Higher silver prices bring more scrap back into the market. The numbers show that happening

The Silver Institute’s April survey put recycling at 197.6 million ounces in 2025, up 2% and the highest level in 12 years

Jewellery and silverware contributed to the increase. Refinery bottlenecks also limited how much could be processed

Even with that extra supply, demand exceeded supply for the fifth straight year

Nearly 198 million recycled ounces is a substantial amount. It also shows why “people will just sell their old silver” needs some numbers behind it

The metal has to be collected, sorted and refined before it becomes usable supply. A higher price creates an incentive to sell, but it does not remove those steps

I would also separate investment silver from material recovered after use

When someone sells a bar to another investor, the ownership changes. When silver is recovered from an old product and refined, it returns to the available supply through recycling

Both can affect the market, but they answer different questions

The other limit is that a yearly deficit can be covered by existing stocks. It does not mean every buyer is suddenly unable to get silver

What interests me is how much additional recycling is realistic and what it costs to bring that metal back

If recycling already reached a 12 year high without balancing the market, it deserves a closer look than assuming higher prices automatically solve the supply problem

https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/

This is based on 702 tracked silver products from APMEX updated 5-6pm CST. To see an explanation on how this information is retrieved refer to the 'How we compile the daily silver stock trends' section on the BullionStats.net site. There you can find data going back as far as 11/15/25 on inventory or silver premium trends.

The chart is the full daily history, so the 24 hour numbers below have something to compare against. Top: in-stock ounces. Middle: ounces removed and ounces added (thick line is the 7-day average). Bottom: products that went out of stock or were restocked. Breaks are incomplete scrape days.

Total oz purchased since tracking started 11/15/25: 5,662,249.01

Total in-stock oz tracked: 641,158.64

Tracked oz added (24h): 29,597.31

Tracked oz removed (24h): 6,304.16

Number restocked since OOS: 5

Number now out of stock: 2

Top 15 cumulative oz sold for tracked products:

1. 1,579 oz: 2025 1 oz American Silver Eagle Coin BU
2. 1,170 oz: 10 oz Silver Bar - Secondary Market
3. 300 oz: 100 oz Silver Bar - APMEX (Stackable)
4. 235 oz: 5 oz Cast-Poured Silver Bar - 9Fine Mint
5. 220 oz: American Silver Eagles (Random Year, 20-Coin MintDirect® Tube)
6. 215 oz: 2018 1 oz American Silver Eagle BU
7. 208 oz: 1 oz Canadian Silver Maple Leaf Coin BU (Random Year)
8. 181 oz: 2020 1 oz American Silver Eagle BU
9. 131 oz: 1 oz Silver Bar - Secondary Market
10. 122 oz: 2 oz Silver Coin - Random Mint
11. 110 oz: 10 oz Silver Bar - Royal Canadian Mint (.9999 Fine, New Style)
12. 105 oz: 2024 Mexico 5 oz Silver Libertad BU
13. 100 oz: 100 oz Cast-Poured Silver Bar - APMEX
14. 100 oz: 100 oz Silver Bar - Engelhard
15. 98 oz: 2026 Great Britain 1 oz Silver Britannia BU

This is based on 702 tracked silver products from APMEX updated 5-6pm CST. To see an explanation on how this information is retrieved refer to the 'How we compile the daily silver stock trends' section on the BullionStats.net site. There you can find data going back as far as 11/15/25 on inventory or silver premium trends.

The chart is the full daily history, so the 24 hour numbers below have something to compare against. Top: in-stock ounces. Middle: ounces removed and ounces added (thick line is the 7-day average). Bottom: products that went out of stock or were restocked. Breaks are incomplete scrape days.

