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<p>[QUOTE=&quot;InfleXion, post: 1712107, member: 29012&quot;]You may have also noticed that the scrap is always the precise amount required so that total supply = total demand. Scrap has to be bought on the open market to meet demand because mining supply is insufficient. Supply from scrap increased because if it didn&#039;t then demand would have exceeded supply.</p><p><br /></p><p>It doesn&#039;t matter that industrial demand is going down (7% over 3 years) because each year more and more existing scrap is required to meet demand (the need for scrap inventory increased by 21% over that same 3 years) highlighting the growing discrepancy with mining supply being unable to meet total demand. That is the fundamental trend until it isn&#039;t.</p><p><br /></p><p>As such, that 11.5% cannot be incorporated in with a growing supply. It actually showcases a growing demand that is outpacing any loss in industrial demand.</p><p><br /></p><p>It&#039;s also noteworthy that the government net sales have all but stalled. They don&#039;t have any silver stockpile left.</p><p><br /></p><p>Not only is demand exceeding mining supply more and more each year, but overall supply is becoming increasingly dependent on the willingness of physical holders to part with their metal.[/QUOTE]</p><p><br /></p>

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