10% of US Annual Silver Supply Just Vaporized

[Jewboo]

http://silverdoctors.com/wp-content/uploads/2013/04/silver-mine.jpg

10% of US Annual Silver Supply Just Vaporized (http://silverdoctors.com/10-of-us-annual-silver-supply-just-vaporized/)
:o

[chad]

i don't know, judging from the pictures i would think it would increase production. the landslide just did all of the mining for them. now all they have to do is haul it to a refinery.

[General of Darkness]

This reduces supply and should have a positive affect on PM prices.

10% of US Annual Silver Supply Just Vaporized…April 13, 2013 By The Doc (http://silverdoctors.com/members/the-doc/profile/) 33 Comments (http://silverdoctors.com/10-of-us-annual-silver-supply-just-vaporized/#comments)




http://www.silverdoctors.com/wp-content/uploads/2013/01/The-Docs-Online-Gold-and-Silver-Store-468-x-60.png (http://sdbullion.com/)





http://farm9.staticflickr.com/8523/8644406138_df91bc2c3a_z.jpg (http://www.flickr.com/photos/riotinto-kennecottutahcopper/8644406138/sizes/z/in/photostream/)*BREAKING
5 million ounces of annual silver supply and 500,000 ounces of annual gold supply have just been vaporized landslided.
Rio Tinto’s Kennecott mine in Utah- the US’ 2nd largest silver mine and world’s largest copper mine has just suffered a massive landslide which will likely shut down production at the mine for years as upwards of 1 billion tons of dirt and ore have collapsed into the basin.
10% of US annual silver production just vanished. Good thing there aren’t any physical supply issues in silver currently or anything…
Astonishing Photos below:
According to Rio Tinto’s VP of Marketing Vania Grandi (http://www.deseretnews.com/article/865552033/Utahs-Kennecott-mines-silver-gold-for-Tiffany--Co.html), Kennecott produces up to 5 million ounces of silver, and 1/2 million ounces of gold annually:
“We produce about 3 (million) to 5 million ounces of silver a year and 300,000 to 500,000 ounces of gold,” said Vania Grandi, vice president of marketing for the Precious Metals Copper Group at Rio Tinto — parent company of Kennecott Utah Copper Corp.
The Media Release from Rio Tinto (http://www.riotinto.com/media/18435_media_releases_22665.asp):
Kennecott Utah Copper’s Bingham Canyon Mine pit wall slide
At 9.30 pm local time on 10 April 2013, Kennecott Utah Copper’s Bingham Canyon Mine experienced a slide along a geotechnical fault line of its north eastern wall. Movement on the north eastern wall had accelerated in recent weeks and pre-emptive measures were taken to relocate facilities and roads prior to the slide. All employees are safe and accounted for.
Mine operations are currently suspended while experts assess the extent of the slide and impact on operations.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.|
From VisitUtah.org (http://www.visitutah.org/kennecott-copper-mine.htm):
In addition to copper, the mine also produces about 400,000 ounces of gold, 4 million ounces of silver and 20 million pounds of molybdenum.
Located 28 miles southwest of Salt Lake City, the mine is 2 3/4-miles across and 3/4-mile deep. It is so big that it can be seen from outer space. Standing at the overlook within the Bingham Canyon Mine, you can see, hear, and feel the breathtaking and awesome magnitude of this massive man-made excavation. Kennecott Utah Copper’s Bingham Canyon Mine is the world’s largest man-made excavation!
Thankfully, there were no casualties in the collapse as Kennecott suspended operations and tours April 1st due to slope movement on the northeast wall over the winter.
http://farm9.staticflickr.com/8523/8644406138_df91bc2c3a_z.jpg (http://www.flickr.com/photos/riotinto-kennecottutahcopper/8644406138/sizes/z/in/photostream/)

http://farm9.staticflickr.com/8395/8644405476_ce86d8abd0_z.jpg (http://www.flickr.com/photos/riotinto-kennecottutahcopper/8644405476/sizes/z/in/photostream/)

More photos at link.

http://silverdoctors.com/10-of-us-annual-silver-supply-just-vaporized/#more-25002

[gunDriller]

DANG ! where's the video ?

