Where is the World’s Silver?

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With the price of gold hovering nearly 67 times the price of silver, a logical inference must be that silver is much more plentiful and easier to acquire than silver. On the contrary, the evidence proves the contrary. In fact, there is very little money to be found.

Known aboveground silver holdings in ounces

Silver ETF SLV 295.313.780

American eagles struck 240,418,077

COMEX warehouses 114,102,049

Private Bullion estimate (not eagles or maples) 120,000,000

Central Canada Fund 75209103

LBMA Estimated stocks 75,000,000

Canadian maples mashed 21,303,000

Silver ETF ZKB – SWITZERLAND 7,397,885

BMG Bullion Fund 5033609

Total 953 777 503

There is almost twice as much gold as silver in the form of premium bullion and coins, and that doesn't take into account that 52% of the world's gold is kept in jewelry. While there are 953 million ounces of aboveground silver, there is approximately 1,803 million ounces of aboveground gold in the form of bullion.

It is also important to note some structural differences in the holdings of gold and silver. About half of surface gold bars are held by governments. There are no known silver reserves held by governments. While governments have historically sold their gold to fund their budgets and keep the price of gold contained, there is no similar entity readily available that could sell silver bullion. Investors in precious metals often hold their precious metals for periods of time measured in years, decades and lifetimes. Most private investors will not sell their bullion for a gain of 10% or even 100%. Therefore, even though there are almost a billion ounces of silver, the question remains how much is actually on sale at prices close to current prices.

The implied dollar value of all silver bullion is minimal compared to gold or other assets. In fact, measured in monetary value, silver is 1 / 127th of gold. Many investment funds have more than the $ 16.88 billion silver market, but gold is more readily available for purchase in larger dollars. Money is perhaps one of the most overlooked and unloved possessions of this century. Perhaps the reason money is so cheap is ironically because it is too scarce to be invested by asset managers. Where is it?


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