Hi v

re. "Industrial use of silver has been relatively stable; however it is important to note that industrial use of silver has been greater than or near equal to production – which has thinned the market probably more than any other commodity. The reason for this is that both mining supply and industrial production have been near equal and stable. What is left at the margin are investors and speculators who are setting the price"

I would just like to point out that as late as 1990 there were billions of oz of silver in the US strategic stock pile. It was gone by the turn of the century. That was during a period of comatose investment and dishoarding.

I would venture that any and all silver "hoards" have been consumed over the last two decades and that today, industrial demand outstrips silver mining supply every year. As was pointed out, getting real numbers is hard. But we do know that there are new industrial uses for silver constantly being developed. As traditional film based potography is shrinking as digital photography is increasing, the largest source of silver recycling is shrinking also. Its a rock and hard place supply - demand situation.

It would not suprise me if someday silver again became a critical resource to the US govt and measures were taken to establish once again the silver stock pile.