00:00If the Chinese want to turn the whole thing off, they can turn it off.
00:05Silver production comes from copper and lead and zinc.
00:10The copper, lead and zinc that...
00:15...that's mined in Peru and Chile is sent to China...
00:20...and processed and then a silver slag is taken out and sent to the...
00:25...the ingot makers in Switzerland and Mexico.
00:29So what...
00:30...the Chinese have done is put a dual licensing system, only 44...
00:35...of the companies in China are allowed to actually sell it and only...
00:40...approved applicants can buy the silver.
00:42If the Chinese want to turn the whole thing off, they can...
00:45...turn it off.
00:46If they turn that off, we've already got a 4,600...
00:50...ton deficit of silver in the West.
00:55Anyway, we've racked up a 25,000-ton deficit of silver...
01:00...over the last four years.
01:01Now, all of a sudden, they close it off.
01:04We've got 30...
01:05...decent of the silver that's being produced left over.
01:09Where is the silver?
01:10Where is the silver price going to go?
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