d get stuck holding the bag. He said it pissed off quite a few people, but he was still in business 20 years later. In those days, no internet option. In fact, early 2000s, I had a hard time finding any silver to buy even in a big city. By 2006, I couldn’t fight my way to the counter.

  9. Like others have mentioned this article is somewhat depressing as it shows how much silver is out there. The number of ounces and the price do not seem to indicate that silver is at all precious. The most obvious question is out of the 4 main precious metals, each ranging in price from several hundred to over a thousand dollars per ounce, how can silver be at 16 dollars and still be called precious? Comments are most appreciated.

    • According to https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth%27s_crust :

      Abundance of silver as per Darling in Earth’s crust: 0.070ppm
      Abundance of gold as per Darling in Earth’s crust: 0.0011ppm

      So : 0.0011 / 0.070 = 0.0157142857143 which, if converted to percent ( multiply the outcome by 100 ), tells us how much silver per gold there is in Earth’s crust. Thus, if all the data are correct, there is only around 1.5 oz of gold per 100 ounces of silver in Earth’s crust.

      Price in USD when writing this comment:

      Gold – 1255.20 per 1 troy oz
      Silver – 16.05 per 1 troy oz

      16.05 / 1255.20 = 0.0127868068834

      So that’s almost identical to abundance. In percent it’s 1.5% vs. 1.2% difference.

      However easily mined gold and silver are no longer available and price of mining will likely increase.

      Also if abundance of gold or silver changes over time, expect changes in price ratio.

      • Edit: Of course, it’s Barbalace, not Darling. Wrong column. Also other sources show data that are more in favour of silver.

        But I prefer scepticism especially when making investment decisions.

      • Robert Happek | December 17, 2017 at 9:35 pm |

        Comparing abundance numbers can be very misleading. In order for mining to be feasible, ore concentrations must be much higher than just the average abundance of that metal in the earth crust. For instance, when mining gold, it takes on average 15 tonnes of ore to produce one ounce of gold. That is a mass ratio of roughly 1 to 500,000 or half a million or 2 ppm which is roughly 1000 times much higher than the average abundance of gold in the earth crust. Another example is platinum. It has a similar abundance as gold, yet its production is only 5% of the production of gold per year. That difference has to to do with the fact that there are fewer platinum mines than gold mines in the world (basically South Africa and Russia). To sum up, mining precious metals would be impossible if there would be no high grade ores containing these metals at much higher concentrations than the average abundance as listed on wikipedia.

        Finally, it is amazing how goldbugs keep repeating that the silver gold ratio should be around 15 since that is the natural ratio of these metals in the earth crust. Too many lies in the precious metals world !

    • It’s technically a semi-precious and industrial metal. It has some similar characteristics to other precious metals and also some differences. It’s more abundant in the earths crust but also gets consumed(basically) at a much higher rate and is not usually profitable to recycle in small amounts.

    • Precious is relative. DEFINITION: very valuable or costly. Gems are the same way. You could call it semi-precious, but what the heck, it’s still relatively precious.

      So silver is likely “precious” because it, along with gold and copper were some of the first metals rendered by man. Copper is quite common, Gold and Silver aint at all common and unlike gold you generally dont find silver in a pure form, so you must “work” for it, Further its nice and shiny when refined and polished,relatively inert in day to day activities, and can be formed at low temps to create jewelry. Further it has some of highest electro ‘n thermo conductivity you can find. Unique for sure.

      As such, it carries a higher price than more common items. Actually, many rarer metals would fit that definition now, but AU AG were first and foremost. Have been, will be. Would you want a coin made from Europium??? probably not cause air and water would degrade it relatively quickly compared to silver.

  10. I don’t understand what is going on today people live on line people meet fake people buy fake coins love in a world of cyber world buy clothes on line f@ck on line pick up girls on line when the power goes out or if someone turns off switch it’s gone now ev1 is invested in 401 k and bit coins no real estate no gold no silver that u can hold in your hand ponzi one big ponzi if u come to steal my gold I will fight for it if you take my bit coin I can’t see u

  11. Copper( a base metal ) is about 20 cents a ounce. Do the math on zinc and nickel prices and see why silver is a PM.

  12. Continuation of creating fiat currency, falling EROI and ore grades portend higher silver prices. Other situations may come into play as well. One being Mexico’s PEMEX is reported to be losing money and the govt. has to subsidize it where before it was a money maker. Mexico could just decide not to export silver if things get bad and there goes 20 % of world production. At some point the paper traders will lose control but, who knows when that will happen ? Imo they are keeping the price low.

    • Value Investor | December 17, 2017 at 8:21 pm |

      If gold and silver are so common in the earth’s crust, why are paper gold and silver contracts traded on the open market and settled in cash. It should not be a problem settling contracts in physical metal….

      Also, there is a reason gold and silver are not used in common coinage anymore.

      When the paper ponzi scheme ends it will end quickly.

  13. Insult me all you want. You are the guys wasting your life on silver.

    I come here because I once thought like you did. I’m now cured of it, permanently. I’m interested in the same way that a former smoker or alcoholic might be interested in talking to others about it, but they vow to never again touch another cigaratte or have another drink.

    It’s the same thing. I will never again touch silver as long as I live. Look at the price action for yourself! That’s all I ask. Then make your call. I can’t influence or save everyone. If you want to waste your life, that’s your decision.

    • dolph,

      You are more than welcome to come in and waste your time letting everyone know your “negative opinion” on silver, over and over again. I don’t delete comments unless they use racial basis or hate speech.

