There were billions of ounces in January of 1980 when silver reached its all-time historical high of $52 per ounce. Fast forward to 2014 and it is said that there is now less than 900 million above ground ounces available not just for the thousands of applications and critical industrial uses but for all of the world’s total demand.
At today’s price of approximately $20.00 per ounce, 900 million ounces would be valued at about $18 billion dollars. One large investor could literally turn the market on its head. (Store this little tidbit and recall it when you have already purchased bullion and you are trying to convince others to do the same.)
- Source Shanghai Metals Market: