According to the mine supply data reported by each country, Peru’s silver production is down 10% in the first half of the year, while Chile fell 7% and Mexico was lower by 4% (Jan-May). The total decline in silver production from these three countries in just the first half of the year is 12 million oz (Moz):
- Mexico = 197 Moz
- Peru = 145 Moz
- China = 115 Moz
- Russia = 43 Moz
- Chile = 42 Moz
- Bolivia = 40 Moz
- Poland = 40 Moz
- Australia = 35 Moz
- USA = 28 Moz
- Argentina = 26 Moz
I could not get the total mine supply data for Russia, but its largest primary silver mining company, Polymetal, reported a 15% decline in silver production for 1H 2019 vs. the same period last year. So, it seems that many countries are showing declines in silver mine supply this year, right when the silver price has broken above a 6-year resistance level.
Lastly, I will be putting out a new video this weekend on the SILVER MARKET PRICE action. It looks like silver has broken above that important $17.25 level with the markets selling off big time along with the race for Government Bonds to go further into negative interest rates.
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