Total oz purchased since tracking started 11/15/25: 5,655,944.85

Total in-stock oz tracked: 617,865.48

Tracked oz added (24h): 0

Tracked oz removed (24h): 4,314.01

Number restocked since OOS: 0

Number now out of stock: 0

Top 15 cumulative oz sold for tracked products:

1. 1,461 oz: 1 oz American Silver Eagle Coin BU (Random Year)
2. 800 oz: 100 oz Silver Bar - Secondary Market
3. 300 oz: 100 oz Cast-Poured Silver Bar - 9Fine Mint
4. 257.2 oz: 1 kilo Silver Bar - Secondary Market
5. 100 oz: 100 oz Silver Bar - PAMP Suisse (Serialized)
6. 96.45 oz: 1 kilo Silver Bar - APMEX (Struck)
7. 90 oz: 10 oz Silver Bar - APMEX
8. 85.83 oz: 90% Silver Washington Quarters 40-Coin Roll BU
9. 78.89 oz: 1922-1925 Peace Silver Dollar BU (Random Year)
10. 76 oz: 2026 1 oz American Silver Eagle Coin BU
11. 70 oz: 10 oz Silver Bar - 1901 $10 Bison
12. 49 oz: 1 oz Silver Bar - PAMP Lady Fortuna (In Assay)
13. 41 oz: 1 oz Silver Round - PAMP USA
14. 40 oz: 10 oz Silver Bar - Secondary Market
15. 40 oz: 2026 1 oz Silver Eagles (20-Coin MD Premier + PCGS FS® Tube)

I like the set up on the bull flag for silver here. There is a massive short position by the bullion banks (more than last year) creating a significant squeeze opportunity.

So great technical look at this price and credible fundamental story as well given the annual silver deficits. I am buying silver.

The Charlatans in this sector hate me anyway, so lets me piss them off some more by making you Apes smarter:

If someone tells you Basel III suddenly made gold a “Tier 1 asset” and therefore prices must explode, ask them to show you the actual provision.

Then ask why the relevant gold treatment appears in a document from 1988.

A few distinctions will save you hours of listening to people who confuse banking terminology with a price forecast.

1. Tier 1 capital means the bank’s capacity to absorb losses.

It consists of Common Equity Tier 1 and qualifying Additional Tier 1 instruments. Common shares and retained earnings are its principal foundation.

A gold bar sitting in a vault is an asset. It does not automatically become the bank’s regulatory capital. Borrowing $1 million to buy $1 million of gold does not magically create $1 million of equity.

Read Basel CAP10, particularly paragraphs 10.2–10.6.

2. A 0% credit-risk weight is a different calculation and the gold provision is decades old.

The original Basel I agreement already allowed a 0% credit-risk weight, at national discretion, for gold bullion held in the bank’s vaults or on an allocated basis, to the extent backed by bullion liabilities.

That is in Annex 2, footnote 1, printed page 21 of the July 1988 agreement.

Also, “0% credit-risk weight” does not mean gold’s price cannot fall.

3. “Level 1 liquid asset” is another separate category.

Liquidity rules concern what banks can use to meet stressed funding needs.

In May 2025, the LBMA publicly corrected claims that gold would become “Tier 1 HQLA” on July 1, 2025. It explained that people were mixing capital rules with liquidity rules.

Even industry commentary sometimes uses “Tier 1 asset” loosely. That wording does not establish a new Basel III promotion.

Read the LBMA correction yourself.

4. Basel III did introduce meaningful funding requirements.

Under the Net Stable Funding Ratio, physical traded commodities, including gold, generally receive an 85% required stable funding factor.

That concerns how banks fund their exposures. It does not instruct them to replace 85% of paper claims with physical gold, announce a gold standard, or set your investment’s future price.

Read NSF30.31(4).

-------------------------------------------------------------------------------------------------

Consider how useful the confusion is to a promoter: an official institution supplies credibility, unfamiliar terminology discourages scrutiny, and an implementation date supplies urgency.

The claim still needs a mechanism connecting the rule to the buying pressure being promised.

Before accepting another monetary-reset prediction, ask: Which paragraph? What changed? When? And how does that change produce your claimed outcome?

REMEMBER THE WEF: YOU WILL OWN NOTHING AND BE HAPPY.

STACK SILVER BECAUSE THEY NEED IT TO IMPOSE THE DIGITAL CONTROL. STOP LISTENING TO IDIOTS! WE HAVE "SUPER INTELLIGENCE" AT OUR FINGER TIPS. USE IT!

