I am talking about buyers who would buy silver in tons; not ounces. After two years of price manipulation, where are they? What's the motivation? We have heard that China/Russia been buying gold; nothing heard on significant silver buying though.
let's do some math. global annual silver production is about 820,000,000 ounces, of which 25% is for coins and bullion. this arrives at 210,000,000 ounces. pay attention this is worldwide scale. I am in US. assuming US consumes 10% of that figure, 21,000,000 ounces. If each silver stacker buy 1000 ounces per year, this need 21,000 of us. comparing to US population, 21k out of ~300million; we can conclude statistically, nobody gives a crap silver.
India has imported 5535 tonnes of silver so far this year, that's 178 million troy oz. There's your silver buyers. https://www.bullionstar.com/blog/koos-jansen/india-precious-metals-import-explodes-in-october/
Chipmunk, I am just trying to collect some thoughts on silver. As you can see, I have done my homework AND still confused.
If you can only afford to stack 100 oz per year, you better buy coins which have the most potential of price appreciation over years. Just my two ounces.
The US investor market is far higher than 21,000,000 ounces. We buy most of the ASEs and a tremendous amount of foreign government coins, rounds, etc. Not sure how useful the information is, but I would put the US market at 50 million or more ounces a year.
I agree with you on the 50mil figure. 50mil ounces is about 1560 tonnes, which is only a fraction of annual 25000 tonnes. So back to my question earlier, who the heck has been buying then? India is one for sure.