There is demand for 871 million ounces versus supply of only 684 million ounces. As Sprott says; “it seems unlikely that the silver price will stay under $30/oz for long.” It closed at $28.60 last night. Add to this equation the need to buy 330 million ounces of silver to cover the professional short position and you will see that the demand for silver is built into market dynamics. It is believed, but unproven that JP Morgan Chase and HSBC are two of the banks massively short.
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