Silver supply/demand historical and current

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Wed, Jan 20, 2016 - 2:06pm
silverwood
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More 2015 silver production results

New Gold(NGD) Exceeds Guidance With Record 2015 Gold Production - See more at: https://www.newgold.com/investors 

Record 2015 full-year gold production of 435,718 ounces

Silver production of 1.9 million ounces for 2015... silver to gold production ratio 4.36/1

2014 silver production 1,416,700... so an increase in 2015 of 455,230 oz silver up 32.13% for 2015!

Thu, Jan 21, 2016 - 1:38pm
silverwood
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Coeur CEO Comments on Silver Price

https://www.kitco.com/news/video/show/Kitco-News/1155/2016-01-20/Coeur-C...

Couer mining (CDE)

The company released 2015 production results earlier this month, which showed that Coeur produced 15.9 million ounces of silver and 327,908 gold ounces. silver/gold production ratio of 48.5/1

Full-year 2014 production was 17.2 million silver ounces. Silver production decreased 1.1 million oz in 2015 down 6.3%

Thu, Jan 21, 2016 - 2:12pm
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Fresnillo 2015 silver production

Fresnillo (FRES.lse) (FNLPF) is the 1st or 2nd largest producer of silver.

Full year 2015 silver production (including Silverstream) of 47.0 moz, up 4.4% vs. 2014 of 45.0 moz. a 2.0 moz increase!

Thu, Jan 21, 2016 - 2:23pm
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Polymetal International

Polymetal International plc (LSE, MOEX: POLY; ADR: AUCOY)

silver production in 2015 was 32.1 Moz, an increase of 12% compared to 2014. Gold production was 861 Koz, down 9% year-on-year. silver/gold production ratio of 37.28/1

28.7 moz of silver was produced in 2014. 2015 saw an increase in silver production of 3.4 moz!

Thu, Jan 21, 2016 - 2:45pm
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Hochschild mining 2015 silver production results

Hochschild Mining (HOC.lse)

 2015 production results 14.8 million ounces of silver and 166.0 thousand ounces of gold 89.15/1 production ratio

 16.2 million ounces of silver was produced in 2014, so 2015 saw a decrease of 1.4 million ounces of silver down 8.6%

Sat, Jan 23, 2016 - 4:54pm
silverwood
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Silver’s Industrial Demand: The Best Is Yet to Come

Silver’s Industrial Demand: The Best Is Yet to Come

RYAN JORDAN 

In recent years, the rise of the silver price has come almost exclusively from investment, or monetary demand (an important reminder for anyone who claims silver isn’t money, by the way.) But there have been periods of time when silver’s industrial demand drove the price of the white metal higher. In the period between roughly 1900 and 1970, industrial demand for silver increased over 4 times- from 100 million to 400 million ounces. The industrial revolution in silver was due largely to the urbanization and technological revolutions taking place in twentieth century life. Whether we are talking about indoor plumbing, electricity, cars, or aerospace technology, silver proved to be an indispensable metal. One of the largest industrial uses for silver came from photography, invented by Frenchmen Nicephore Niecpe in 1822, and made more popular by Daguerre in the 1840s. By the twentieth century millions of ounces of silver were needed just for photography. But in terms of silver demand, this was just the tip of the iceberg.

Still, at some point around 1970, the industrial demand for silver stopped increasing (for a time it actually decreased.) Over the next several decades, industrial demand increases have been far smaller, after having reached the 400 million ounce level in 1970. During the last four years, industrial demand (including photography) has been around 550-700 million ounces annually. So you can see that the growth in industrial demand has slowed significantly over the last 40 years. But many in the silver industry think this could change, and that industrial silver demand could begin to move toward 800 million ounces a year, or even higher.

The reasons for this growth should not be hard to understand: silver is in many ways a more versatile industrial metal than copper. James Blanchard was fond of pointing out how the average American used several items with silver in it even before he or she left for work in the morning: silver is in your alarm clock, wall switch, wristwatch, bathroom mirror,computer, cellphone, I-Pad, the plumbing in your bathroom or kitchen, your microwave, water purifier, dishwasher, and, especially if you wear polyester, it is used to make many forms of clothing.

