The latest report from GlobalData looked at different mining sectors and how they have been affected across the globe. Silver fared the worst, while gold was hurt the least out of all the major mining sectors the report looked at.
There were temporary shutdowns introduced by more than 1,600 mines across 32 countries as of April 3, the report stated. Since then, the total mine shutdown have already dropped to 729, GlobalData added.
… At the end of the day, silver production was hit the most by temporary shutdowns. As of April 27, there were an equivalent of 65.8% of yearly global silver production still on hold, GlobalData identified.
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This is the greatest premium since the Crimea conflict sparked a massive safe haven bid in April 2014.
“Until the world catches up with the imbalance and gets back to a normal balance of supply and demand, the premiums will stay,” Higgins said.
Higgins, a 40-year industry veteran, operates a wholesale business that typically deals with an average of 1 million to 1.5 million ounces of gold each month. That jumped to more than 6.5 million ounces in March as premiums surged, he said.
This extreme physical premium fits with what the Perth Mint's CEO concluded...
“For every coin we make, be it gold or silver, we could probably sell five or six of them,” he said.
“That strong demand will be a little longer-lasting, I expect, as people have been quite badly frightened by this whole Covid disaster.”
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