Send this article to a friend: July |
Chile’s Silver Production Down A Stunning 32% In an interesting change of events, the world’s fifth largest silver producer saw its production plunge 32% in May versus the same month last year. Chile, a country which produced a record high of 54 million oz of silver in 2014, is forecasted to see its mine supply decline to less than 40 million oz in 2017. According to the most recently released data by COCHILCO – Chile’s Ministry of Mines, the country’s silver production in May fell to 97.1 metric tons (3.1 million oz) versus 141.9 metric tons (4.6 million oz) in the same month last year: Part of the reason for the decline was a union strike and shutdown at the huge by-product silver Escondida Copper Mine. However, by-product silver production at Escondida was only down 38 metric tons (1.2 million oz) during the first six months of the year (BHP Billiton). This is only a small percentage of the overall 170 metric tons (5.5 million oz) decline in Chile’s copper production in the first five months of 2017 versus the same period last year: According to COCHILCO’s preliminary production figures, Chile produced 655 metric tons of silver Jan-May 2016 versus 485 metric tons Jan-May 2017. Again, this a difference of 170 metric tons…. or a 26% decline year to date. Furthermore, preliminary results from the top silver producers show that mine supply continues to decline from the global peak in 2015. Top Silver Producers JAN-APR 2017: Mexico = -3% Peru = -3% Australia = -5% If the declining silver production trend continues in the world’s top producers for the remainder of 2017, global mine supply will fall for a second consecutive year. Global silver production reached a peak of 891 million oz in 2015, and then fell to 886 million oz last year: If we assume another 2-3% decline in world silver production in 2017, world silver mine supply is forecasted to decline to 850-865 million oz. This decline in global silver production is taking place at a time when several analysts are calling a BOTTOM in the silver price. According to technical analyst, Clive Maund in his recent article, SILVER GREEN ALERT – ONE OF THE BEST BUYING OPPORTUNITIES FOR YEARS…:
While I don’t follow technical analysis all that much, the Silver COT Report structure has certainly set up for a big move higher over the next 2-4 months. HOW TO SUPPORT THE SRSROCCO REPORT SITE:I wanted to let my followers know that I will have a new SRSrocco Report Patron page and a new MEMBERSHIP page to the site as well. I wrote about this a few weeks ago when I mentioned that the SRSrocco Report site is not a paid or subscription site. Rather, I try to put out original content every week not found on any other website. For example, there isn’t another site on the internet that provides the actual data of record Australian gold exports to China. As I mentioned previously, I fund the site through the donations of a handful of generous supporters and Google Ad revenue. However, a good portion of those funds go just to maintain the site. I would like the ability to spend more time researching and writing articles and reports for the SRSrocco Report site, but would need more financial support from my followers to do so. My goal is to reach 500 PATRON SUPPORTERS. Right now I have 79 Patrons. By reaching that goal, I would be able to produce a greater number of articles and reports with more detail and information. 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.
|
Send this article to a friend: