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Why Silver Prices Are Poised To Skyrocket?!
The price of silver has risen some as of recently, but could this be just the beginning?
With the old adage of supply and demand, the price of silver just might take off like a missile out of a silo?
Mine productions are down, and more and more people are wanting in silver, as the US mint has been selling silver eagles at an incredible pace also.
From Profitconfidential: Precious Metals: 1 Big Reason Why Silver Prices Are Poised to Skyrocket
Bright Outlook for Silver Prices
If you watch silver prices closely, you must pay attention to the investment demand for the precious metal as well. It suggests the price of silver could skyrocket.
You see, silver has industrial demand as well. With the global economy in trouble—just look at eurozone, China, and other emerging economies—the gray precious metal is being ignored.
If you pay close attention, you will notice that the demand for the precious metal, in physical form, is increasing. What’s even more interesting is that the supply side for silver continues to get crushed.
Investor Demand for Silver Surging
I closely follow silver sales at major mints across the globe and they say investors just want the metal at any cost. Silver sales at the mints are surging.
For instance, the U.S. Mint has already sold eight million ounces of silver in American Eagle coins year-to-date as of February 16. With this figure, the U.S. Mint is on track to report another year of record silver sales! (Source: “Bullion Sales/Mintage Figures,” United States Mint, last accessed February 16, 2016.)
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The Perth Mint is showing stellar silver sales as well. In January, the Perth Mint, which is one of the biggest mints in the world, reported its silver sales jumped 151.5% from the same period a year ago. It sold 1.47 million ounces of silver. (Source: “Perth Mint Gold and Silver Sales Surge in January,” CoinNews.Net, February 11, 2016.)
At the Royal Canadian Mint, in the third quarter of fiscal year 2015, silver sales increased by 75.9%, hitting 9.5 million ounces of silver sold. In the same period a year ago, silver sales came in at just 5.4 million ounces. (Source: “Third Quarter Report Fiscal 2015,” The Royal Canadian Mint, last accessed February 16, 2016.)
No matter how you look at these numbers, they are astonishing sales figures. And don’t forget that this is all happening while silver prices are down. More Here
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