Silver Prices: Why a 42% Move in Silver Could Be Possible in 2016
1 Reason Why Silver Prices Outlook for 2016 Is Bullish
Silver prices remain suppressed for now, but don’t be shocked if 2016 is a big year for the gray precious metal.
One thing must be understood: the silver supply side is getting crushed.
Major Silver-Producing Countries Reporting Declines
Each day, we have more evidence that suggests silver production in different mining regions is plummeting. We also see silver producers are facing severe scrutiny and some are resorting to desperate measures, trying to change their business model and resorting to adding gold production to their business.
Take Chile, the fifth-largest silver-producing country in the world, for example. In the first 10 months of 2015, Chilean silver production amounted to 1.25 million kilograms. In the same period a year ago, this figure was 1.31 million kilograms. (Source: “Chilean Silver Production,” Chilean Copper Commission, last accessed December 29, 2015.) This represents a decline of 4.58% year-over-year.
Additionally, silver production in the U.S. is tumbling. Consider this: in the first 10 months of 2015, U.S. mines produced 903,000 kilograms of the precious metal. In the same period a year ago, silver mine production was 965,000 kilograms. (Source: “Mineral Industry Surveys,” U.S. Geological Survey, last accessed December 29, 2015.) This represents a decline of close to 6.5% year-over-year.
In Canada, there’s an outright collapse in silver production. In the first 10 months of 2015, production of the gray precious metal declined 22% compared to the same period a year ago. Mines in Canada produced 318,884 kilograms of silver from January to October of 2015; in the first 10 months of 2014, they produced 413,364 kilograms of silver. (Source: “Production of Canada’s Leading Minerals,” Natural Resources Canada, last accessed December 29, 2015.)
Mind you, the U.S. is the ninth biggest silver producer and Canada is the 13th.
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