There’s a significant platinum shortage on the horizon according to an industry report.
According to a quarterly report released by the World Platinum Investment Council, a resurgence in demand for platinum jewelry, increasing industrial demand, along with falling production, will lead to a shortfall of 275,000 ounces in 2018.
The Texas Bullion Depository took a step closer becoming operational earlier this month when officials announced the location of the new facility. The creation of a state bullion depository in Texas represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately end the Federal Reserve’s monopoly on money.
The world silver market may be on the verge of a major supply crunch.
Two-thirds of the top silver miners have suffered significant production decreases in 2017, according to information released by World Metal Statistics.
Through the first eight months of this year, silver production in Chile has dropped 20%. Australian production has fallen by 19%. Silver production in Mexico is down 2%. Peru has seen a 1% production decline. And China has had the biggest drop in mine output, according to the report, falling by a whopping 25%.
Financial guru Jim Rickards weighed in on the Bitcoin vs. gold debate and came down firmly on the side of the yellow metal. In fact, he’s said there really shouldn’t be a debate. Bitcoin and gold are two totally different things.
Rickards responded to a recent note published by Goldman Sachs declaring that Bitcoin is not the new gold in a column published at the Daily Reckoning. He said he doesn’t really like talking about Bitcoin and doesn’t think there is any real comparison between the cryptocurrency and gold.