KGHM Polska Miedz Silver Production Plummets in 2013, Prices Rise

The world’s largest silver producer – no, not Mexico’s Fresnillo, but Poland’s KGHM Polska Miedz – recently reported a big decline in H1 2013 production.

According to Steve St. Angelo writing in Financial Sense, “silver production at KGHM Polska Miedz declined a whopping 17% from 653 tonnes in 1H 2012, to only 544 tonnes 1H 2013.” KGHM produced 41 million ounces in 2012, followed by BHP Billiton plc with 39 million oz and Fresnillo plc with 36.9 million.

Perhaps the supply fundamentals of silver are helping underpin the speculative side, as prices of silver continue looking rather buoyant.

Indian silver moved up 1.1 percent on Wednesday, August 21, the day’s biggest change. However, US silver finished the day down 0.7 percent. Chinese silver ended the day with a 0.5 percent drop on Wednesday. The price of Japanese silver remained steady.

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The price of Indian gold bullion finished the market day up 0.9 percent per 10 grams. US gold bullion finished the day up 0.4 percent. Chinese gold bullion stayed flat. The price of Japanese gold bullion showed little movement on Wednesday.

The price of US platinum bar rose 0.7 percent after a two-day drop. The price of Chinese platinum bar is back up, rising by 0.6 percent on Wednesday. The price of Japanese platinum bar remained essentially flat.

Chinese palladium bar gained 0.6 percent. The price of US palladium bar declined 0.5 percent. The price of Japanese palladium bar held steady.

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