      That being said, I continue to write about the FALLING EROI and gold and silver because the debt and leverage in the system are going to destroy the value of most STOCKS, BONDS, & REAL ESTATE. So, my motivation is to let individuals know about the coming economic dark times. However, you come in here because it seems like you were personally burned by silver as well as your short-term views of the world.

      So, while I can empathize with people who purchased silver at the top, I have to laugh at commenters who label silver as a SCAM when the Fed & Central Banks created tens of trillions in debt and liquidity…and that is okay… LOL.

      steve

      • Cryptos are promoted by the west, gold by the east and it seems the east is absolutely unable to deliver something different as they have not the balls to face the western banking way of life.

    • Nobody is wasting their life by investing in silver. Silver is and remains one of if not THE most undervalued asset on the planet. I would advise everyone to at least dip a two in the Crypto space because the gains to be made there are unprecedented and nobody knows how long that will last because even today only a tiny fraction of all paper assets are invested in the crypto space. I wouldn’t sell my undervalued silver to buy cryptos but I certainly would sell any overvalued stocks you have to buy cryptos. If silver and Gold is all you have then sell a little just to see how much money you can make while you wait for the Silver rocket to take off. Chances are that you will have plenty of time to sell any crypto gains to buy even more precious metals if you are so inclined and don’t believe the crypto hype will only grow from here.
      Is Crypto a game changer? It could be, but we don’t know for sure. I see the crypto space as yet another way to get away from the criminal banking cabal that wants to fleece all of us. I don’t believe for a minute that the NSA or the government can take control of the crypto currencies and wipe out everybody’s holding. That is the mainstream FUD to keep the masses running into the crypto space. I think its too late to stop this now and we are still in the very early stages of adoption so if you have any interest at all you should get involved even if your only aim is to make some quick profits to buy some more Gold and Silver.

      • just there are no more silver eagles to be had. At least outside of the USA. US mint has none to sell.

  14. Your EROI analysis is fantastic. Best part of the week is another update. Thank you Steve for your hard work!!!

  15. That’s it.Cryptos are the only way to destroy the FED.

    • Frankly how can you say that ? Crytpos can just be outlawed if required.

      • Look at trumps tax reform.He wants to take back the money wich is outside the USA.But this money(not payed taxes from the big global players) should go back to the USA.
        In reality this long time not payed taxes trump are evaded taxes.Trump legalizes
        this criminal behaviour regarding the american tax payer.The redneck joe
        applauded and feels good.

        This money system is a self-service store for some groups.It will never change
        because of the endless printer press.The cryptos can crack this the pm obviously not.Only when the physical material isn’t available anymore.

        Taxes should been payed where the profit is made.When he go in this direction, then it’s a progress.We will see!

        • FED and any central bank can print any amount of dollars to buy any crypto, and then dump it. You can hardly go against something that is backed by nothing with something else that is also backed by nothing.

  16. Here is a great article that helps explain what Steve is trying to get across. The subject is Peak Coal in 1913 and how that resulted in the Great Depression of the 1930s.

    zerohedge.com/news/2017-12-19/depression-1930s-was-energy-crisis

  17. Well now! After reading the responses you should be ashamed of yourself Steve. A few years back you said production costs were in the high 20 dollar, then you kept reducing it. Now miners can dig an ounce for around $12. With these facts plus cryptos, silver is due to languish in the teens for many, many years. When demand is around 1.5 billion dollars and production is $900,000,000, then maybe silver goes up. I said it before and I’ll say it again, you are 20 to 30 years too soon. I made the mistake a few years back and I hope someone reads this and does not listen to you. You can buy silver in the teens for the next 20 years+.

    • Joe Lindell,

      I didn’t reduce the cost of silver production, the miners did as the price of oil fell from $110 to $30. Maybe a few miners can produce silver at $12, but the most are now $15-$17. Joe, you are a BROKEN RECORD… LOL.

      Also, I now realize you DON’T READ ANY OF MY ARTICLES IN DETAIL. I can tell because you have no idea of the details of my work.

      steve

    • DisappearingCulture | December 20, 2017 at 10:57 am |

      “I said it before and I’ll say it again, you are 20 to 30 years too soon. I made the mistake a few years back and I hope someone reads this and does not listen to you. You can buy silver in the teens for the next 20 years+.”

      Anyone reading this sort of highly opinionated diatribe…don’t be foolish enough to believe that.

  18. Some of you people waffle on assumption like you wouldn’t believe. TRUMP might say FALSE NEWS!

    Here are the FACTS!

    From late 1994 through to 2011, 17Yrs:

    Silver up 450%
    Oil up 400%
    Gold up 350%

    Currently 2017, 23Yrs

    Silver up 250%
    Oil up 200%
    Gold up 225%

    That is better than 100% exponentially every 10Yrs. You are doubling your money every 10Yrs. What more do you want?

    They are good numbers to me, especially if you bought these commodities back in 1994. If you missed 1994 then now is your second chance. And now is probably a better time than 1994 because we now know without doubt the west is BROKE!

  19. The best thing is to ride the crypto wave and change the money into silver.
    That was my thinking all the time.The time frame is important.It was very clear that the central banks use everything to shoot against the PM-stacker.

  20. Dear sir, we are looking forward to your next post. Please do not leaveth us without one before Christmas. We beg you, sir. Merry Christmas, dear Mr. St. Angelo.

  21. Now the cryptos are down.Wait a little bit more and then i ride the wave again.
    I should rename to cryptosurfer?

    The risk is there, but more worse than silver investment?

    No recomandation, but i will buy some cryptos.

Comments are closed.