Silver Usage in the United States

A lot of people request for evidence that such a great quantity of silver is now worn out. First think about what Reuter’s wire service declared in November of 2000.

This U.S. National Defense silver stockpile is now exhausted. The NDSC has agreed to give its leftover stockpile of silver, which is around 15 million ounces to the United States Mint for its coinage program. The end balance of silver is going to be transported to the mint in the open market in order to maintain the silver coin programs going on. 

It is a complete fact that the United States government had 375 million ounces of silver in 1970 and that it is now left without any silver. And the United States mint needs to buy silver in the open market so as to keep the silver programs going on.

Keep in mind that the price of silver had been until recent times at the lowest it has ever been and all the demand for silver was given by above group supply and government inventory included part of the supply. The United States Treasury once had more than two billion ounces of silver in 1959. However, now the United States government does not have any at all. 

There are some governments that do have silver and India and China are amongst those. China was in fact able to meet their needs for silver consumption until 2004 after which the China mining action fell short of the present demand.

The obtainable silver bullion supply is around 500 million ounces according to the most current Silver Survey that was from the CPM Group.

To sum this all up, it is possible to see that there is a chance that the quantity of silver that is accessible may possibly be in the range of 300 million ounces when taking into consideration that Silver ETF, NYMEX investors, and Investment Funds may perhaps own 200 million ounces of silver bullion.

The quantity of silver bullion at the present time is a piece of information that is tremendously optimistic, but is something that in general is not known about. There is in reality less silver bullion accessible for investment than there is gold. Knowing this fact should set of a light of any investor that is on the outlook into considering that having some silver should be considered being held as a share of precious metals.