[Cebu_4_2]

Bullshit.

[mamboni]

Oh no! Gold and silver should drop another 10% on this news! We live in the age of Krugmanomics: supply and demand are irrelevant - only the power of the printing press matters!

[mamboni]

i don't know, judging from the pictures i would think it would increase production. the landslide just did all of the mining for them. now all they have to do is haul it to a refinery.

LOL - yeah, I wonder who will volunteer to drive the ore truck into that morass. Seriously, what geologist is going to swear that no more landslides are possible? How many workers will be willing to return to work on that mountain that looks like a massive accident waiting to happen? I think the 10% loss is a gross underestimate. They will have severe disruptions to operations for months and a full risk analysis needs to be done or they risk major lawsuits.

[Mouse]

That's a lot of broken windows. Bullish for the economiez!

[FreeEnergy]

10% silver, oy wei.

How about 25% OF US COPPER?

You guys aren't seeing the whole picture. I posted a thread here:
http://gold-silver.us/forum/showthread.php?68717-Copper-shortages

and a quote from there:


In 1981, a world-wide fall in copper prices brought about the acquisition of Kennecott by Standard Oil of Ohio (SOHIO). Production was interrupted from 1985 to 1987. In the latter year, British Petroleum acquired SOHIO, and Kennecott became part of BP Minerals America. In 1989 Rio Tinto Zinc (RTZ) purchased mining assets from BP. Kennecott Utah Copper Corporation was formed by Rio Tinto in 1989 as a new mining company under the laws of the State of Utah.

Today, as the second largest copper producer in the United States, Kennecott Utah Copper provides about 18-25% percent of the U.S.'s copper needs.

http://en.wikipedia.org/wiki/Kennecott_Utah_Copper


25% of US COPPER has been just vaporized by mine owned BP, and someone is making serious headwind into cornering, probably, all COPPER MARKET.

[FreeEnergy]

10% silver, oy wei.

How about 25% OF US COPPER?

You guys aren't seeing the whole picture. I posted a thread here:
http://gold-silver.us/forum/showthread.php?68717-Copper-shortages

and a quote from there:


In 1981, a world-wide fall in copper prices brought about the acquisition of Kennecott by Standard Oil of Ohio (SOHIO). Production was interrupted from 1985 to 1987. In the latter year, British Petroleum acquired SOHIO, and Kennecott became part of BP Minerals America. In 1989 Rio Tinto Zinc (RTZ) purchased mining assets from BP. Kennecott Utah Copper Corporation was formed by Rio Tinto in 1989 as a new mining company under the laws of the State of Utah.

Today, as the second largest copper producer in the United States, Kennecott Utah Copper provides about 18-25% percent of the U.S.'s copper needs.

http://en.wikipedia.org/wiki/Kennecott_Utah_Copper


25% of US COPPER has been just vaporized by mine owned BP, and someone is making serious headwind into cornering, probably, all COPPER MARKET.

[StackerKen]

WTF is really going on? :/

[mamboni]

WTF is really going on? :/

ZH had been reporting on mysterious diversion of massive copper shipments to select ports - certain insiders hoarding copper amidst rather weak copper prices - very strange. Now this massive copper mine collapses? I for one do not believe in coincidences. I expect that the industrial concerns will go long copper in a big way on Monday to lock in prices, which should rocket higher.

[Gknowmx]

Life imitating fiction. Recall the Copper mine disaster in "Atlas Shrugged".

[Sparky]

This is much less than 1% of the annual global supply silver. It's not very significant in terms of spot price. This could have an impact on minting (and price) of American Silver Eagles, which by law must be minted using silver from U.S. mines.

The price of silver and gold is now driven by investor demand.

[Neuro]

Is this real? The link doesn't work!

[General of Darkness]

Is this real? The link doesn't work!


