I understand that Above Ground Silver refers to silver that has already been mined and yet consumed by industry , but do not understand how it is accounted for world wide.
I read that there is only about $4 billion worth of "Above Ground Silver" on the planet and anyone with that amount of money could buy it all; should they desire... To make such a statement, one would have to determine (to some degree of accuracy) how many ounces of Silver are "For Sale". I'm confused when I read something like this presented as a "Given Fact" with no underlying explanation of exactly what they're talking about. (and what they're NOT talking about.)
Well, my A.G.S. is not for sale at the moment and I've not reported my bullion holdings to any agencies, so I'm confident that my holdings are not included in the "Above Ground" numbers.... as are any other private holder's. (I'm sure Buckingham Palace has some nice sterling silverware too. Last I heard, the Queen does not wish to sell her punchbowl.)
I also wonder if the A.G.S. numbers include the physical metal that's "on deposit" for ETF's (such as SLV and whatever is supposed to be going on in Dubia). If it is counted, then how can the "owned" ounces be legally sold?
Given that most private bullion holders do not report how many ounces of silver they hold to any agencies, it appears impossible for anyone to calculate that portion of the actual A.G.S.
In other words, if someone decided to buy up all the A.G.S., where would they buy it from?