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Ted Butler: Goofy conclusions from the Silver Institute
By Ted Butler
SiverSeek.com
Friday, April 21, 2023
Hot off the press is this week's just-released world annual silver survey from the Silver Institute. As previewed a couple of months back, the institute is reporting flat total supply (mining plus recycling) and sharply increased demand growth of 18% or 186 million ounces, resulting in the highest silver deficit in modern times of 237 million ounces.
... Dispatch continues below ...
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The survey --
https://www.silverinstitute.org/wp-content/uploads/2023/04/World-Silver-Survey-2023.pdf
--
goes on to (try to) explain that despite the axiom of the law of supply and demand that more demand than supply (by a large margin) must result in higher prices, silver prices were lower on average over 2022 than the year before.
The Silver Institute's (Metals Focus') pithy explanation for something that should be impossible under the free law of supply and demand -- namely, prices moving lower when demand is greater than supply -- was "institutional activity" in silver.
Isn't that just marvelous? I suppose "institutional activity" sounds a lot more dignified and proper than blatant price manipulation. ...
... For the remainder of the analysis:
https://silverseek.com/article/goofy-conclusions-silver-institute
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