Silver is used in computers and cell phones. Batteries need silver for their cathode or negative side. Silver oxide cells are used in cameras, toys, hearing aids, calculators, and even though they are expensive, silver oxide cells are seen as a more environmentally friendly version of the lithium-ion batteries used in everything from consumer electronics to electric cars. Silver electroplated steel ball bearings are used in jet engines, because the silver provides superior performance and lubrication in the event of an engine shutdown. Membrane switches, which require only a light touch, use silver, and these switches are now part of televisions, telephones, microwave ovens, and computer keyboards. Silver is used to coat CDs and DVDs because the white metal is resistant to pitting and tarnish. Silver is also useful in brazing and soldering- meaning in the joining together of materials, producing leak tight and corrosion resistant joints. Silver tin solders are used to bond copper pipes and faucets. Refrigerators also rely upon silver soldering and government regulations are mandating greater use of silver soldering, due to concerns regarding the toxicity of customary tin/lead solders.

Although the vast majority of wiring uses copper, this is only because copper is so much cheaper than silver per ounce. Silver is an amazing conductor of electricity at practically any temperature, and it is possible that silver wiring may gain attention in the future. In the United States, HTS wiring carries over 140 times as much current as copper, and it is believed that this wiring is far better at preventing power surges or other inefficiencies which can lead to transmission losses within our power grid. HTS transformers are more environmentally friendly and don’t use as much oil as their counterparts. Understand that HTS wiring is by no means prevalent, and may not be for a long time. But it is also important to note that as science and technology evolve, and as more and more countries move toward green technology, silver can play an even more important industrial role than at present.

Silver is also a useful catalyst, especially in the creation of ethylene oxide and formaldehyde, both of which are essential chemicals for plastics, polyester clothing, adhesives, resins, scratch resistant coatings, and antifreeze coolant for automobiles and other vehicles. Because silver interrupts a bacteria cells ability to form chemical bonds needed to survive, silver is an excellent anti-bacterial agent. For this reason, silver is useful in hospitals trying to find equipment that can kill the MRSA (Methicillin-resistant Staphylococcus aureus) “superbug.” Silver is also used in burn ointments. Increased demand for silver as a medical-metal, or as a sanitizer can come from very high end uses. For example, it is now possible to embed silver in countertops, and possible to put it in clothing, even underwear (in addition to silver’s uses in the production of other fibers). For a long time, the Indian sari contained some silver in it- this attests to the age-old desire for the white metal as a defense against disease.In addition to jewelry and silverware, silver can be used in horse saddles, or other equestrian equipment, and is also present in many musical instruments, ranging from bells to flutes.

But even in a severe recession, silver demand can move higher because there are so many non-luxury goods and gadgets that need silver now, or will need it in the future. For example, David Morgan has simply looked at applications for silver relating to food, water, and energy. These are the three things people need the most, and they are three areas that will likely need a lot more silver regardless of prevailing economic conditions. These three areas will also contribute to increased silver demand in ways that cannot be easily recovered (at least for now.) Most people understand that many governments are pushing solar energy as an alternative to present energy sources. But solar energy uses silver, especially because silver paste is used in 90 percent of all crystalline silicon photovoltaic cells. If you live in the American Southwest, you have seen the growth in solar technology in order to help get homes and businesses off the power grid. Silver coated mirrors are also used to create scalding hot water, which then becomes steam and is used to run electric generators. From these kinds of uses for silver, experts predict the possibility of an additional 80 to 100 million ounces of silver demand per year. As of this writing, much of this silver is unrecoverable, meaning that it will likely be consumed.

Another area of strong demand will come from newer water purification systems that are employing silver instead of more toxic chemicals such as chlorine and bromine. In pools and spas silver ion canisters can spread a biocide blanket easily to ward off disease. Silver is also used in personal water purification tubes. David Morgan is also impressed with the possible uses of silver in food processing- particularly in packaging. With nanotechnology, you can impregnate silver into plastic sheets as a way of keeping bacteria out. Silver for RFID tags (a scanning device used to replace bar codes) will be needed to put these tags in cars, bank debit cards, or casino chips, and could also push industrial demand dramatically higher.

Because of all of these new industrial uses for silver, some experts believe that silver will be moving back into a deficit situation, meaning that more above ground stockpiles will have to be consumed to meet demand and the above ground stock of silver will once again decline. Put another way, there are several possible reasons- in addition to investment demand- that could allow for silver prices to explode. It is true that jewelry scrapping could increase to fill the deficit, and that jewelry demand could decline. It is also possible that recycling could eventually increase. But these factors may not yield any more than 100-200 million ounces of silver in a given year- or 5 or 10 billion dollars at 2011 prices. And investors may very well stand in to make up the difference, since silver is still so much cheaper than gold, therefore eliminating the benefits to supply from declining jewelry production and increased recycling. Silver bulls like Morgan, as well as Izzy Friedman and Ted Butler wonder if there might not be a moment when silver industrial users hit the panic button and drive silver dramatically higher, as they try to get their hands on an asset that is also sought after as an investment hedge by millions of retail investors. This industrial panic could far exceed the one for palladium in 2000. In that year, Ford Motor Company feared a shortage and bought large amounts of palladium in response to disruptions coming out of Russia, one of the world’s largest palladium producers. The price of palladium skyrocketed to nearly 1100 dollars an ounce, or over 3 times the price of just 18 months earlier. And this occurred to a metal that had limited investor interest: it was all about the industrial users getting scared and scrambling to buy whatever they could. Silver, which is more versatile and cheaper than palladium– and which has a history of being a monetary metal– could see a much larger price spike due to its industrial and monetary or investment uses.

If the global economy is in fact in recovery, given that there are hundreds of millions of people who would likely want some or all of the technologies mentioned above, you would think that silver's industrial demand will begin to move higher. It may take a while, but with silver ore grades continuing to decline and with declining mining stock prices perhaps signalling a permanent downshift in mine production, it may just be that silver's industrial uses may receive more attention in the years ahead.

Sat, Jan 23, 2016 - 8:19pm (Reply to #207)
Wy So Lo
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Great article.

Because of all of these new industrial uses for silver, some experts believe that silver will be moving back into a deficit situation, meaning that more above ground stockpiles will have to be consumed to meet demand and the above ground stock of silver will once again decline.

Above comment is not quite accurate according to many analysts like SRSROCCO. we have been in supply deficit for 10 years .

Sun, Jan 24, 2016 - 7:30pm
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Lundin Mining Corporation

 Lundin Mining TSX. LUN, OMX. LUMI

​This is confusing, looking at their annual reports in 2013 no silver was produced at their Candelaria, Neves-Corvo, Zinkgruvan mines. Then in 2014 only Candelaria produced 317,996 oz silver. In 2015 Candelaria produced 1,874,000 oz silver, Neves-Corvo produced 1,329,000 oz silver and Zinkgruvan produced 2,542,000 oz silver for total 2015 silver production of 5,745,000 oz silver. Does anyone have an explaination for this?

I want to extend to my viewers of this thread to please post any silver production of miners they may be following and that I have not listed. Please list their 2015 total silver production and compare it to their 2014 production. I don't know anywhere on the web where this information is being published. Why this is important? IMO, one of the most important pieces of information in determining how long the game can be played in silver, which is what I have been focusing on is supply coming to market. Until we can see the supply in a clearly defined downtrend then this price supression game will continue.

Sun, Jan 24, 2016 - 8:07pm (Reply to #209)
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silverwood

silverwood wrote:

 Lundin Mining TSX. LUN, OMX. LUMI

​This is confusing, looking at their annual reports in 2013 no silver was produced at their Candelaria, Neves-Corvo, Zinkgruvan mines. Then in 2014 only Candelaria produced 317,996 oz silver. In 2015 Candelaria produced 1,874,000 oz silver, Neves-Corvo produced 1,329,000 oz silver and Zinkgruvan produced 2,542,000 oz silver for total 2015 silver production of 5,745,000 oz silver. Does anyone have an explaination for this?

I want to extend to my viewers of this thread to please post any silver production of miners they may be following and that I have not listed. Please list their 2015 total silver production and compare it to their 2014 production. I don't know anywhere on the web where this information is being published. Why this is important? IMO, one of the most important pieces of information in determining how long the game can be played in silver, which is what I have been focusing on is supply coming to market. Until we can see the supply in a clearly defined downtrend then this price supression game will continue.

Steve at SRSROCCO might be the man to ask if he doesn't know i don't know who would. 

I would say that your search for information on supply is key to predicting the breaking free of the downtrend is correct. As i have stated before, i have a feeling that silver will be the undoing of all the fraud and manipulation in the markets and financials. My theory is based more around demand than supply and going on that visual chart posted here and on ZH, silver is any billionaire's low risk trade, just corner the physical market. Gold will follow silver and set the potential ceiling in price. Once the manic public get on board any number is a reasonable price for silver.

Sun, Jan 24, 2016 - 9:08pm
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Silver Standard Resources

Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO)

In 2015, the Pirquitas mine produced a record 10.339 million ounces of silver, significantly higher than the 8.733 million ounces produced in 2014 up 18.4%! They also produced 206,338 oz gold for 2015 for a silver/gold production ratio of 50.1/1 

Sun, Jan 24, 2016 - 9:55pm
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More 2015 silver production results

Endeavour Silver (EXK)(EDR.to) Produces 7.178,666 Million oz Silver and 60,000 oz Gold in 2015 s/g ratio of 120/1. Silver production for 2014 of 7,212,074 was flat yoy.

Great Panther Silver (GPL) (GPR.to) Silver ounce production for 2015 was 2,386,028 oz up vs. 2014 silver production of 1,906,645 oz up 25% Gold production for 2015 was 27,140 oz for s/g ratio of 87.91

Sun, Jan 24, 2016 - 11:51pm
Wy So Lo
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Great digging Silverwood

Thanks

Mon, Jan 25, 2016 - 1:59am
silverwood
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2015 silver production results continues

Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) 2015 794,289 oz silver produced vs. 1,200,000 oz produced in 2014. Down 405,711 oz or 33.8%

Avino Silver (ASM) 1,625,285 oz silver produced in 2015 vs. 969,524 oz for 2014 up 655,761 or 67.6% Avino also produced 7083 oz gold in 2015 for s/g ratio of 229.4/1

Mcewen Mining (MUX)(MUX.to) produced 3,285,751 oz silver for 2015 vs. 3,195,693 oz silver for 2014 up slightly. 

Mon, Jan 25, 2016 - 2:57pm
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TAHOE REPORTS RECORD 2015 GOLD & SILVER PRODUCTION

Tahoe Resources (TAHO)(THO.to)

2015 Mine Production
The Escobal mine concluded its second year of commercial operations with record production in 2015 of 20.4 million ounces (moz) of silver contained in concentrates, within Company guidance of 18 to 21 moz of silver. The La Arena mine achieved record gold production of 230,436 gold ounces for 2015. Metals production at both the Escobal mine in Guatemala and the La Arena mine in Peru came in at the high end of guidance.

Silver production for 2014 was 20.3 moz vs 2015 of 20.4moz basically flat yoy. s/g ratio for 2015 was 88.5/1

Mon, Jan 25, 2016 - 8:50pm
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More silver news from roccorep

https://srsroccoreport.com/the-coming-perfect-storm-in-silver/ Couple more i havent seen should be good.

Tue, Jan 26, 2016 - 2:32pm
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FREEPORT-McMoRan INC. (FCX)

FREEPORT-McMoRan INC. is gold and copper producer and has operation all over the world. After looking at the 2015 report and speaking with investor relations the best I can come up with for their silver production are the following numbers. They don't provide in any one place a total amount of silver produced by "the company". Instead they break down their production totals by areas of the globe, that is North America , South America, Indonesia and Africa. Only South America and Indonesia provide actual amounts of silver produces in ounces. The other areas just mention silver as by-product credit. So with that said here are my results; For 2015 FCX produced 4.1 million oz silver and for 2014 they produce 5.1 million oz silver a decrease of 1 moz. or 19.6%

Tue, Jan 26, 2016 - 10:32pm
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Silverwood

This forum has had 19000+ views and demonstrates an interest that is not displayed by the comments section. Ultimately your work here is valued and appreciated so keep up the work if you are able.

Thu, Jan 28, 2016 - 2:21pm
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2016 Silver Market Trends

Silver News, Press Releases & Events

https://www.silverinstitute.org/site/2016/01/28/2016-silver-market-trends/

2016 Silver Market Trends

(Washington D.C. – January 28, 2016) Silver is prized primarily for its dual role as a monetary asset as well as an important industrial metal utilized in a wide-range of existing and growing applications. Factors driving the silver market include supply and demand fundamentals, global economic performance, geopolitical issues, interest rates, currency fluctuations and investor sentiment, among others. Against this backdrop, the Silver Institute offers the following thoughts on this year’s silver market trends.

