For the first time in history, Silver Eagle & Maple Leaf sales will surpass domestic silver production in the U.S. and Canada in 2011
The demand for American Silver Eagles and Canadian Maple Leaf coins has increased tremendously over the past several years. 2011 will be the first year in which official coin sales will surpass domestic silver production in both countries.
Even though each country has seen declines in their domestic silver production over the past decade, U.S. silver production declined a whopping 30% yoy (year over year) in October. According to the USGS in their most recent Silver Mineral Industry Survey, silver production fell to 81,400 kilograms in October— compared to 117,000 kilograms the same time last year.
As of October this year, the United States has produced 923,000 kilograms or 923 metric tonnes of silver. This number will change as revisions are made, but currently U.S. silver production is down 15% compared to the first ten months of 2010. At this rate, the U.S. will produce an estimated 35 million ounces of silver this year. This is significant, as production will yield less than the approximate 40 million ounces of American Silver Eagle sales for 2011.