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U.S. Silver Production Drops Significantly Again In October… Has Peak Silver Arrived?

by Steve St. Angelo, SRS Rocco:

After U.S. silver production declined nearly 20% in September (y.o.y), this continued again in October. According to the USGS Silver Mineral Industry Survey, silver production in the U.S. fell to 84.6 metric tons (mt) in October compared to 103 mt during the same month in 2014.

As we can see in the chart below, U.S. silver production in 2015 starting to fall lower in July compared to the much higher trend last year.


If we look at the next chart below, we can see just how much lower U.S. silver production has declined in the past two months:


Domestic silver production in the U.S. is down 19% in September and 18% in October verses the same months last year.  Even though the USGS will continue to revise these figures going forward, this is a significant trend change.  Year to date U.S. silver production is down 6.7%.  If we continue to see lower declines in November and December, I would imagine that figure will grow to 8-9%.

While U.S. silver production isn’t ranked in the top producers of the world, I believe what is happening in the states will also occur in many other countries as lower silver and base metal prices impact the balance sheets of mining companies.

Global Peak Silver May Have Arrived

I will be writing more about this in future articles.  But, I believe there is a good chance that Global Silver Production has peaked.  It will depend on how things unfold in the U.S. and Global markets in 2016, but if we experience a continued collapse of Global GDP… then yes, PEAK SILVER AS ARRIVED.

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6 comments to U.S. Silver Production Drops Significantly Again In October… Has Peak Silver Arrived?

  • Ed_B

    It may be a bit early to be calling “peak silver” here. Yes, the decline in silver production can be measured and the 2015 production is lower than in 2014. BUT… whether this is due to us running out of silver, which saying “peak silver” implies, OR is the result of a simple business decision to cut back on production, remains to be seen. If I had a valuable mineral resource that was stuck in a low price trend, my inclination would be to leave as much of it in the ground as possible and try to wait out the current low prices. If the miners cannot make money on their products, why continue to mine and lose money? That silver isn’t going anywhere. It’s been in the ground for millions, if not billions, of years and it will still be there when prices rise to the point where the miners can make money on producing it.

    Also, we know from Steve’s previous work that around 70% of the silver that is produced each year comes from copper, lead, and zinc mines that produce silver as a by-product. With the demand for these base metals much lower now than in past years, likely due to the current slow-down in the world economy, all of their production has decreased, including silver.

    • Eric

      I just hope my legion of silver army men get here soon because we have some battles against the bankster squadron which warrant an early defeat.

  • newfynew777

    oh good ..more charts..that tell us what exactly?
    I know I know I know!
    BINGO! you win a silicone added chicken Mick-Nugget,on a synthetic rubber added Subweigh sandwich bun,topped with a delicous GMO,high fructose corn syrup,MSG barbecue sauce..
    [and my friends wonder why i NEVER eat out..EVER..if I didn’t grow it,I won’t eat it and I haven’t been sick since elementary school..55 years..although do use organic almond milk though in my organic Arabian coffee..and a few other organic items we can’t grow this far North..
    if charts are manipulated[which 99.9 % probability] you really believe we will be given even close to accurate figures on ANYTHING when TPTB control EVERYTHING??
    IMHO,that makes charts as useless as breasts on a boar-hog,and in dis part of dis here country next to a military base,where the local population is about 95% men,boarhogs even start lookin pretty dam good,and not a nasty S tat-two,nor nose,eyelid,lip,or clitoris ring on um anywhere!
    “there is a sucker born every minute”..w/o looking @ wiki..who said it?
    and not W. C. Fields..

    P.T. Barnum said it..

  • Mike

    It’s called “layoffs”. With the price being manipulated, mining companies can not be profitable, no profit, no jobs. With no jobs comes less production. It’s simple, been doing it for 30 years.

  • Craig Escaped Detroit

    …and of course, since about 75 or 80% of all the silver is produced not from silver mines, but is the BY-product of Zinc, Lead, and other mining & refining, AND,,, since we know from the Baltic Dry Index (and Caterpillar machinery sales) all being DOWN so low, we know that WORLD WIDE commerce, manufacturing, demand and sales are DOWN.

    The DOWN economies don’t NEED copper, zinc, iron, lead, etc, so those mines are slowing down or stopping production, which reduces how much “by product-silver” happens to come out with the main meal.

    Perhaps the article headline should say “OFF-Peak Economy results in LESS silver”.

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