What is really odd is that the world has seven times as much refined gold as silver, yet silver is still cheap compared to gold and the silver supply is dwindling because of modern industry in electronics, switches, photographs, wires and jewelry. Most silver used is not economically recoverable.
Thank you.
2007-03-08 01:30:25 · 8 answers · asked by The Truth 2.0 5 in Business & Finance ➔ Investing
Thank you so much for telling me this I was going to invest in silver
2007-03-08 01:53:23 · update #1
I FOUND THIS INFORMATION ON THE INTERNET!!!!!!!!!!!!!!!!!!!
THIS IS WHY IM ASKING!
2007-03-08 02:05:06 · update #2
HAHA you egghead maybe you wrote it?
2007-03-08 02:08:07 · update #3
Ok then no need to bash me.
I WILL INVEST IN GOLD THANK YOU AGAIN.
2007-03-08 02:09:49 · update #4
I believe your information is incorrect. The world supply of silver is about 10x the world supply of gold.
In 2005 world supply of silver was 641.6 million ounces from mining. 222.8 million ounces from available stocks.
http://www.silverinstitute.org/supply/index.php
It is estimated that a total of 43 billion ounces have been mined.
It is estimated that a total of 4.3 billion ounces of gold have been mined.
New annual gold production is around 80 million ounces. Actually somewhat more than 10% of the silver production.
http://www.gold-eagle.com/editorials_05/zurbuchen011506.html
2007-03-08 02:06:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, I don't believe it, I think it's a complete crock made up out of a whole cloth by some silver investor. The very same story came out about 30 years ago when someone whose name I forget now tried to corner the silver market, but failed miserably. I think he was a millionaire before he tried to corner the silver market and ended up bankrupt with the biggest margin call in history. When the story was touted the 30 years ago, the price of silver skyrocked to $75 an ounce only to plunge to $3 an ounce in about 2 days. If I also remember correctly some of the people who touted silver wound up in club Fed. Does someone remember the name of the person who tried to corner the silver market?
2007-03-08 01:50:38 · answer #2 · answered by Anonymous · 1⤊ 0⤋
That seven times figure is entirely bogus.
It counts gold jewelery as part of the gold supply.
But silver jewelery? That isn't considered part of the silver supply.
2007-03-08 01:43:41 · answer #3 · answered by Vegan 7 · 0⤊ 0⤋
According to the USGS, 193,000 metric tons of gold has been mined.
1,740,000 metric tons of silver has been mined, again the USGS.
I would love to know where this question's poster got his/her facts as what is stated is sooo wrong its not funny. Next time, try doing the simplest amount of research before posting...incompetence is never a good thing to share with the world.
Links below to the USGS numbers I cite.
2007-03-08 01:58:32 · answer #4 · answered by jw 4 · 1⤊ 1⤋
Your facts are totally incorrect, Gold is a fairly rare metal, silver is quite common.
2007-03-08 01:34:50 · answer #5 · answered by David H 6 · 1⤊ 2⤋
metal prices are dictated by futures markets people are reverting to hold gold troy ounces rather than dollar as reserves for currency as there is huge demand now for gold the price is rocketing and still will you will see it break 1000 mark great mid term investment if you have so cash knocking around will more than double your money
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2007-03-08 01:41:25 · answer #6 · answered by ch b 1 · 0⤊ 3⤋
I'll tell you.
People like gold mo' betta!
What about demand? There may be 7 times more, but maybe the demand is 12 times higher, eh?
2007-03-08 01:32:35 · answer #7 · answered by Anonymous · 0⤊ 3⤋
Because silver is less in demand.
2007-03-08 01:40:23 · answer #8 · answered by Anonymous · 0⤊ 3⤋