UPDATE: New Silver Supply Is Drying Up Faster Than Death Valley

The annual data for silver supply is in, and it shows that the structural decline in new supply for the silver market has strengthened. It is not temporary, and can’t be easily resolved or reversed.

The main issue is the deterioration in mine production, although scrap sources are falling as well. This is important because much of the bullion you and I buy comes from newly-mined silver. Secondary sales (bullion products that have been previously bought and sold) will always have a place in the industry, but to be prepared for the kind of rush Mike Maloney sees ahead, mine production will need to be healthy and rising. It is neither of those things, as you’ll see.