On July 7th the United States Mint suspended American Silver Eagle sales, again. And this time, sales of the popular PHYSICAL precious metal coin won’t resume until at least mid-August. And as the price of silver remains well below the cost of production for most of the world’s primary silver miners, according to precious metals analyst Andy Hoffman, “We continue to see record worldwide demand and record low inventories.”
In this important interview, Max Porterfield, the CEO and President of Callinex Mines discusses the REALITY of the shortages of PHYSICAL precious AND base metals which is rapidly developing.
Not mincing words, Porterfield freely address the elephant in the room that has been actively contributing to the destruction of the health of the mining sector for years: Wall Street paper manipulation of the precious metals.
Porterfiled says, “You’ve got to ask yourself how is it legal that JP Morgan is solely responsible for 96% of all commodity derivatives, while Citigroup is single-handedly responsible for 70% of ALL precious metals derivatives?”
Meanwhile, last week the bottom fell out of copper pushing the price of that important base metal down to a level not seen in 15 years. The danger with plummeting base metals prices is clear, fewer profitable BASE METAL mining companies will equate to lower overall base metals production, and more shortages. And as it pertains to the already tight PHYSICAL silver market in which most silver is a by-product of base metals mining, we can only expect far less PHYSICAL silver production in a market where demand is already outstripping supply by at least 200 million ounces per year.
As India alone is on track to import 33% of ALL physical silver on earth in 2015 alone, it’s clear that a perfect storm is shaping up… for the ultimate PHYSICAL metals shortage.
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