from SRS Rocco:
I am a bit surprised at the forecasts and data coming out by the leading agencies and institutions on silver mine supply. According to my research, the USGS understated U.S. silver mine supply while Thomson Reuters GFMS over-estimated global silver production for 2013.
Let’s take a look at U.S. silver production first. If we look at the table below recently released by the USGS, domestic mine supply fell compared to the same period last year.
Total production for 2012 was 1060 metric tons (mt). If we subtract out December’s production (101 mt) we would get a total of 959 mt for Jan-Nov 2012…. 3 metric tons more than the same period this year. Furthermore, if production for December is 84 mt, then total production for 2013 will be 20 mt less at 1040 mt (2012 = 1060 mt).
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