Silver Prices: 1 Factor Could Be a Game-Changer for the Silver Market
Fundamentals suggest silver prices could skyrocket. Don’t buy into the rhetoric suggesting the gray precious metal isn’t worth it.
It is truly understandable what the mainstream is trying to say; the global economy is struggling and silver is an industrial metal. This means less demand and as a result, they are selling the precious metal. Sadly, in the midst of this, demand from investors continues to be ignored. It’s soaring.
Understand this: investors could impact the silver market in a big way and send silver prices skyrocketing in very little time.
Don’t believe it? Then look at the evidence yourself. Despite silver prices remaining subdued, investors are rushing to buy at an astonishing pace.
In the first two months of 2016, U.S. Mint sold 10.73 million ounces of silver in American Eagle coins. In the same period a year ago, it sold 8.55 million ounces of silver in American Eagle coins. (Source: U.S. Mint, last accessed March 14, 2016.) In simple words, investor demand for silver at the U.S. Mint is running 25% higher than in the previous year!
Here’s what you have to keep in mind: 2015 was a record year of silver sales at the U.S. Mint—it sold 47 million ounces of silver then. At the current pace, with selling 10 million ounces of silver sold in the first two months, it’s on pace to sell 60 million ounces in 2016.
Don’t for a second think that the U.S. Mint is the only one reporting stellar silver demand figures. We see this phenomenon prevailing across the globe.
Consider the Perth Mint—the biggest mint in Australia and a reputable one in the global economy. In the first two months of 2016, it sold 2.52 million ounces of silver. In the same period a year ago, this figure was only 978,076.
In 2015, the Perth Mint sold 11.59 million ounces of silver—53.2% higher than 2014.
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