Silver Demand

Silver industrial demand, the largest component of total silver offtake, is set to increase its share of total demand in 2016. Silver is incorporated into a variety of industrial applications and is generally price-insensitive given the small quantities that are used in some applications and its critical contribution to these applications’ functionality. In 2015, industrial fabrication demand accounted for an estimated 54 percent of total physical silver demand.

Silver’s use in photovoltaics for solar energy is projected to rise in 2016 and surpass the previous peak of 75.8 Moz (million ounces) set in 2011, as global solar panel installations are expected to grow at a high single-digit pace. Moreover, silver’s use in this application may account for more than 13 percent of total silver industrial demand in 2016, up from 1.4 percent a decade ago.

Silver demand from ethylene oxide (EO) producers is expected to jump to over 10 Moz this year, a more than 25 percent increase over 2015. Ethylene oxide is critical in the production of plastics, solvents and detergents. This growth comes off a very robust 2015, when demand grew by well over 40 percent. The bulk of demand is expected to continue to come from new EO plants and expansions at existing ones located in China. China is expected to account for an estimated 80 percent of silver requirements for new EO capacity in 2016.

Jewelry fabrication is expected to increase by 5 percent in 2016, in contrast to a modest contraction last year. While the market will likely see a decline in Chinese silver jewelry demand, which accounted for around 16 percent of the 2015 total for silver jewelry fabrication, growth in other countries should more than offset China’s slippage in demand.

Coin demand is expected to be robust once again in 2016, following a record 130 Moz of demand last year. Demand will remain elevated this year as investors take advantage of relatively lower metal prices in the first few months of the year. Increased interest in safe haven assets, as already seen in the first few weeks of the year, will also be positive for physical silver investment demand. In 2015, coin demand made up an estimated 12 percent of total physical demand.

Silver exchange-traded-funds (ETF) holdings fell by 2.8 percent by the end of 2015 compared to year-end 2014. Notably, the decline in silver ETF holdings was smaller against gold’s 8 percent contraction. Silver ETF holdings should continue to remain in stickier hands than those of gold’s investors, partly a reflection that silver ETF holdings have a larger proportion of retail investors.

Indian silver demand in 2016 is expected to grow on the back of increased investor interest and growth in jewelry, decorative items and silverware fabrication. India, long a mainstay of global silver demand, imported a record high 228 Moz of silver bullion in 2015. Imports rose largely due to a decrease in scrap flows, necessitating new supply to meet annual fabrication requirements, a trend projected to continue.

Silver Supply

Global mine supply production is projected to fall in 2016 by as much as 5 percent year-on-year. This would represent the first reduction to global silver mine production since 2002. The lower price environment provided little incentive for producers to invest in expanding capacity at existing operations. Looking further ahead, many analysts expect global silver mine production to fall through 2019 as primary silver production from more mature operations begins to drop.

Scrap supply, which has been on the decline for several years, should further weaken in 2016. This outlook is based on additional losses in photographic scrap, a depleted pool of near-market silverware, jewelry and coins, and slowed scrap flows from industrial sources. Industrial scrap such as electronics cost more to recycle and the current price environment has weighed on the profitability of recovering silver from these end-of-life items.

Silver Market Deficit

The silver market deficit (total supply less total demand) is expected to widen in 2016, drawing down on above-ground stocks. The larger deficit is expected to be driven by a contraction in supply.

Silver Price

The silver price is expected to find solid ground this year. As of January 26th, silver prices are up 3.7 percent from the end of last year. This price appreciation is on the back of increased safe haven demand amid volatile and weakening equity markets across the globe.

Sat, Jan 30, 2016 - 2:48pm
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An excellent interview with Turd and David Morgan

https://www.youtube.com/watch?v=TuHeM56FhHo#t=1017 Some questions which came to me during this interview were; So I have been hearing from various sources one of which is David that silver eagles are being bought by some “big entity” in a greater % than “we the stackers”. So my question is why silver eagles? Is the intent of this entity nefarious? Does this entity believe that some day silver eagles will become money again in the way Ron Paul was asking Ben Bernanke to allow?

Mon, Feb 1, 2016 - 9:23pm
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Willem

https://youtu.be/WmuiAY2WiIU Great but long, goes into supply demand issues at about 40 min