Comment: I've done this math,

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In reply to comment: 10% or 0.4% ? (see in situ)

Cyril's picture

I've done this math,

I've done this math, too.

Correct. It's circa 1 trillion oz yearly supply for the world. However:

(rough ballparks)

The US alone produce only 40 millions oz, while they consume 120 millions (thus, the US MUST import the 80 other millions).

Mexico is a big producer, with 150 millions oz produced (15% of world production).

So... 4 millions oz is correctly 10% of the US production ONLY, and that's 3% of its consumption.

Of course, we're talking here above about all usages, across the board (industrial, bullion, jewelry, ...)

I first got myself familiar with the figures (with sources) back then:

http://www.dailypaul.com/259965/restoring-liberty-in-north-a...

'HTH,

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius