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1/5 Time for a fascinating #Silver #WallStreetBets thread. According to the USGS there has been 1.74 million metric tons of silver discovered in world history. That’s roughly 56 billion troy ounces. At todays $27 price thats roughly $1.1 trillion in value. https://www.usgs.gov/faqs/how-much-silver-has-been-found-world?qt-news_science_products=0#qt-news_science_products
2/5 its estimated 90% of that has been lost/used & 3 billion ounces of tradable/ accountable above ground silver remain in bullion. At a value of $81 billion. This down from an estimated 10 billion ounces in circulation around WWII do to industrial use. https://www.jmbullion.com/investing-guide/james/silver-supply/
3/5 In 2019 roughly 27,000 metric tons of silver were mined or roughly 867 million ounces at a value of $24 billion. However the majority of that was used in industrial applications. Silver is used everywhere. https://www.usmoneyreserve.com/blog/how-much-silver-is-in-the-world/
4/5 In theory 10 million #WallStreetBets gamers w/ $2,000 stimi checks could very well buy up almost all the silver the world generates in a year & trigger a massive short squeeze. However, as silver goes up. So does that cost of making almost every electronic device you buy.
5/5 The question is just how much paper silver not backed by physical ounces is out there trading. Some say the ratio is 250:1. Thats a $6 trillion annual paper market. A mammoth to move. Anyone have more data/ details on this?
