Bill Holter: 115 million ounces -- not even close to possible
By Bill Holter
Thursday, March 2, 2017
I thought I would put today in perspective for those throwing in the towel on gold and silver. Some 23,000 silver contracts were sold in just a few minutes this morning. This equates to 115 million ounces. For perspective, there are only two countries in the world that produce this much in one year, Mexico and Peru. China roughly produces 115 million ounces but the production is not normally sold onto world markets.
Looking at this from a "company" perspective, no single company even comes close to producing 115 million ounces. In fact, the three largest silver-producing companies in the world, Fresnillo, KGHM Polska, and Goldcorp, produce only about 125 million ounces combined over a year.
Because of these production numbers, today's action, selling 115 million ounces of silver, is an impossibility in any real world governed by any real rule of law. As I have said for years when these raids occur, no one has this much silver to sell, and no one would be stupid enough to sell in this fashion if they were trying to get the best price possible for themselves or their client.
What you witnessed today was an act of total desperation not to mention stupidity. "They" have absolutely tipped their hand and done something so obvious and egregious that they have probably ended their own game. You should understand one thing and one thing only from today: Buy as much physical silver as you can possibly afford and have it delivered out to you or a non-bank vault. ...
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