April 14th, 2013 | Category: News, SGTreport - Original Content | 51 comments
Hey Banksters: 16% of US Annual PHYSICAL Silver Supply Just Vaporized…
[Ed. Note: Today Andy Hoffman sent us this note about the land slide: "Kennecott could be out of commission for months – if not years. And by the way, it’s not just a silver mine; but a MASSIVE porphyry structure - responsible for 25% of annual U.S. copper production, 23% of its molybdenum, 10% of its silver, and 7% of its gold. In other words, I cannot be more emphatic about the negative ramifications on GLOBAL metal production of such a mining CATASTROPHE…"]
It’s going to take an extra 400 – 500 million ounces of PAPER silver a year to make up for Rio Tinto’s lost supply of 4 – 5 million ounces of PHYSICAL silver/year.
from Silver Doctors:
Up to 5 million ounces of annual silver supply and 500,000 ounces of annual gold supply have just been vaporized in a massive land slide.
Rio Tinto’s Kennecott mine in Utah is the 2nd largest silver mine in the United States and the world’s largest copper mine, and it has just suffered a massive landslide which will likely shut down production at the mine for years as upwards of 1 billion tons of dirt and ore have collapsed into the basin.
16% of US annual silver production just vanished. Good thing there aren’t any physical supply issues in silver currently or anything…
It seems that considerations of supply and demand are only important when impel to the downside. Record demand certainly hasn't been a factor to the upside but, evidently, the rumor of Cypress' supply has been a factor to the downside. The irony of the situation highlights the strategic campaign used by TPTB to bring the PM market to its knees. Maybe it will just roll over but I'm positioned for a bounce.