Silver Deficit Shock Will Stun the World. Massively

SupplyMine production ( new record, growing for 13 years)Net government sales ( averaged some 7% of mine output in decade to 2011, but China, India and Russia now stopped)Scrap from silverware & industry ( peaked with prices in 2011; lowest in at least 10 years in 2014)Net hedging supply ( forward sales by miners to lock in prices now tiny after going negative during boom and bust)DemandJewelry ( steadily growing)Coins & bars ( four times the weight of a decade ago)Silverware ( recovering but lower from 2006)Industrial fabrication ( trending lower), led by:- electricals & electronics ( growing slowly)- brazing alloys & solders ( ditto)- photography ( not quite dead yet)- photovoltaic ( surging again on fresh solar-energy subsidies and investment)Plus the net change in exchange-traded investing trust funds (ETFs) and in reported inventories for futures exchanges such as the CME and SHFE.