Looks like it's updated, now it's 16%

http://silverdoctors.com/10-of-us-annual-silver-supply-just-vaporized/

[madfranks]

I merged the two threads.

[General of Darkness]

I merged the two threads.

Thanks prick. :)

[Neuro]

This happened on the 10th of April, and two days later one of the biggest fall in silver prices in several years occur, and this represent a loss of around 4-5 million ounces Silver annually, something isn't right here... Was this kept from the news, in anticipation of the smackdown?

[Horn]

25% of US COPPER has been just vaporized by mine owned BP, and someone is making serious headwind into cornering, probably, all COPPER MARKET.

Are you suggesting HAARP?

The article says 16% U.S. Silver supply.

[Twisted Titan]

I would have love to see the video one that

[Horn]

The price of silver and gold is now driven by investor demand.

And I'm Gary Coleman.

[MNeagle]

This happened on the 10th of April, and two days later one of the biggest fall in silver prices in several years occur, and this represent a loss of around 4-5 million ounces Silver annually, something isn't right here... Was this kept from the news, in anticipation of the smackdown?

Earthquakes on 4/8, 4/9 in the region: http://earthquake.usgs.gov/earthquakes/map/

They could they 'set off' the fault line via HAARP, or is it frack-related?

[Large Sarge]

I wondered on sabotage also, taking off that much of the worlds silver supply, overnight

pretty big event

cui bono?

[osoab]

d'Anconia strikes again!

[ghost]

That should be big news in the commodity markets and it takes four days to get here, I would have thought we would have been reading about this in a couple of hours.

[osoab]

http://www.youtube.com/watch?v=DeDWJqvpat0

http://www.youtube.com/watch?v=DeDWJqvpat0

[Silver Rocket Bitches!]

d'Anconia strikes again!

Clearly it's the work of Ragnar Danneskjöld!

[osoab]

Clearly it's the work of Ragnar Danneskjöld!


Ragnar would have looted the mined gold and silver.

[General of Darkness]

Check this shit out.

Commodities


Gold plunges 5%, below $1500 (http://buzz.money.cnn.com/2013/04/12/gold-plunges/)

Apr 12 04:02 pm: Gold has tanked as stocks have soared. Silver has fallen too. Many investors think the metals will continue to fall. More (http://buzz.money.cnn.com/2013/04/12/gold-plunges/)

More Energy Fix stories » (http://money.cnn.com/news/specials/gasprices)

http://markets.money.cnn.com/commodities/modules/chart.asp



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1,789

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942.50

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947.25

10:40pm ET


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96.33

Apr 12


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120.75
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111.55
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134.40

Apr 12


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120.82

+0.075
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111.18
Today|||
134.50

Apr 12


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140.92
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133.10
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161.50

Apr 12


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141.05

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133.00
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161.50

Apr 12


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Cocoa
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2,261.00

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2,672

Apr 12


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193.55

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93.76

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18.03

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18.09
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23.79

Apr 12

[ShortJohnSilver]

Is Rio Tinto still owned by the Rothschilds ? Just askin'

[Cebu_4_2]

Is Rio Tinto still owned by the Rothschilds ? Just askin'

It's in here somewhere:

http://www.riotinto.com/rightsissue/documents/090616_Rio_Tinto_plc_Prospectus.pdf

[Neuro]

So we have a situation where a large(ish) part of worlds physical Silver and Gold production, is taken away from the market, together with shrinking warehouse deposits, and minters not being able to cope with unprecedented physical demand, and the result is a market crash... I can only interpret this to mean that the trust in paper contract trading as a means for price discovery for physical metal is coming close to an end, don't expect a contract for gold and silver at the COMEX ever to be settled in real gold and silver, from now on.

If you can find gold and silver traded for something close to spot, and you have the cash to buy it, don't hesitate, but get it delivered NOW, NOT a week or a month later... You may end up not getting any otherwise, the delivery chains may break down pretty quickly when trust is gone!