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Silver Prices: Industry Expert Says Silver Prices Could Hit $100

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Don’t roll on the floor laughing; you could see silver prices reach $100.00 and above.

The projection was made by an outspoken leader in the precious metals mining industry in an audiotaped interview posted on the Money Metals Exchangepodcasts page.

“I know that at $14.00 or $15.00 silver, that sounds stupid and it’s probably hilarious to many people, but that’s where I think it’s going,” Keith Neumeyer, the founder and CEO of First Majestic Silver Corp. (TSE:FR) told his host Mike Gleason. (“Top Silver Mining CEO: Don’t Laugh, We Could See $100+ Silver,” Money Metals Exchange web site, February 5, 2016.)

March silver settled at $15.282 on the Comex in New York on Wednesday.

Neumeyer said he believes silver is “way” more rare than many do, adding that the ratio between how many ounces of silver there are in Earth’s crust compared to gold has changed over the past 500 years.

The Vancouver executive noted that five centuries ago, people thought the ratio was 16 ounces of silver to one ounce of gold, because that was the answer Sir Isaac Newton gave King Edward when he was creating the pound sterling.

“So that was kind of the number that has been floating around the planet ever since, and it’s been gospel,” he said. (Source: Ibid.)

Now, the silver-to-gold ratio is closer to 10 to one. Still, silver consumption is increasing every single year. The aboveground supplies of the metal in the 1980s were about five billion ounces; now, it’s just a billion ounces of silver that’s accountable.

That means people have consumed four billion ounces of silver in the last 30 years.

“It’s not coming back. It’s not in recycling. It’s in waste dumps, it’s in the ocean, it’s in stuff that will never be seen,” he said.

At that rate—and as the consumption is increasing—even if production stays flat, which it doesn’t look like it will, that deficit between mine supply of about 800,000 million ounces and middle consumption of 1.1 billion ounces is eating away at all of this aboveground supply, Neumeyer explains.

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    • Giuseppe

      I love hoarding silver however…. When it hits 100 per oz how much will milk be at that point of time?

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