What cut silver output in Mexico, Peru and Chile at once?

By Przemyslaw Radomski – Kitco news

Three countries that mine 40.9% of the world’s silver each reported output short of plan this month, and not one of the reasons was a response to the silver price.

The reasons were a community blockade in Mexico, a zinc grade in Peru and a snowstorm in Chile. Three countries, three unrelated causes, and in none of them did the price of silver enter the decision. That is worth a closer look, because it points at who actually decides how much silver gets mined.

Silver trades at $68.70 this morning against gold at $4,587.10, a gold-silver ratio of 66.8. The metal is up roughly 77% on a year ago, though still about 44% below its January 29 intraday high. A price at these levels is the textbook trigger for a supply response. Golden Meadow® has been tracking whether one arrives, and this month gave three separate answers.