co-o operations update - very good long term, page-17

hewjet,

That is the usual stock response we hear. But the reality is different.

Of the total ever mined ie c. 163,000t

28,688t (17.6%) is held by governments (allegedly!) and they are either holding or buying at the moment.

83,619t (51.3%) is in the form of jewelry (Indian, M.Eastern and Far Eastern Ladies who are not likely to make it available.

19,723t (12.1%) is fabricated and therefore only available as scrap at the end of life.

3,586t (2%) is unaccounted

The balance, 27,384t (16.8%) is privately held and therefore some of this must constitute the available pool of physical.

Of this, c. 1,300t sits in ETFs and is currently finding it's way East every day.

1,700t is allocated and not likely to be made available unless prices are much higher.

400t is in the COMEX pool.

3,000t is in coins

400t is in medals

500t is in numismatic collections

So not an awful lot left to play with!

Actual mine production is only around 7.4t per day
CPDLC