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<p>[QUOTE=&quot;09S-V.D.B, post: 194646, member: 4379&quot;]Taking industrial consumption into account, I believe the numbers are somewhat balanced, and that silver remains undervalued relative to gold. <a href="http://minerals.usgs.gov/ds/2005/140/silver.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://minerals.usgs.gov/ds/2005/140/silver.pdf" rel="nofollow">Here</a> is the USGS Silver Statistics 1900-2004 page; prior to 1939 apparent consumption is approximately 1/9 of total world production. After 1938, the apparent consumption jumps to approximately 1/3 of total world production. <a href="http://minerals.usgs.gov/ds/2005/140/gold.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://minerals.usgs.gov/ds/2005/140/gold.pdf" rel="nofollow">Here</a> is the USGS Gold Statistics 1900-2004 page; the apparent consumption for years 1900-2004 is approximately 1/9 of total world production. </p><p><br /></p><p>While both gold and silver consumed in industrial applications can be recycled, I don&#039;t believe that very much silver is actually recycled. I would imagine more gold is recycled than silver, although I don&#039;t have any hard stats.</p><p><br /></p><p>Only my $0.02,</p><p>09S[/QUOTE]</p><p><br /></p>

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