Where do gold and silver go
Globally, most of the gold mined was made into jewelry, about 57 percent. Major gold owners are the International Monetary Fund and the central banks. The largest gold reserves are in the USA. Central banks bought 272.9 tons of gold last year, 59 percent less than the year before. An extreme exception was the Turkish National Bank, which was the largest buyer of gold in 2020. 134.5 tons went into the central bank vaults there. The central bankers there probably already knew that the Turkish lira would come under strong pressure, mainly for political reasons.
Looking at the distribution of silver in 2020, about ten percent went to the photovoltaic sector, 19 percent to jewelry, and six percent to silverware. Industry consumed another 39 percent. Investors were responsible for 22 percent of silver consumption. The photography sector, once important, processed only 3.2 percent of silver.
For the current year, the Silver Institute expects total demand to reach 1,025 billion ounces, an eight-year high. The industry is estimated to reach a four-year high of 510 million ounces, thanks to strong demand from the electronics sector, including 5G technology. The auto industry also expects consumption to rise as electric vehicles increase. The photovoltaic sector will gobble up around 105 million ounces of silver. An important factor is the expected purchases of silver bars and coins. This sector is expected to generate demand for 257 million ounces. This would be a six-year high. Therefore, a look at companies like Tier One Silver or Kore Mining should not be missed.
Kore Mining - https://www.youtube.com/watch?v=mC1p-U9BrWM - is exploring the Imperial and Long Valley projects (gold and silver) in California. In addition, Karus Gold, created by Kore Mining, owns two projects in British Columbia.
Tier One Silver - https://www.youtube.com/watch?v=V11T-n_1nBM - is working on its Curibaya and Huilacollo projects in Peru. In total, Tier One Silver is taking care of four projects in Peru. It's all about gold and silver.
Latest corporate information and press releases from Tier One Silver (https://www.resource-capital.ch/en/companies/tier-one-silver-inc/) and Kore Mining (https://www.resource-capital.ch/en/companies/kore-mining-ltd/).
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