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.
. According to the 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.
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
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.