The Silver Trail

Kitco reports the silver market this year will remain in “substantial surplus”.

The editorial is quoted as saying:

Total silver supply reached 26,700 tonnes (858.0 million ounces) last year. This tonnage was up 2.4% from 2008 levels and it also constituted a record volume of silver supply. A further 2.5%-5% increase in total silver supplies is projected for 2010. The largest increase in total supply last year was from a 4% bump recorded by global silver mine production. Around 22,100 tonnes or 709.6 million ounces of silver were estimated to have been mined in the world in 2009.

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