Scottsdale Mint CEO details silver refinery backlog of 3-4 months

by@zerohedge

Summary

Silver is currently experiencing significant processing delays at U.S. refineries, with Scottsdale Mint CEO Josh Phair noting that material could be backed up for about 3-4 months. While there is ample finished refined silver available in the country, the bottleneck lies in the refining capacity, which has faced constraints for roughly a year. Phair highlighted how banks have been redirecting mined silver to refineries in allies of the U.S., a trend that has continued despite a slowdown in movements as the U.S. market becomes more balanced. Additionally, he suggested that governments may be indirectly purchasing physical silver for reserves, based on existing policies and historical practices without explicitly identifying specific transactions.

Tokens

$SILVER

Analysis

Josh Phair: Josh Phair is the CEO of Scottsdale Mint and a commentator on precious metals markets. In a late-September interview, he described refinery backlogs and the redirection of mined silver to facilities in countries aligned with the United States. Phair also discussed tariff-driven inflows, exchange premiums, and potential undisclosed government interest in physical silver reserves. Scottsdale Mint: Scottsdale Mint is a United States-based precious metals mint that produces physical silver products including coins and bars. Its CEO, Josh Phair, recently addressed constraints in the physical silver supply chain during a Mining.com interview. The company operates amid shifting metal flows and processing bottlenecks affecting the broader industry. Market Flows: Silver continues to shift between regions in response to tariff concerns and differences in exchange-for-physical premiums, though the pace of recent movements to the United States has slowed as domestic supply has balanced. Official Interest: Governments may be acquiring physical silver indirectly through banks, supported by longstanding policies such as critical mineral designations and historical reserve programs. Refining Constraint: Silver refining capacity remains a key bottleneck, with incoming mined material facing extended processing delays while stocks of finished refined metal stay readily available in the United States.

Categories

macro
View Original Tweet