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Analysis: Scrap silver rush strains refiners
The frenzy at his company, Ohio Precious Metals LLC, is a reflection of the explosive [link widoczny dla zalogowanych] rally in silver prices. One of four major U.S. silver refiners and among only 50 worldwide, the firm is racing to process scrap silver flooding the market.From consumers unloading flatware uncovered in dusty attics to industrial dealers in photographic solution and film, a more than two-fold surge in silver prices over the past eight months is fueling a rush to sell every last scrap of silver.Eventually, as LeRoy and others expand their capacity, the recycling of record sums of silver scrap may help contain a rally that has rivaled the massive Hunt Brothers price squeeze of 1980, when merchants recall being overwhelmed with people looking to sell their old flatware or unloved wedding gifts.
Until then, however, LeRoy's refinery in Jackson, Ohio about 100 miles east of Cincinnati is part of the problem -- the bottleneck in processing scrap [link widoczny dla zalogowanych] is contributing to the tightest spot market supplies in decades. Investors and speculators are stockpiling a growing share of global supply via new silver exchange-traded funds and bullion coins."We get calls everyday from people asking for refining quotes, and we just have to politely decline at this point in order to support existing customers," LeRoy told Reuters. He's rationing services after his backlog doubled from late 2010.For example, one single coin dealer brought more than 200,000 ounces of silver in March,[link widoczny dla zalogowanych], he said. OPM typically receives half its silver in coins and jewelry products and the other half industrial scrap and sterling silverware.LeRoy revved up his refinery to run 24 hours a day, seven days a week since January, processing everything from coins, flatware, old photography solution and electronics into near-pure silver grain and 100-ounce bars that are shipped in security canvas bags and crates to investors nationwide.Even that's not enough. LeRoy is now in the process of doubling its silver refining capacity by June. He declined to disclose details on OPM's output for security reasons."Volumes of silver scrap are the highest we have ever seen in this industry. It's much more busier today than the Hunt Brothers period as there is more silver in the world out there today than it was then,[link widoczny dla zalogowanych]," LeRoy said.
The price of silver has increased six-fold to $49.51 last Thursday from just over $8 in late 2008, eclipsing the peak set in January 1980, when Texas brothers William Herbert [link widoczny dla zalogowanych] and Nelson Bunker Hunt sought to corner the market. Gold prices only doubled during the same period.Silver has since retreated to around $38 on Thursday after futures margins were raised by 84 percent in just eight days.While gold led the rally initially, silver has taken over since August,[link widoczny dla zalogowanych], when the Federal Reserve signaled new easing measures and investors scrambled for hedges against a dollar decline. The white metal rose more than 110 percent versus gold's 25 percent gains.
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