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Gold/Mining/Energy : ZINC The base metal. News and Views. Symbol Zn
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To: loantech who wrote (3155)11/13/2008 8:56:34 AM
From: Jirobe  Read Replies (1) of 3270
 
Yes I think these mine closures are very bullish for silver.

Here is what Ted Butler said about silver on October 25th.

Now the prices for the first time in our lifetimes have suddenly and sharply dropped for reasons related to the macroeconomic picture and credit picture; prices have plummeted sharply in all industrial metals to below the cost of production and we are going to see impacts in production of copper and lead and zinc, and also in silver as a byproduct. And this is something that we've never seen before. This is something that’s always been theoretical. So if you look at the production profile of silver, where it comes from, of the 670 million ounces that were mined, according to the Silver Institute and Gold Fields Mineral Services, in 2007, of the 670, 60 percent of it or 400 million ounces of the 670 million ounces come as a result of byproduct production from lead and zinc mines and copper mines. They also get another 10 percent or 65 million ounces comes from gold mining. Well, you could easily take out conservatively 25 percent, okay, of copper and zinc and lead production in a very severe – which appears that we're in – economic slowdown; that would result in more than 100 million ounces being whacked off the byproduct production of silver.
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