by Michael Allan McCrae
Silver demand is galloping far ahead of available supply, said Eric Sprott at a Casey Research summit early this year.
High demand at mints and newly created silver ETFs means that silver has to go up.
“We get roughly 700 million oz. from the mines and let’s say we get 200 million from recycling,” says Sprott.
“We can identify changes of 380 million oz. in a 900 million oz. market that have happened in the last five years.”
Sprott, who notes that the roughly half the silver produced each year goes to industrial uses, says that demand is going to “overwhelm” sellers sooner or later.
He notes that in the last year amount of dollars paid for gold at the mints is the same as the amount paid for silver.