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Greetings!
We at Seven Star Enterprises,
International advise clients on
gold and silver investments by providing
precise, factual analysis of the world monetary
system. SSEI maintains an A+
rating by the BBB for our professional
appraisals and grading. Please do not hesitate
to contact us regarding your purchase and
liquidation needs. From buying and selling
precious metals to starting up an IRA, we at
SSEI have the products and services you need to
help protect your assets!
Please enjoy
the latest news from the precious
metals market in this newsletter. We look
forward to hearing from you.
Sincerely,
Bruce Kalata,
CEO
Seven Star Enterprises,
International
612-331-8222
IT'S OFFICIAL; U.S. Silver
Production The Lowest In More Than 70
Years
With the latest release by the USGS,
silver production in the U.S. is now the lowest
in more than 70 years. We have to go all
the way back until the year after World War II
ended to see U.S. silver production less than it
was in 2018. While many reasons can be
attributed to the decline, the main factors are
falling ore grades and mine
economics.
Unfortunately, there just aren't too
many economic silver deposits in the United
States, especially with the high level of
environmental and governmental
regulations.
Regardless,
U.S. silver production declined by more than 100
metric tons last year, or 10% in 2018, mainly
due to the ongoing closure of the Lucky Friday
Mine in Idaho. The Lucky Friday Mine has
been shut down ever since the United
Steelworkers went on strike on March 13,
2017. However, the dropoff in silver mine
supply can't all be blamed on the Lucky Friday
Mine. Domestic silver production has been
trending lower for the past two
decades:
In 2000, the
U.S. produced 63.7 million oz (1,980 metric
tons) of silver compared to just 29.7 million oz
(923 metric tons) last year. Thus, U.S.
silver production has fallen by more than 50% in
less than two decades. Silver production
in the U.S. ramped up significantly during the
1990s due to the McCoy-Cove Silver Mine in
Nevada. At its peak, the McCoy-Cove Mine
supplied 20% of the total U.S. silver
production:
I don't have a chart of U.S. silver mine
supply over the past 100 years, but I checked
the USGS data, and in 1946, the country produced
only 713 metric tons (mt) of silver.
Interestingly, while silver production had
declined due to the war focusing its efforts on
other strategic metal mining (2,090 mt in 1941
to 903 mt by 1945), the significant drop off in
1946 was also due to mine strikes at base metal
mines and smelters. Because most of the
silver is a by-product of base metal mining, the
strikes had a profound impact on overall
production.
So, even though the shut-down of the Lucky
Friday Mine reduced U.S. silver production by
3-4 million oz, it doesn't account for the
additional 30 million oz lost since
2000.
At some
point, Americans will become aware of the
monetary properties of gold and silver.
However, when they finally do, domestic silver
mine supply will likely not be enough to satisfy
the demand.
SRSRocco
Report
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Offer
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Seven
Star Enterprises,
International
2780 Snelling Ave.
N
Suite
205
Roseville, MN
55113
Toll Free: 866.493.7827
Local: 612.331.8222
Just north of Rosedale
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