Where Did The Silver Energy
Something strange took place in the U.S. silver market last year. It seems as if the United States imported a record amount of silver in 2016 while its apparent consumption declined considerably. This does not make sense. It means a lot of silver has been acquired and stored, over and above the quantity needed by the U.S. market. According to the most recently released data in the USGS 2017 Silver Mineral Commodity Summary, U.S. silver imports reached an estimated record high of 6,300 metric tons (mt) in 2016:U.S. silver imports last year were 6% higher than 2015 and are 25% higher than the average for 2012-2014. This is quite interesting because apparent silver consumption declined considerably last year. The USGS calculated that apparent U.S. silver consumption decreased from 8,000 mt in 2015 to 7,230 mt in 2016. This is nearly a 800 mt decline in U.S. silver consumption. However, U.S. silver imports increased nearly 400 mt last even as consumption declined:Even though U.S. silver consumption are higher than imports, we must take into account domestic mine supply and recycling. Also, the USGS calculates "apparent" U.S. silver consumption by the following:
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