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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…

Read More @ Silver Doctors

30 comments to Hey Banksters: 16% of US Annual PHYSICAL Silver Supply Just Vaporized…

  • Rudenewt

    Whew! Thank you Cartel, if you hadn’t driven down the price Friday I might not have loaded up over the weekend. Now lets see if that old supply and demand thing still works…

    Just FYI there was gun show going on down the block and I got a super deal on bullets too! Bonus!!! Keep doing what you’re doing cause you Rock Cartel.

    • Travis

      Sure will! Supply of paper shorts > supply of paper longs. ;)

    • freedumb'sear

      It seems that my “crazy man”theory of a few months back that prognosticated a sub 26 dollar silver price to shake all the weak hands both paper holders and physical,with a technical break of major support at 26 and drop it below 25 most likely is unfolding.The other part to the theory was that you would not be able to buy that low any more and possibly not be able to buy any at all for some time.So far I am half right.They seem to be driving the pm into the ground.Bank holiday or bank siesta soon? We shall see.Peace

  • Kimo

    Don’t think for a minute that this was not done on purpose. Bix Weir is always talking about the good guys and the bad guys. So after the massive paper selloff this past Friday this occurs. Meaning that the silver shortage has begun and should be in full bloom. We should see massive price increases. We are talking $10 t0 $20 dollar moves in Silver. Gold I can’t even fathom what the price increases will be like.

  • AndyM

    Shades of Francisco d’Anconia!

    Interesting how this happened last Wednesday night but was not reported in the MSM … and they still slammed PM’s on Friday!

    • mark s mann

      Hey AndyM,

      I was thinking the same thing. This should have been huge news that day. I did not hear or see anything about it till now.

      However….what was the world listening to: Goldman Sachs, and their recommendation to short Gold!

      True media manipulation, total spin job propaganda, typical head fake.

      • AndyM

        Yeah, Mark, also noticed Norton Korea virtually vanished from the front pages over the weekend, too. Looks like they’re having trouble focusing!

  • Over its life, Bingham Canyon has proven to be one of the world’s most productive mines. As of 2004, ore from the mine has yielded more than 17 million tons (15.4 Mt) of copper, 23 million ounces (715 t) of gold, 190 million ounces (5,900 t) of silver, and 850 million pounds (386 kt) of molybdenum. The value of the resources extracted from the Bingham Canyon Mine is greater than the Comstock Lode, Klondike, and California gold rush mining regions combined. Mines in Chile, Indonesia, Arizona, and New Mexico now exceed Bingham Canyon’s annual production rate. High molybdenum prices in 2005 made the molybdenum produced at Bingham Canyon in that year worth even more than the copper.[6] The value of metals produced in 2006 at Bingham Canyon was US$1.8 billion dollars.[7]

    http://en.wikipedia.org/wiki/Bingham_Canyon_Mine

  • MERCELLUS

    KEEP IN MIND PEOPLE THAT THIS ALL HAPPENED ON APRIL THE 10TH AND TPTB KNEW ALL ABOUT IT, AND NOW WITHIN THE PAST 24 HOURS THIS NEWS IS NOW BREAKING !!! THINK ABOUT IT !!!

    • SilverHawk

      Unbelievable. I thought this happened yesterday. Nothing is working anymore. Markets are broken, now the News is broken (or even more broke). I guess I’ll be learning of the North Korean attack from SGTREPORT, FIRST. I’ve never seen things so manipulated. The meltdown has to be real close with all the deceit going on. But at least I know “O” played B Ball with Reggie Love. Rest assured. For today.

  • Rumcajs

    This mining operation looks apalling. Imagine if someone gouged a hole of this magnitude in your body. Smomething has to change. This just isn’t right.

    • Krow

      If you think this hole is big, just imagine the size of the hole required to produce all that Paper Silver…….man ole man!

      Kaaaaaa-Kaaaaaa, saith the Krow.

    • Travis

      Mining is totally bad for the environment. They use some serious chemicals as well.

      • Jayber

        So does plastic production. Your point?

        Kind of hypocritical for you and Rum to be complaining…while at the same time you use the derivative products of the processes you are bitching about.

        Don’t you think?

        • Rumcajs

          I supose you can call me a hypocrite. But it won’t change the fact that our life support system is being destroyed at an allarming pace. sick planet = sick life.

  • WALDO

    Is it possible it was a controlled demolition to mask the inevitable silver “to the moon” price which they know could now longer manipulate?

  • SilverHawk

    Well, I guess it’s too late to short RIO. Already dropped since then. Talk about a new way to “Front-Run” the public.

  • NaySayer

    Nothing will load for me at silverdoctors web site. It hasn’t worked for weeks and then after I go there every web site I go to is slow and when I try to close the browser is refuses to close.

  • Bob A

    Woohoo, this news is good for another $2.00 drop in the silver. Too bad there won’t be any left!! Big commish check at the end of the month…come to papa. The truck is backed up. Bought 90 of these bad boyz on Friday. Nice! http://www.gainesvillecoins.com/products/155408/2010-perth-mint-great-warrior-series-viking-1-oz-silver-coin.aspx

      • Bob A

        Nice! I have 10 of those bad boys. The reason I like the Vikings is only 5,000 minted. This is the last run of the Viking, Samurai, and Knight. Gainsvile owns the rights from the Perth, and spoke with them on Friday, and they said this the last run on this series. Not sure if all 5,000 made it to production. But I figure if I sit on these for a while, the collectibility will increase quite a bit. Before Gainsville opened the faucet and minted more, these were going for about 80.00 bucks on eBay (when silver was 35’ish). Apmex has them for 99.00, and they’ve been selling them! If the Vikings are gone before my next commish arrives, I’m buying 100 of the Knights. Thems are nice too! :-) good luck.

  • Don

    So they had plenty of time to evacuate all the workers, but no time to drive the trucks/equipment out? Odd.

  • Glitter1

    Also keep in mind that the Pascua Lama Mine start-up date is on hold indefinately due to a law suite.This was on-track to be one of the biggest open pit mines in the world. Millions of Gold and Silver ounces will not be coming online in 2015 as planned.

  • Jay C

    The over night market opens and they continue to smash silver down. This makes no sense. $24.40 an once!!! What the hell are they thinking?

    • Glitter1

      It’s all momentum selling now(which is their plan) and will have to find support/burn out.Once that happens there should be a huge short squeeze rally. It will result in Bullion shortages very quickly.

  • Jay C

    There is likely enough paper out there to push silver price to the stone age before enough is dumped. This is one hell of a ride to the bottom. Now is down to $23.60. Its a great time to Buy Buy Buy!!

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