Industrial demand for silver, including from the photography industry, is reckoned to be about 65 per cent of total global supplies estimated at 895 tonnes. For gold industrial and dental demand the figure is about 11 per cent of supplies estimated at around 3,880 tonnes, according to consultants GFMS.
OK, I realise, this is a Reuters staff report, not directly from The Telegraph.
But someone is seriously suggesting that global gold output is a multiple of global silver output?
Jeepers, someone capable of that shouldn´t be allowed near a typewriter let alone a financial reporting wire.
The gold number looks roughly right (although it´s important to understand that virgin production is a tiny part of the global gold and or silver market….recycling plus stock is many many times larger) but the silver one?
Total silver mine production reached 670.6 Moz
670 million ounces, divide by 1,000 and divide by 32 (very roughly, 32 troy ounces to a kilo, then 1,000 kg to a tonne) and I´m getting around 20,000 tonnes of silver a year.
Do people actually get paid to make these sorts of mistakes? The sorts of mistake that would be immediately spotted by anyone with even a passing knowledge of the industry?