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Physical silver supply squeeze about to get worse warns Keith Neumeyer

Kitco News, Released on 3/23/20

The global pandemic has shut down several mining jurisdictions around the world, taking off a large chunk of silver production, this according to Keith Neumeyer, CEO of First Majestic Silver.

“In 2018, we produced, as a global industry, 855 million ounces of silver. So far, we’ve had Peru come offline, with 145 million ounces, we’ve had Chile come offline with 42 million ounces, we’ve had Argentina come offline with 26.5 million ounces. That’s a total of 213.5 million ounces that has now been shut down,” Neumeyer told Kitco News.

Keith Neumeyer is the president and CEO of First Majestic Silver, one of the largest primary silver mining companies in the world. He’s also the founder and chairman of First Mining Finance. Both companies are traded on the Canadian and U.S. stock exchanges.

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