LUSAKA, Oct 16 – The World Bank Group plans to quintuple its critical minerals business over five years, targeting $19 billion in financing between fiscal 2026 and 2030 as it expands support for mineral-producing countries seeking to attract investment, develop local industries and retain more economic value domestically.

World Bank President Ajay Banga announced the ambition in prepared remarks at a plenary session during the International Monetary Fund and World Bank annual meetings in Bangkok.

“In critical minerals, we plan to quintuple our business in five years,” Banga said. “This week, we launched our first country compacts with MDB partners—to build local industries and keep more jobs and value at home.”

The bank’s Metals and Minerals implementation plan envisages increasing critical minerals financing to $19 billion in fiscal 2026-2030, from $3.6 billion during the preceding five-year period. The strategy reflects growing interest in securing mineral supplies while helping producing countries capture more of the economic benefits through processing, infrastructure and domestic industrial development.

This episode is great. We even get Schiff in costume.

Have a great weekend!

https://youtu.be/aTvp6f9h6Uk?is=ISbSrw4kNEVjDyR4

This is based on 702 tracked silver products from APMEX updated 5-6pm CST. To see an explanation on how this information is retrieved refer to the 'How we compile the daily silver stock trends' section on the BullionStats.net site. There you can find data going back as far as 11/15/25 on inventory or silver premium trends

Total oz purchased since tracking started 11/15/25: 5,934,742.43

Total in-stock oz tracked: 625,163.9

Tracked oz added (24h): 5,500.5
Tracked oz removed (24h): 9,070.55

Number restocked since OOS: 1
Number now out of stock: 5

Top 15 cumulative oz sold for tracked products:
1. 866 oz: 1 oz Silver Round - Secondary Market
2. 834 oz: 2026 1 oz American Silver Eagle Coin BU
3. 771.6 oz: 1 kilo Silver Bar - APMEX (Stackable)
4. 730 oz: 10 oz Silver Bar - APMEX
5. 700 oz: 100 oz Silver Bar - Secondary Market
6. 574 oz: 1 oz Silver Bar - Secondary Market
7. 510 oz: 1 oz Silver Round - APMEX
8. 386.39 oz: 90% Silver Walking Liberty Halves $10 20-Coin Roll Avg Circ
9. 307 oz: Austria 1 oz Silver Philharmonic (Random Year)
10. 270 oz: 10 oz Silver Bar - 2026 APMEX Year of the Horse (Series 2)
11. 220 oz: 10 oz Silver Bar - APMEX (Stackable)
12. 220 oz: 2 oz Silver Coin - Random Mint
13. 186 oz: Great Britain 1 oz Silver Britannia BU (Random Year)
14. 160.75 oz: 1 kilo Cast-Poured Silver Bar - APMEX
15. 160 oz: American Silver Eagles (Random Year, 20-Coin MintDirect® Tube)

I thought this was real. It may as well be. Funny, though.

Forty years ago this coming week, Americans could buy newly minted U.S. gold coins for the first time in over 50 years.

The American Gold Eagle coin was released on Oct. 20, 1986, marking the first gold coins produced by the U.S. Mint since the Great Depression.

Release of the American Silver Eagle coin followed on Nov. 24, 1986, allowing Americans to acquire new legal tender silver coins for the first time since the Mint removed the silver content from all U.S. coinage in 1964 and 1970.

KEEP STACKING

Peru and Mexico both mined less silver than a year earlier, and Mexico was the one expected to grow, so the supply case that silver holders rely on just got a little firmer.

https://www.kitco.com/opinion/2026-10-15/silver-output-mexicos-san-dimas-mine-fell-41-and-now-it-has-stopped

“Central banks buy gold” is routinely presented as a reason we should buy it. But why should their priorities automatically become ours?

Gold has legitimate industrial uses, including electronics and aerospace. Its historical monetary status, however, developed long before those applications. Its value cannot be explained by industrial necessity alone.

