When it comes to silver, Americans are leading the world in hedging their bets in the shiny metal. This year, Americans have purchased one out of every three ounces of physical silver bar and coin compared to the rest of the world. And, that’s not all. If we also consider total Silver ETF demand, the U.S. based SLV ETF has seen its inventories increase by over 200 million oz in 2020.
Thus, Americans have purchased nearly half of all the global physical and ETF silver investment this year. According to the Metals Focus Silver Interim Report for the Silver Institute, the U.S. is projected to see a 62% increase in physical silver bar and coin demand this year over 2019. Based on the 2020 World Silver Survey data, total U.S. physical silver demand was 48.2 million oz (Moz) last year. Simple math puts the total estimate for U.S. silver bar and coin demand at 78 Moz in 2020. With global physical silver investment to be 237 Moz this year, the U.S. accounts for one-third of the total.
Furthermore, the U.S. based iShares SLV ETF, saw its inventories increase more than 200 Moz this year, accounting for two-thirds of the total 300 Moz growth in global silver ETFs.
Now, I don’t know if all that silver is located in the SLV ETF vaults, but it is still an excellent indicator revealing the increasing need for Americans to place more of their wealth into silver. I believe this is only the beginning of a rising trend that will continue over the following years.
This is huge news. This is the largest asset management firm on earth. 2021 is setting up to be a year of severe supply shortages vs. demand in Bitcoin, and upside price dislocations. #Bitcoin https://t.co/bz7hU4z6mP
— Raoul Pal (@RaoulGMI) November 20, 2020
Here was my response:
We shouldn't be surprised that more TOP FINANCIAL MINDS promote Bitcoin as a gold alternative...
— SRSrocco Report (@SRSroccoReport) November 20, 2020
It fits right in-line with the same insane GREEN ENERGY movement.
Green Energy isn't a real solution; it just makes the problem worse.
Same with Bitcoin. https://t.co/IfSlAWPeyI
And here…
SPOTTING THE OBVIOUS:
— SRSrocco Report (@SRSroccoReport) November 20, 2020
If BITCOIN is an alternative to GOLD as some financial talking heads claim...
Then GREEN ENERGY must be an alternative to Oil & Fossil Fuels. But it isn't.
Thus, in the end, BITCOIN will turn out to be a HIGH-TECH TULIP BUBBLE on STERIODS.
With tech stocks continuing to head STRAIGHT UP to the heavens, based upon pure speculation, this will end badly. The notion that gold and silver are OLD FASHION and need to be replaced by a much more high-tech secure cryptocurrency that consumes a massive amount of energy, will fail the test of time when we consider the ENERGY CLIFF that has begun.
More on this in future articles and videos.
About the author
Independent researcher Steve St. Angelo (SRSrocco) started to invest in precious metals in 2002. Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored. These areas include how energy and the falling EROI – Energy Returned On Invested – stand to impact the mining industry, precious metals, paper assets, and the overall economy.
Steve considers studying the impacts of EROI one of the most important aspects of his energy research. For the past several years, he has written scholarly articles in some of the top precious metals and financial websites.
You can find many of Steve’s articles on noteworthy sites, such as GoldSeek-SilverSeek.com
WEBSITE: https://srsroccoreport.com/