Its geological rarity is real, but underground rarity is only part of the supply picture. The World Gold Council estimates that almost all the gold ever mined still exists in some form. Any scarcity argument should account for that accumulated stock and the conditions under which its owners would sell.

Gold’s physical properties also allow industry to use extremely thin wires and coatings. That helps manufacturers economize on an expensive material. Recycling exists, and gold's high price incentivizes its recovery.

Silver raises a different question: what happens when monetary ownership competes with industrial demand for the same material?

In 1965, President Johnson publicly acknowledged that silver demand was outrunning new production and that continued silver coinage would exhaust Treasury stocks. He also explained that Treasury sales at $1.29 an ounce were intended to prevent the metal’s price from making existing coins profitable to hoard or melt.

Treasury’s own subsequent account says that, in May 1967, it restricted silver sales to domestic industrial users, requiring purchasers to certify manufacturing use. Government policy was explicitly deciding who could access public silver stocks at the controlled price.

Then, in 2002, Congress acknowledged depletion of the defense stockpile’s silver reserves and authorized purchases from other sources to continue the American Eagle silver bullion program. That deserves scrutiny as a decision about public resources and strategic priorities.

This history is why I question treating gold and silver as interchangeable expressions of financial independence.

I understand the argument that privately held gold can protect someone’s savings. But personal protection and changing the distribution of economic power are different goals. Buying gold does not automatically accomplish both.

So here is the discussion:

What makes gold the better use of an ordinary person’s limited resources?

This is based on 702 tracked silver products from APMEX updated 5-6pm CST. To see an explanation on how this information is retrieved refer to the 'How we compile the daily silver stock trends' section on the BullionStats.net site. There you can find data going back as far as 11/15/25 on inventory or silver premium trends

Total oz purchased since tracking started 11/15/25: 5,925,671.88

Total in-stock oz tracked: 628,733.95

Tracked oz added (24h): 17,994.5
Tracked oz removed (24h): 14,020.37

Number restocked since OOS: 1
Number now out of stock: 4

Top 15 cumulative oz sold for tracked products:
1. 2,951 oz: 1 oz Silver Round - Secondary Market
2. 1,431 oz: 1 oz Silver Round - Morgan Dollar Design
3. 1,239 oz: 1 oz American Silver Eagle (Cull, Damaged, etc.)
4. 1,055 oz: Great Britain 1 oz Silver Britannia BU (Random Year)
5. 750 oz: 5 oz Silver Bar - Ben Franklin $100 Bill Design
6. 690 oz: 10 oz Silver Bar - 2026 APMEX Year of the Horse (Series 2)
7. 601.04 oz: 90% Silver Franklin Halves $10 20-Coin Roll Avg Circ
8. 546.55 oz: 1 kilo Silver Bar - Secondary Market
9. 505 oz: 2024 Mexico 5 oz Silver Libertad BU
10. 410 oz: 10 oz Silver Bar - Secondary Market
11. 310 oz: 10 oz Silver Bar - APMEX
12. 257.59 oz: 90% Silver Washington Quarters 40-Coin Roll Avg Circ
13. 225.05 oz: 1 kilo Silver Bar - APMEX (Stackable)
14. 225 oz: 5 oz Silver Bar - APMEX
15. 169 oz: 2026 1 oz American Silver Eagle Coin BU

Sure, it's easy to think I should have sold 30 Jan at USD 121 and buy back now at 55, but I don't pretend to time the market. I legitimately thought Ag would be over 200 this year (and I still think that is undervalued and would struggle to part with it).

The balloons last year were great fun. Hopefully they return soon (above 121), but still happy regardless.

Cue ' I'm not leaving Wolf of Wall Street gif ha' For better or for worse.

-23% in 3 days Fannie and Freddie. Unrealized losses 2 trillion For mortgage banks

Post corrected ...A change of over 1 million dollars in sales in 8 hours...Provident also added a large amount of silver bars of 10 oz kilo and 100 oz bars...morning screenshot of over 9.6 million now 8.6 ..so silver is being bought and not sold as bankers produce false sell offs in the price of digital silver vs physical silver....